A plan to increase Singapore’s carbon tax to S$50 – S$80 per tonne of greenhouse gases(tCO2e) by 2030 was announced in the recent Budget 2022. Do you know that Singapore has already implemented a carbon tax on 1 January 2019? The carbon tax is set at S$5/tCO2e from 2019 to 2023 and is set to ramp up in the coming years to attempt to reach Singapore’s net-zero emissions target by 2050. Let’s take a deeper look at what is a carbon tax and how will the increase affect us?

Table of Contents

• What Is Carbon Tax?
• How Is Carbon Tax Calculated?
• How Does Carbon Tax Work?
• Why Is Dealing With Climate Change Important To Singapore?
• What Will Carbon Tax Be Used For?
• Carbon Tax Across The World
• Who Will Carbon Tax Directly Affect?
• How Will Carbon Tax Affect Us?
• TL, DR

What Is Carbon Tax? A carbon tax is a tax on greenhouse gas emissions. Although it is called “carbon tax”, in Singapore’s case...