Singapore will raise its carbon tax by 500% to SG$25 per tonne in 2024, said Lawrence Wong, the city-state’s finance minister, as the government strives to achieve its net zero goal by 2050.
The government plans to increase the carbon tax further to SG$45 in 2026, with a target of SG$80 by 2030, Wong stated on Friday in a budget speech.
Singapore is a global hub for oil refining and petrochemical exports. According to the Observatory of Economic Complexity, the country has exported US$43.1 billion in refined petroleum to become the world's fourth largest exporter.
