National action ‘critical’ in combating climate change – Momoniat
Appropriate action to help transition the South African economy onto a low-carbon growth path, as articulated in the National Development Plan, is needed, says National Treasury deputy director-general Dr Ismail Momoniat.
Speaking at a recent Carbon Tax Colloquium, hosted by the South African National Energy Association, he stated that “business as usual” was no longer an option.
Momoniat noted that, in order to operate in a carbon-constrained economy over the medium to long term, South Africa’s newly implemented Carbon Tax is, and will continue to be, “an important instrument as part of the broader package of mitigation policy measures” under the National Climate Change Response Policy.
The policy was set out to help South Africa achieve its Nationally Determined Contributions (NDC) in a cost-effective manner and nudge the economy onto a sustainable growth path.
Ratification of the 2015 Paris Agreement only emphasised the realities that countries had to prepare for, Momoniat said.
With the Carbon Tax having been implemented from June 1, he said, a review of the impact of the tax would be conducted after at least three years of implementation, taking into account the progress made to reduce greenhouse-gas emissions in line with South Africa’s NDC commitments.
Touching on what industry could expect in the short term, Momoniat said the revised draft regulation on carbon offsets, which was published for further consultation in November 2018, was currently being finalised.
Additionally, the trade exposure regulation, which specified the allowances for sectors and subsectors, would be published shortly for public comment and finalisation. The emissions intensity benchmark regulation was also expected shortly, he concluded.
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