Publication of Public Consultation Exercises for Proposed Revisions to Carbon Tax

Mr Dennis Tan Lip Fong asked the Minister for Finance (a) whether it will be publishing on REACH’s platforms any public consultation exercise specifically on revisions to the carbon tax and whether sufficient time will be given to the public to incorporate suggestions before Budget 2022; (b) whether any revision to the carbon tax will also include revisions to the carbon tax target by 2030; and (c) whether a summary of the resulting feedback and responses to the exercise will be provided to the public before Budget 2022.

As the Minister for Finance has indicated at Budget 2021, the Government is currently reviewing our carbon tax and will announce at Budget 2022 the revised post-2023 carbon tax level and indicate what we can expect up to 2030.

Public consultation on the carbon tax has been ongoing as part of engagements under the Singapore Green Plan 2030, which include conversations on the need for a revised carbon tax and the trade-offs involved in our transition to a greener and more sustainable future. NCCS, MTI and agencies will also leverage other platforms, which may include REACH, to engage the public in the lead up to Budget 2022. The Government will also engage businesses on the potential impact of a higher carbon tax and how we can support them in pursuing green growth opportunities.

Feedback received from the consultations will be taken into consideration in the review. The Government will provide a summary of relevant feedback at the appropriate time.