South Africa's fossil fuel subsidies rose to a 118 billion rand ($6.3 billion) in the 2023 fiscal year, providing incentives that encourage their continued use, according to a Canadian think tank. Government support for oil and gas consumption, electricity that's largely generated from coal, and carbon tax exemptions has tripled since 2018 in Africa's most industrialized nation, researchers at the Winnipeg-based International Institute for Sustainable Development wrote in a report published Tuesday.
South Africa's fossil fuel subsidies tripled between 2018 and 2023, hitting USD 7.5 billion, up from USD 2.9 billion 5 years earlier, a new report by IISD reveals.
In an era marked by escalating environmental challenges and geopolitical tension, the Sixth United Nations Environment Assembly (UNEA-6) called for more cooperation to tackle the triple planetary crisis.