Reserve Bank warns carbon taxes may cut exports by 10%
- May 21, 2024
- Infrastructure
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South African economic growth could be severely stunted if carbon taxes are widely imposed on its exports, according to a new report by the country’s central bank. The South African Reserve Bank (SARB) said the hit could reach 10% of exports and more than 9% of gross domestic product in 2050 under a worst-case scenario in which carbon taxes are slapped on all exports by all trading partners. But it also found the impact could be much lighter, in a summary of several studies into the implications of the European Union’a new Carbon Border Adjustment Mechanism on South African exports.
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