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'Daunting' and 'significant': analysts react to Singapore's carbon tax rate hike

Jovi Ho
Jovi Ho2/22/2022 11:09 AM GMT+08  • 4 min read
'Daunting' and 'significant': analysts react to Singapore's carbon tax rate hike
"As power generators, Sembcorp Industries and Keppel Corp may be negatively affected via higher taxation on carbon."
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Singapore is taking its green agenda “to a new level” with carbon tax hikes in the coming years, writes DBS Group Research senior economist Irvin Seah.

In a Feb 21 note on Budget 2022, Seah says Singapore’s current carbon tax rate of $5/tonne of carbon emission “pales in comparison to many other economies at similar stage of economic development”.

Sweden, for example, has set its rate at US$119/tonne. while Switzerland levies US$99/tonne. France charges US$45/tonne, while South Korea has set their carbon tax rate at US$33/tonne, writes Seah.

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