Nearly 40% of Singaporean companies reported minimal impact from the recent carbon tax hike, according to a survey by the Sustainable Energy Association of Singapore (SEAS). The survey of 250 industry professionals found that 24.5% of firms reconsidered their long-term sustainability strategies due to the tax increase implemented in January. About 20% have intensified efforts to reduce emissions and invest in energy-efficient technologies. Despite the higher tax, only 3.8% of companies purchased carbon credits, suggesting limited demand driven solely by taxation. Singapore’s carbon tax rose from SGD5 to SGD25 per tonne of carbon dioxide equivalent and is set to reach up to SGD80 by 2030. Only 24.5% of respondents felt the tax regime was effective, indicating a need for further refinement to enhance its impact.
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