SAfrica's coal dependency puts economy at risk: report
Africa's most industrialised nation is one of the largest polluters in the world and generates about 80 percent of its electricity through coal.
This makes it "uniquely vulnerable" as companies decarbonise their supply chains and countries penalise carbon-intensive imports, according to the group, a collaboration of four non-profit organisations that tracks net zero pledges.
"78 percent of South Africa's exports, worth $135 billion, are traded with 139 jurisdictions which have net zero targets in place. Collectively, these exports support over 1.2 million domestic jobs," the report said.
If the country fails to decarbonise its supply chains, it could lose some of that trade and related jobs, it said.
The group said South Africa could avoid this scenario by phasing out coal more rapidly and positioning itself as a "strategic supplier in low-emission value chains".
"South Africa has the tools to pivot -- proven renewables potential, critical minerals, and seats at global tables," said Net Zero Tracker project lead John Lang.
The report argued that South Africa was "well-positioned to become a key supplier of low-emission goods".
One of the driving forces behind the decarbonisation push is the European Union's Carbon Border Adjustment Mechanisms (CBAMs).
Adopted in 2022, the policy imposes a carbon price on imports of goods such as steel, aluminium and cement from countries with lower environmental standards.
A test period began in October 2023 before the law's full entry into force in 2026.
The South African Reserve Bank has warned that carbon-based tariffs could reduce exports by up to 10 percent and that CBAMs alone could shrink exports to the EU by four percent by 2030.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
LeMonde
2 hours ago
- LeMonde
EU removes UAE from 'high-risk' money-laundering list, adds Monaco
The European Union on Tuesday, June 10, announced the removal of the United Arab Emirates from its money-laundering "high-risk" list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organization that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a "grey list" of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. "The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF," the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinized by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had "taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise." It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list "in the short term."
Euronews
2 hours ago
- Euronews
Uzbekistan and Hungary agreed to form an enhanced strategic partnership
The US Senate has confirmed Charles Kushner, the father of President Donald Trump's son-in-law Jared Kushner, to serve as ambassador to France. The 70-year-old real estate developer, who received a presidential pardon from Trump in December 2020 over convictions for witness tampering and tax evasion, was confirmed by a 51-45 vote in the Senate on Monday. When Trump announced his desire to nominate Kushner in November, the US president called him "a tremendous business leader, philanthropist, and dealmaker." Kushner's son Jared is a former White House adviser who is married to Trump's eldest daughter, Ivanka. At his confirmation hearing on 1 May before the Senate Foreign Relations Committee, Kushner was asked about his criminal past. He was sentenced in 2005 to two years in prison after pleading guilty to 18 counts. "My misjudgement and mistake was over 20 years ago," Kushner told the hearing. "Since then, I've been pardoned by President Trump. But I don't sit here before you today and tell you I'm a perfect person. I am not a perfect person. I made a very very very serious mistake, and I paid a very heavy price for that mistake," he added. Former New Jersey governor and Republican presidential candidate Chris Christie — who brought the charges against Kushner when he was a US attorney in the early 2000s — said his case was "one of the most loathsome, disgusting crimes" he ever prosecuted. Kushner will go to France as the relationship between the two traditional allies, and between Washington and the rest of Europe, has been strained over Trump's trade policies and the US position on Russia's full-scale invasion of Ukraine. At his confirmation hearing, Kushner said he would work closely with France to "bring greater balance to our important economic relationship" and also encourage France to "invest more in its defence capabilities, as well as lead the EU to align with the US vision of increased European commitments to security." It is unclear how Kushner's appointment will be received in France. After Trump announced his nomination in November, Gérard Araud, a former French ambassador to the US, was among several people to express scepticism or criticism over the decision. "Needless to say, he has no knowledge of our country. At least he will have access to the president. We console ourselves as best we can," Araud wrote in a post on X. Senator Cory Booker, who represents Kushner's home state of New Jersey, was the lone Democrat to vote in favour on Monday. One Republican, Lisa Murkowski of Alaska, voted against it. Uzbekistan and Hungary have agreed to form an enhanced strategic partnership. The treaty was signed by Uzbek President Shavkat Mirziyoyev and Hungarian Prime Minister Viktor Orbán on Tuesday afternoon in Budapest. The two countries have also concluded agreements at ministerial level: an extradition treaty, a treaty on cooperation in disaster management and one on climate protection, and an agreement on Hungary's participation in the construction of nuclear power plants in Uzbekistan. The Central Asian country has sent a large delegation to Budapest, with the President, four ministers and several businessmen visiting the Hungarian capital. On Tuesday morning, members of the delegation held talks with Minister of National Economy Márton Nagy and Hungarian businessmen on cooperation opportunities. 'One of the very developed areas in Hungary is fishery, and we have a huge opportunity in Uzbekistan. In the past few years, we brought Hungarian companies and Hungarian genotypes of fish, but in this visit, we are developing with Hungarian companies a new program to establish more extensive and intensive projects" - the minister of agriculture of Uzbekistan, Ibrokhim Abdurakhmonov told Euronews. The Uzbek head of state, President Shavkat Mirziyoyev also held talks with the Hungarian speaker of the Parliament. At the meeting, László Kövér said that they would like to extend the strategic partnership to closer cooperation between the two parliaments. A group of 68 immigrants from Honduras and Colombia returned to their countries of origin on Monday from Texas as part of a new initiative by the Trump administration. The programme promotes the departure of people in an irregular migratory situation in what the Trump administration is calling "voluntary deportations." In early May, the US government offered a payment of $1,000 (€889) to undocumented migrants who made the choice to leave the country voluntarily. Homeland Security Secretary Kristi Noem confirmed on Monday that the first departure flight marks the beginning of the so-called "Project Homecoming" plan. According to Noem, the action is not part of the usual Immigration and Customs Enforcement (ICE) operations, but a voluntary and assisted process. In a post on his X account, Noem said, "If you are in this country illegally, deport yourself NOW and preserve your opportunity to potentially return the legal and correct way." "If you don't, you will be subject to fines, arrest, deportation and never be allowed to return," she added. Participants in the programme used a CBP Home application to formalise their departure and received the money promised to support their return. Upon arrival in both Honduras and Colombia, migrants were met with local assistance. The Hondurans were also included in the 'Hermano, Hermana, Vuelve a Casa' programme, which provides a $100 voucher (€89) for adults, including food aid and job orientation. Colombian returnees were assisted by the Colombian Institute for Family Welfare (ICBF) and the Department for Social Prosperity (DPS) — agencies in charge of facilitating social and economic reintegration. The programme is part of the new immigration policies promoted by Donald Trump since the start of his second term in office in January, with the aim of reducing irregular immigration in the country. His offer to allow migrants to depart voluntarily has been matched with highly-publicised detentions in the US and flying a couple hundred of Venezuelan migrants to a maximum security prison in El Salvador.
France 24
3 hours ago
- France 24
EU proposes lowering Russia oil price cap in new sanctions
The move comes ahead of a G7 summit in Canada next week where allies will push US President Donald Trump to be more aggressive in punishing the Kremlin. "We are ramping up pressure on Russia, because strength is the only language that Russia will understand," European Commission president Ursula von der Leyen said. "Our message is very clear, this war must end. We need a real ceasefire, and Russia has to come to the negotiating table with a serious proposal." The European Commission, the EU's executive, suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world. Set at $60 by the G7 in 2022, it is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount. To have most impact the EU and other G7 partners need to get the United States to follow suit and agree to the cut in level. But Trump so far has frustrated Western allies by refusing to impose sanctions on Russia despite President Vladimir Putin's failure to agree a Ukraine ceasefire. "My assumption is that we do that together as G7," von der Leyen said. "We have started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7." 'Massive' sanctions threatened Trump last week said he had a deadline to sanction Russia "in my brain", but warned that he may also target Kyiv if no advances are made in his peace push. European leaders in May threatened Moscow with "massive" sanctions if it did not agree a truce. "Russia lies about its desire for peace. Putin is taking the world for a ride. Together with the United States, we can really force Putin to negotiate seriously," EU foreign policy chief Kaja Kallas said. As part of its 18th round of sanctions since Russia's 2022 invasion, the EU also proposed measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online. Officials said they would also look to target some 70 more vessels in the "shadow fleet" of ageing tankers used by Russia to circumvent oil export curbs. The EU in addition is looking to sever ties with a further 22 Russian banks and add more companies, including in China, to a blacklist of those helping Moscow's military. One EU diplomat described the latest proposals as "one of the most substantive and significant packages we've discussed recently". "It will hurt Russia's ability to finance its war machine. Now let's see how the discussions evolve." The sanctions will need to be agreed by all 27 EU countries, and could face opposition from Moscow-friendly countries Hungary and Slovakia.
