South Africa's National Treasury has published the Second Draft Carbon Tax Bill for public consultation. Under the Bill, the proposed headline carbon tax is R120 per ton of CO2 with a number of initial tax-free allowances that reduce the tax amount by as much as 95% in the first phase of implementation (up to 2022), including a 60% basic tax-free allowance, additional allowances of 10% for process and fugitive emissions, a variable allowance up to 10% for trade-exposed sectors, and certain ot…