Singapore Carbon Tax – Breakfast Briefing
Wednesday, April 11 2018 | 9:00am-10:30am | Update: This is event is now oversubscribed. To register your interest for future events, please email us at email@example.com
The Carbon Pricing Bill, which aims at reducing emissions of greenhouse gases (GHG) in Singapore, was passed in Parliament on Tuesday, March 20, 2018. The carbon tax will be implemented in 2019.
This move towards carbon pricing follows other policy initiatives to reduce Singapore’s emissions intensity to 36% below 2005 levels by 2030, a target pledged under the 2015 Paris climate change pact.
What is carbon pricing?
Carbon pricing is a market-based method aimed at reducing emissions by charging emitters. The charge imposed on emitters is called a carbon price, which is the amount that must be paid for the right to emit one tonne of carbon dioxide into the atmosphere.
Using carbon taxation to manage GHG emissions has been a strategy in the stable of environmental regulation for decades. Finland, for example, was the first country in the 1990s to impose a carbon tax.
What does this mean for you?
The carbon tax that the Singapore government will implement in 2019 is aimed at curbing GHG emissions upstream, targeting power stations and other large direct emitters. The impact of the tax will be more significant in industries that are larger contributors to Singapore’s GHG emissions. However, there is an expectation that some of it will be passed on to the end user in form of higher electricity costs.
Carbon pricing systems are a timely addition to larger, multi-lateral plans to reduce GHG emissions and address the pressing issues of climate change. It offers a balanced solution between addressing climate change risks and ensuring economies stay competitive in the long-term. Contact us if you would like to know more about how we can offer our customised help and strategic expertise in this area.
We invite you to join Paia’s Breakfast Briefing on 11 April 2018 from 9am to 10:30am to learn more about the Carbon Tax while enjoying refreshments and networking.
We look forward to meeting you! Book Now, Limited Seating.