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Singapore to substantially increase carbon tax from 2024

( November 8, 2022, 09:35 GMT | Official Statement) -- MLex Summary: Singapore will substantially increase its carbon-emissions tax from the current S$5/tCO2e to S$25/tCO2e in 2024, and then to S$45/tCO2e in 2026, in order to help meet its ambitious target to achieve net-zero emissions by 2050. The amendments to its carbon pricing act will also make carbon credits more expensive to purchase, increasing from S$5 ($3.58) per credit now to S$25 in 2025 and S$45 in 2027. To help companies that face intense competition in the global markets adjust, such as those in the oil and gas and manufacturing sectors, the government will grant allowances limited to a portion of their emissions.The bill is attached. ...

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