ARTICLE · 29 JUNE 2016

Draft Carbon Offsets Regulations Published For Comment

ENS

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The draft regulations have been widely anticipated by industries that will be subject to the carbon tax and the local carbon market.

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On 20 June 2016, the South African National Treasury published draft Carbon Offsets Regulations ("draft regulations"), intended as a component of the proposed carbon tax. The draft regulations mark the next step in the process of bringing the carbon tax into operation by early 2017. Treasury is also expected to publish a second draft of the Carbon Tax Bill in August 2016, in time to submit the Bill to Parliament once its proceedings resume after the recess aimed at accommodating the municipal elections. The draft regulations have been widely anticipated by industries that will be subject to the carbon tax and the local carbon market. It is expected that the local carbon market will experience a revival as a result of the inclusion of offsets as a means to comply with part of a carbon tax liability.

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