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."
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Scoreline:
Manchester City 1
Jesus 4'
Brighton 0
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
NATIONAL%20SELECTIONS
%3Cp%3E6pm%3A%20Falling%20Shadow%3Cbr%3E6.35pm%3A%20Quality%20Boone%3Cbr%3E7.10pm%3A%20Al%20Dasim%3Cbr%3E7.45pm%3A%20Withering%3Cbr%3E8.20pm%3A%20Lazuli%3Cbr%3E8.55pm%3A%20Tiger%20Nation%3Cbr%3E9.30pm%3A%20Modern%20News%3C%2Fp%3E%0A
New schools in Dubai
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
More coverage from the Future Forum
RACECARD
%3Cp%3E5pm%3A%20Al%20Shamkha%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%0D%3Cbr%3E5.30pm%3A%20Khalifa%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3E6pm%3A%20Masdar%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E6.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%202%2C200m%0D%3Cbr%3E7pm%3A%20Emirates%20Championship%20%E2%80%93%20Group%201%20(PA)%20Dh1%2C000%2C000%20(T)%202%2C200m%0D%3Cbr%3E7.30pm%3A%20Shakbout%20City%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C400m%3C%2Fp%3E%0A
The five pillars of Islam
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
UAE currency: the story behind the money in your pockets
BLACKBERRY
%3Cp%3EDirector%3A%20Matt%20Johnson%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jay%20Baruchel%2C%20Glenn%20Howerton%2C%20Matt%20Johnson%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
ENGLAND%20SQUAD
%3Cp%3EFor%20Euro%202024%20qualifers%20away%20to%20Malta%20on%20June%2016%20and%20at%20home%20to%20North%20Macedonia%20on%20June%2019%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGoalkeepers%3C%2Fstrong%3E%20Johnstone%2C%20Pickford%2C%20Ramsdale.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EDefenders%3C%2Fstrong%3E%20Alexander-Arnold%2C%20Dunk%2C%20Guehi%2C%20Maguire%2C%20%20Mings%2C%20Shaw%2C%20Stones%2C%20Trippier%2C%20Walker.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EMidfielders%3C%2Fstrong%3E%20Bellingham%2C%20Eze%2C%20Gallagher%2C%20Henderson%2C%20%20Maddison%2C%20Phillips%2C%20Rice.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EForwards%20%3C%2Fstrong%3EFoden%2C%20Grealish%2C%20Kane%2C%20Rashford%2C%20Saka%2C%20Wilson.%3C%2Fp%3E%0A
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
More from Aya Iskandarani
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
MATCH INFO
Everton 2 (Tosun 9', Doucoure 93')
Rotherham United 1 (Olosunde 56')
Man of the Match Olosunde (Rotherham)
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
