South Africa's JSE Ventures Facilitates First Carbon Credit Trades
TLDR
- The JSE Ventures Voluntary Carbon Market completed its first trades of carbon credits eligible for offsetting South Africa’s Carbon Tax
- The carbon market allows businesses to buy and sell carbon credits and renewable energy certificates held in local or global registries
- JSE Ventures has also launched trading of International Renewable Energy Certificates (IRECs), helping companies offset scope two emissions
The JSE Ventures Voluntary Carbon Market, powered by Xpansiv, has completed its first trades of carbon credits eligible for offsetting South Africa’s Carbon Tax. Ten thousand credits were traded at $8.25 per credit, covering around 80% of the current carbon tax rate of R190 per ton.
The carbon market allows businesses to buy and sell carbon credits and renewable energy certificates held in local or global registries. These credits can be used in compliance programs like the carbon tax or voluntary net-zero commitments.
JSE Ventures has also launched trading of International Renewable Energy Certificates (IRECs), helping companies offset scope two emissions from third-party energy suppliers.
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Key Takeaways
South Africa’s carbon tax, introduced in 2019, allows for approved carbon credits to support the transition to net zero. The JSE’s platform is expected to expand participation and drive investment into carbon offset projects across the region. JSE Ventures Director Valdene Reddy called the initial transactions a strong start, inviting South African corporates with carbon tax exposure to explore offset opportunities. Xpansiv’s Senior VP Russell Karas emphasized the benefits of a centralized regional carbon market, noting that these trades mark the beginning of a more robust carbon credit and IREC ecosystem in South Africa.
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