Johannesburg, South Africa – Sasol has secured more than 100 000 carbon offset credits from Bethlehem Hydro, a South African independent power producer (IPP), in fulfilment of its obligations under the new South African carbon tax regulations.
The transaction is one of the first carbon offset transactions under the South African Carbon Offset Administration System (COAS) after it was launched earlier this year. Under the carbon tax regulations, South African companies are able to buy carbon credits from third parties to offset a portion of their carbon tax liability.
Sasol Vice President: Climate Change, Shamini Harrington, said Sasol is committed to reducing its operational greenhouse gas emissions profile through various mitigation activities, including carbon offsets.
“Carbon offsetting is recognised as a necessary tool to meet and increase climate ambition. These projects are beneficial not only from a greenhouse gas reduction perspective, but also from a socio-economic one as they bring multiple sustainability co-benefits to the communities and areas in which they are located,” Harrington explained.
In operation since 2009, Bethlehem Hydro is a 7MW hydropower IPP, which has to date generated 383GWh of clean, emission free electricity, thereby reducing South Africa’s emission of the greenhouse gas carbon dioxide by more than 350 000 tons.
“Bethlehem Hydro has in many ways been a pioneer in the South African power sector. It was not only the first IPP to be granted a generation licence in South Africa in 2005, but was also in the first batch of South African projects to be registered under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC) in 2009,” said Anton-Louis Olivier, MD of Bethlehem Hydro.
“We are very pleased to be able to conclude this transaction with Sasol, another pioneering South African company”.
Forward Looking statements
Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves and cost reductions, including in connection with our BPEP, RP and our business performance outlook. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2018 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
Please note: One billion is defined as one thousand million. bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels oil equivalent. All references to years refer to the financial year 30 June. Any reference to a calendar year is prefaced by the word “calendar”.