Singapore’s carbon tax applies to all facilities producing 25,000 tCO2e or more in a year. This covers some 30 to 40 large emitters, like oil refineries and power generation plants, which contribute 80% of Singapore’s greenhouse gas emissions.
Singapore will raise its carbon tax to $25 per tonne of carbon dioxide equivalent (tCO2e) in 2024 and 2025, and $45 per tCO2e from 2026. This is up from the current rate of $5 per tCO2e, introduced in 2019 through the Carbon Pricing Act (CPA).
Parliament passed the Carbon Pricing (Amendment) Bill on Nov 8, signing into law the carbon tax rate hike first announced by Deputy Prime Minister Lawrence Wong at Budget 2022 in February.
