Singapore will increase its carbon tax five-fold to S$25 ($18.60) a tonne in 2024, Finance Minister Lawrence Wong said, as it seeks to meet its zero-emissions target by 2050.
The city-state, a major Asian oil refining and petrochemical export centre, plans to increase the carbon tax further to S$45 in 2026 and 2027, and S$50 to S$80 by 2030, Mr Wong said on Friday in a budget speech.
From 2024, businesses will be allowed to buy international carbon credits to offset up to 5 per cent of their taxable emissions, he added.
This will help to create local demand for high-quality carbon credits and catalyse the development of well-functioning and regulated carbon markets
Lawrence Wong,
Singapore finance minister
"This will moderate the impact for companies," Mr Wong said. "It will also help to create local demand for high-quality carbon credits and catalyse the development of well-functioning and regulated carbon markets."
Carbon credits are certified instruments to represent emission reductions at climate action projects and are traded by companies to offset emissions elsewhere.
Singapore, the first country in South-East Asia to introduce a carbon pricing scheme, introduced its carbon tax in 2019.
The country's carbon tax applies to all plants producing 25,000 tonnes or more of greenhouse gas emissions annually, which include oil refineries and power stations.
A stronger price signal from the government would encourage investments in greenhouse gas reduction, said a spokesperson from ExxonMobil, which operates its world's largest refinery in Singapore.
"Carbon tax and supportive government policies can help to incentivise more industries and sectors to invest in research or technologies to reduce emissions," she said.
"As Singapore has an export-oriented economy, it is also important that the designed carbon tax framework encourages greenhouse gas reductions, while safeguarding competitiveness of trade-exposed industries."
A representative of Shell said the carbon price should apply to as many sectors of the economy as possible and the company expects the price to increase over time as energy transition progresses.
"This is critical as near-term competitiveness impact is real," she said.
"Unlike power, which is consumed domestically, Singapore exports most of its energy and chemical products, and has to compete with other exporter countries that either do not have a carbon price policy, or have sophisticated mechanisms to help their trade-exposed industries remain competitive, if they do."
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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