As Singapore Parliament approves higher carbon prices, some MPs fear business toll but others want heftier emissions tax
Over nearly four hours, more than 10 MPs debated an amendment to the Carbon Pricing Act in Parliament that would raise the tax on carbon emissions from the present S$5 (RM17) per tonne of greenhouse emissions to S$25 in 2024 or 2025 and again to S$45 in 2026 or 2027. ― TODAY file pic
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Wednesday, 09 Nov 2022 7:56 AM MYT
SINGAPORE, Nov 9 — Parliament yesterday (November 8) voted to sharply increase the tax on carbon emissions over the next five years but not before some Members of Parliament (MPs) flagged concerns that the plan could mean Singapore will have Asia's highest carbon prices.
They argued that these higher carbon prices, part of Singapore's push to reach zero emissions by 2050, would hurt business competitiveness, especially for the large, economically significant petrochemical industry here.
But Workers' Party (WP) MPs argued instead that the tax will still not be high enough, being that they are below internationally proposed levels.
Over nearly four hours, more than 10 MPs debated an amendment to the Carbon Pricing Act in Parliament that would raise the tax on carbon emissions from the present S$5 (RM17) per tonne of greenhouse emissions to S$25 in 2024 or 2025 and again to S$45 in 2026 or 2027.
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The government's target is to reach between S$50 and $80 by 2030 as it strives to reach net zero emissions by 2050.
