S1E72: Significance of Singapore’s new carbon price: Green Pulse

Mar 6, 2022

14:58

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Synopsis: The Straits Times analyses the beat of the changing environment, from biodiversity conservation to climate change.

Singapore’s new carbon tax rate for 2024 and beyond was announced by Finance Minister Lawrence Wong during the Budget on Feb 18. The aim is for emissions to dwindle to net zero by or around 2050.

The carbon tax hike will be done in phases to give businesses more certainty, the Government said. The current rate of $5 per tonne of emissions will be in place until 2023. It will go up to $25 in 2024 and 2025, and $45 in 2026 and 2027, before reaching $50 to $80 per tonne by 2030.

How will this help Singapore achieve its climate targets? ST environment correspondent Audrey Tan and climate change editor David Fogarty discuss this carbon tax hike with OCBC Bank economist Howie Lee.

Highlights (click/tap above):

01:22 Why observers were surprised by Singapore's new carbon price

02:39 How does Singapore's carbon price compare with the rest of Asia Pacific

03:12 How a carbon price helps to reduce emissions

06:50 What will the impact of a carbon tax on consumers be?

08:34 The link between the carbon tax, and the global carbon market

Read Budget 2022: Singapore's carbon tax could increase to $80 per tonne of emissions by 2030: https://str.sg/wsLK

Produced by: Audrey Tan (audreyt@sph.com.sg), David Fogarty (dfogarty@sph.com.sg), Ernest Luis, Fa'izah Sani & Teo Tong Kai

Edited by: Teo Tong Kai

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