Budget 2022: Carbon tax set to rise to S$50-80 by 2030; watchers call surprise move 'bold', 'aggressive'
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
IN a surprise move watchers described as "bold" and "aggressive", the government has signalled that it will raise the carbon tax rate at least thrice within the decade, to ultimately reach S$50 to S$80 per tonne of greenhouse gas emissions by 2030.
Finance Minister Lawrence Wong announced in his Budget speech on Friday (Feb 18) that the first increase, to S$25 per tonne on companies that emit at least 25,000 tonnes of greenhouse gas annually, is set to take effect from 2024.
This will be followed by an increase to S$45 per tonne in 2026 and 2027, with the view to reach S$50 to S$80 per tonne by 2030, he added.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
