If you missed the budget speech today, delivered by Finance Minister, Enoch Godongwana, here are some highlights pertaining to energy and climate change:
#To promote further investments in renewable energy, the budget proposes an increase in the limit for renewable energy projects that can qualify for the carbon offsets regime, from 15 megawatts to 30 megawatts.
#A report on the independent review of Eskom’s coal-fired power stations, will be released in the coming week.
#A R2 billion conditional grant, to be introduced over the medium term to fund the rollout of smart prepaid meters.
#The Government has raised US$3.3 billion so far from Multilateral Development Banks and International Finance Institutions to support climate change, energy, and the just transition objectives.
#Government has reprioritised R964 million over the medium term to support the transition to electric vehicles.
#The 2024 budget at R1.73 trillion, tax revenue for 2023/24 is at R56.1 billion lower than the 2023 Budget.
The shortfall is largely due to the decline in corporate profits and revenue from taxes on mining.
#Over the medium term, revenue projections are R45.6 billion higher than the 2023 MTBPS estimates which increased personal income tax and additional medium term revenue proposals.
#On environmental taxes, carbon tax increased from R159 to R190 per tonne of carbon dioxide equivalent as of 1 January 2024.
#The carbon fuel levy will increase to 11 cents per litre for petrol and 14 cents per litre for diesel effective from 3 April 2024.
#A discussion paper outlining proposals for the second phase of the carbon tax will be published for public comment later in the year.
#About R531.7 billion is allocated to local governments, and R2.3 trillion for provinces.