Carbon Tax Increase In 2024

Published: Jan 15, 2024 by 
PropertyGiant Singapore
Singapore’s carbon tax will rise as part of wider efforts to deal with the negative effects of emitting carbon dioxide. ST PHOTO: GIN TAY
Singapore’s carbon tax will rise as part of wider efforts to deal with the negative effects of emitting carbon dioxide. ST PHOTO: GIN TAY

Singapore’s carbon tax will rise to $25 per tonne of emissions in 2024, up from the $5 per tonne from 2019 to 2023.

The tax will be raised further to $45 per tonne of emissions in 2026, and eventually to between $50 and $80 per tonne of emissions by 2030 as part of wider efforts to deal with the negative effects of emitting carbon dioxide, which include global warming.

Why it matters

The National Climate Change Secretariat calculated that every increase of $5 in carbon tax could cause household electricity tariffs to rise by a corresponding 1 per cent. This means electricity bills could go up by about 4 per cent in 2024.

The revenue from the carbon tax will be used to help households and businesses make a transition to a greener economy and greener living, said Senior Minister Teo Chee Hean on Dec 5.

Economy

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