Singapore Plans Southeast Asia's First Carbon Tax From 2019
- Proposal would levy S$10-S$20 a ton fee on carbon emissions
- 30-40 big emitters like power plants would be affected by tax
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Singapore plans to implement Southeast Asia’s first carbon tax starting in 2019, a move that would raise energy costs in the island nation and require more than 30 big polluters such as power plants to pay the levy.
The proposal would charge between S$10 ($7) and S$20 a ton on emissions of carbon dioxide and five other greenhouse gases, Finance Minister Heng Swee Keat said in a speech outlining the government’s 2017 budget. The tax is equivalent to a $3.50-to-$7-a-barrel increase in the cost of oil for combustion. It would raise electricity costs by 2 percent to 4 percent, according to a government report released after Heng’s speech.