Industry News

Singapore plans to hike carbon tax to curb greenhouse gas emissions

Views : 236
Update time : 2022-03-02 21:16:21
In order to effectively curb the emissions of greenhouse gas, Singapore planned to raise its carbon tax to S$25/ton in 2024-25 and to S$45/ton in 2026-27 from the current tax rate of S$5/ton. Finance Minister Lawrence Wong said that the country’s long-term goal was to hike its carbon tax to S$50-80/ton by 2030.

However, the government will allow enterprises to offset up to 5% taxable emissions by using high-quality international carbon credits, as an alternative to the taxpaying.

According to market participants, the new carbon tax rate will force the industry to pay much attention to reducing carbon emissions, but it might also affect the competitiveness in the region.
Related News
Read More >>
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
May .29.2025
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
May .29.2025
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
May .29.2025
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL
May .29.2025
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL