SINGAPORE — Singapore’s carbon tax will be raised to S$25 per tonne of greenhouse gas emissions in 2024, up from S$5 per tonne at present, as the Government is now seeking to achieve net zero emission by around the mid-century, Finance Minister Lawrence Wong said on Friday .
This comes as Singapore has set itself more ambitious targets for reducing its carbon emissions. Previously, the Republic had aimed to peak emissions by 2030 and halve them by 2050, before reducing to net zero in the second half of the century. He added that the Government will not impose an additional carbon tax on the use of petrol, diesel and compressed natural gas.
Some of the revenue will be used to cushion the impact on households and businesses, while a large part will be used in investments into new low-carbon and more energy-efficient solutions that will help bring Singapore closer to its net zero goal.
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