
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.
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Local France
2 hours ago
- Local France
What are your responsibilities as a resident of France?
Last week, we looked at what you can and cannot do as a non-resident of France . This category includes tourists and short-term visitors, but also people who make frequent visits to France and in some cases own property here. Second-home owners often pay long visits to France, but stop short of becoming residents here. Being a non-resident imposes limitations on your time in France - but becoming a resident also brings with it some responsibilities. The difference is most stark for non-EU citizens who require a visa or residency permit in order to remain in France in the longer term, but some of the below responsibilities also apply to EU citizens who can move to France without a visa. Tax - this is the big one. If you are living in France then you automatically become a tax resident and are required to complete the annual déclaration des revenus (income tax declaration). In some circumstances non-residents have to compete this too depending on income, but once you are a resident in France on any kind of long-stay visa or carte de séjour residency permit, then France considers you its tax resident . This means completing the annual income tax declaration, which involves declaring all of your worldwide income . There are some aspects of this which frequently confuse foreigners - the first is that you must make the declaration even if you have no income in France (for example you are living off a pension paid in your home country). The second is that you must declare all of your worldwide income, even if it is taxed in your home country. Advertisement In both cases the short answer to this question is the same - declaring income in France doesn't necessarily mean you will have to pay tax on it in France. 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Advertisement Wealth tax - once you have lived in France for five years you become liable for the 'wealth tax' on all of your global assets (for the first five years this specific tax applies only to your assets in France). This is a tax on assets - especially property - and not earnings, and as such it can ensnare people who would not consider themselves as super-rich. The threshold is €1.3 million in total - so that could include people who own a house in London or one of the more expensive cities in the US. READ ALSO : What is France's 'wealth tax' and who pays it?✎ Rights It's not all bad news, however, being a resident of France brings with it plenty of good things too - among them the right to spend unlimited amounts of time here and to eventually apply for long-term residency and perhaps French citizenship. 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France 24
8 hours ago
- France 24
Sunny Greece struggles with solar energy overload
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LeMonde
a day ago
- LeMonde
'The EU needs to invest more at home'
The European Union is the world's third-largest economy with one of the highest household saving rates, yet when our companies are scaling up, they often turn to financial markets abroad. Why? Because we export much of our vast savings, supporting innovation elsewhere, while many of our own start-ups struggle to access the necessary funding to grow. The time has come for change and the EU needs to invest more at home. That is why seven European countries representing more than half of the EU economic output teamed up on Thursday, June 5, to channel these savings into investment in our continent's economy. Let's first consider the numbers. In 2024, the EU economy generated €17.9 trillion in output. Wealth and value are therefore evidently created in Europe at a very large scale. Meanwhile, European households are some of the greatest savers in the world, setting aside about 13% of their income every year, five points more than American households. That represents €1 trillion of new private savings every year, much of which sits idle in cash or deposit accounts earning low returns. In total, this has created a pool of capital of €35 trillion over the years. Meanwhile, Europe needs to invest at least 5% of its economy, or up to €800 billion a year, to close its technology and productivity gap with major competitors. Add new defense and security needs and that figure could easily surpass €1 trillion. In this time of rising geopolitical tension and increasing barriers to trade and financial flows around the globe, these savings are a strategic asset for Europe that we must mobilize to help fill that investment shortfall. Accelerating integration Vital work is being done to improve the integration of our capital markets. The European Commission also put forward its strategy for a Savings and Investment Union in March. We want to thank Commissioner for Financial Services Maria Luis Albuquerque for her commitment and we will continue to work closely with her to enhance financial opportunities for EU households and businesses.