Expect carbon tax to pass on to consumers

[CouldBeYou]

Originally Posted by medic542

I honestly doubt they will do the right thing.

I doubt too .

[skyleon]

Masagos: $5 per tonne of greenhouse gas emissions imposed on large emitters fair and considered

Published on 2018-02-23 by Neyla Zannia


Environment and Water Resources Minister Masagos Zulkifli has stated on Thursday (22 February) that the initial carbon tax of S$5 per tonne of greenhouse gas emissions imposed on large emitters is a fair amount and was decided after considering the industry’s compliance costs, among other factors.

Speaking to reporters on the sidelines of the opening of a green classroom at Bukit View Secondary School, he said that the initial tax rate will also help affected businesses transit into the carbon tax regime, and give them time to adjust and comply.

Finance Minister Heng Swee Keat said in his Budget speech on Monday (19 February) that large carbon emitters will be taxed S$5 for each tonne of greenhouse gases generated from next year to 2023, which is a significantly lower rate than the S$10 to S$20 per tonne envisioned last year by the authorities. This is said to give the industry more time to adjust and implement energy efficiency projects.

The minister said that the tax rate will be reviewed by 2023, with the intention of increasing it to between S$10 and S$15 per tonne by 2030.

The carbon tax will apply to about 30 to 40 of the largest emitters here that each produce 25,000 tonnes or more of greenhouse gases a year, which account for about 80 per cent of Singapore's emissions.

Mr Masagos said they had consulted the industry and arrived at the S$5 per tonne rate, as they also wanted to make sure that the cost of compliance is comparable to the tax they will have to pay.


continue reading here : https://www.theonlinecitizen.com/201...nd-considered/

[skyleon]

New carbon tax will prepare Singapore for ‘low-carbon global future’: Masagos


By Siau Ming En
Published 20 March, 2018

Updated 20 March, 2018


SINGAPORE — Addressing concerns that the Republic’s new carbon tax will blunt the country’s economic competitiveness, Minister for the Environment and Water Resources Masagos Zulkifli argued on Tuesday (March 20) that the levy will instead strengthen the competitive edge of companies here and prepare them for a “low-carbon global future”.

He also pointed out that the new tax, which will kick in from next year after Parliament passed the Carbon Pricing Bill, could help spur investments and adoption of low-carbon solutions. The World Bank, for instance, has estimated that global demand for green and “climate smart” solutions in the coming years could be worth as much as US$23 trillion.

“China has already made a strategic choice and stated its ambition to transform its economic development and shift towards a low-carbon economy ... To maintain our competitive edge, Singapore companies must also transform,” the minister added.

“Consumers all over the world will soon demand products and services that use the smallest carbon footprint. We must move early.”

In debating the Bill, Member of Parliament Henry Kwek (Nee Soon GRC) and Nominated MP K Thanaletchimi had asked how the carbon tax would affect the competitiveness of the affected industries. Mr Kwek and MP Lee Bee Wah (Nee Soon GRC) also asked about the impact on households and their cost of living.

From next year to 2023, large carbon emitters – defined as those that produce 25,000 or more tonnes of greenhouse gas emissions annually – will be taxed S$5 for each tonne of greenhouse gases emitted. The tax will eventually be increased to between S$10 and S$15 by 2030.

The new laws also require facilities to put in place certain measurement, reporting and verification practices to track their carbon footprint.


continue reading here : https://www.todayonline.com/singapor...future-masagos