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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: South African President Cyril Ramaphosa warned that future carbon taxes by wealthy nations could harm developing economies unless they transition to green energy
• He highlighted the risks posed by South Africa's heavy reliance on coal for electricity
🔭 The context: Ramaphosa's remarks were made at a climate change conference in Pretoria, where he emphasized the unsustainable carbon intensity of South Africa's economy
• South Africa is among the top 15 global greenhouse gas emitters, primarily due to its coal dependency
🌍 Why it matters for the planet: Transitioning to green energy is crucial for reducing global emissions and mitigating climate change
• Developing nations like South Africa, which face significant climate impacts despite contributing less historically to global emissions, need to adapt to avoid economic penalties from carbon taxes
⏭️ What's next: South Africa's new energy minister has vowed to accelerate the shift to renewable energy
• Western donors are offering loans to support this transition, but bureaucratic delays and policy uncertainties have hindered progress
💬 One quote: “Instruments like the European Union's Carbon Border Adjustment Mechanism... have the potential to cause great damage to developing economies,” said President Cyril Ramaphosa
📈 One stat: South Africa produced 709 grams of carbon dioxide per kilowatt hour of energy generated in 2022, making it the most carbon-intensive major economy
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