SEAS's report shows Singapore carbon tax has minimal impact and needs more effectiveness. (Photo: iStock)
Starting this year, Singapore has increased its carbon tax to SGD 25 per ton (about 19 USD) and announced plans for further increases, aiming to encourage companies to accelerate their carbon reduction efforts. However, a recent survey indicates that nearly 40% of businesses in Singapore report minimal impact from the rise in carbon tax.
Over 20% of businesses adjust sustainability strategies
The Singapore Sustainable Energy Association (SEAS) surveyed 250 professionals in the Southeast Asian energy sector and found that 24.5% of respondents believe their companies are affected by the government’s carbon tax hike, prompting a reassessment of long-term sustainability strategies. Almost 20% of businesses are intensifying their emission reduction efforts and expanding investments in energy-saving technologies.
