Support for Singapore households, businesses when carbon tax increases from 2024

Support for Singapore households, businesses when carbon tax increases from 2024

“Climate action is needed now. It’s not something that is amorphous, something in the future, or something that is imaginary,” she said.

The world is already witnessing calamities with the current 1.1 degrees Celsius warming, so “we really need to get our act together”, urged Ms Fu.

She said that the journey towards cleaner energy will be “a very long one” as it would involve a fundamental change on how we have been powering the world, such as the way we work and the kind of energy used.

Laying out a long-term, but certain, trajectory would let companies and societies know the direction Singapore is headed, although it will not be smooth-sailing, she noted. 

“We have the Ukraine war, we have inflation right now, who knows what will happen a few years down the road, but I think that humanity has to work in that direction,” she said, adding that governments and businesses will have to work closely towards this.

“We’ll try our darndest to move as fast as we can, but at the same time making this transition an inclusive one, so that we won’t have people falling behind.”

IMPACT ON BUSINESSES

Companies that will be affected by the carbon tax hike, meanwhile, are being urged to assess how they can reduce their own emissions in the run-up to 2024.

There are certain crucial sectors that are higher emitters due to the nature of their operations, but are a key part of Singapore’s trade infrastructure, noted Ms Fu, such as the petrochemical industry.

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