Singapore May Boost ‘Low End’ Carbon Price Feb. 18; Household Support Promised; China to Follow? (2)

Jan. 27-30, 2022. See this from Indranee Rajah, Singapore’s Minister in the Prime Minister’s Office, Second Minister for Finance and Second Minister for National Development:

https://www.linkedin.com/in/indranee-rajah/

“One of the steps we need to take to achieve our goals is the carbon tax.

Singapore is reviewing its carbon tax level for 2024 and beyond to facilitate the transition to a low-carbon future. The Government will support households and businesses in this transition.

Do keep your ideas coming in as we develop our fiscal plan for a greener future, and keep a watch out for the Budget Statement which will be delivered on 18 February.”

Singapore is an influential nation in Asia and it’s seeking to become a carbon-trading hub. Whether or not the climate can be saved will be determined in Asia, because it has the biggest population and the fastest-growing middle class.

Some commentators say China has used Singapore as a template during the past 50 years, copying a successful economic system trail blazed by former Singapore leader Lee Kuan Yew. China is deploying a carbon market that’s set to be the world’s largest.

On Singapore’s emissions-pricing system, see this related story from The Straits Times:

Singapore was the first South-east Asian nation to introduce a carbon tax from 2019 to 2023, but its rate of $5 per tonne is considered to be on the low end of the spectrum, the newspaper said.

Aside from unveiling the revised rate for 2024 on Feb 18, the Government has also said it will provide indications on what to expect up to 2030, so businesses have time to adjust, it said.

Photo by Timo Volz on Pexels.com

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