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.