Carbon Tax Allowances Granted and Impact on Singapore's Emissions Profile

Debated in Parliament on 2 Jul 2024.

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He Ting Ru asked about the number of firms granted carbon tax allowances for 2023–2025, the average proportion of emissions covered, and the expected impact on Singapore's emissions profile.
Gan Kim Yong stated that no allowances were granted in 2023, while over 20 companies from Emissions-Intensive Trade-Exposed sectors were notified of eligibility for allowances from 2024 onwards.
Aggregated information on allowances will be released later to avoid undermining the competitive position of Singapore-based manufacturers.
Carbon tax allowances are part of a broader strategy to support the transition to net-zero emissions by 2050, helping companies transform operations and reduce emissions.
The government will continue monitoring and reviewing eligibility for other companies to ensure the policy supports emissions reduction targets.

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He Ting Ru

Ms He Ting Ru asked the Deputy Prime Minister and Minister for Trade and Industry (a) how many firms have been granted allowances for carbon tax in 2023, 2024 and 2025 respectively; (b) what is the average proportion of emissions covered by allowances in each of the three time periods; and (c) what is the expected impact of the allowances granted on Singapore's emissions profile.

Gan Kim Yong

No allowances were provided for 2023. More than 20 companies from the Emissions-Intensive Trade-Exposed (EITE) sectors have been notified of their eligibility to receive allowances for their carbon tax assessments from 2024. We will continue to monitor and review if other companies are eligible.

MTI will release aggregated information on the amount of allowances at an appropriate time and will do so in a manner that does not undermine the competitive position of our Singapore-based manufacturers.

Carbon tax allowances are part of a portfolio of tools to help our economy make the transition towards our ambition of net-zero emissions by 2050. They will help the affected companies to transform their operations and adopt solutions to reduce their carbon emissions and meet our emissions targets in the coming years.

Summary written by AI (learn more)

He Ting Ru asked about the number of firms granted carbon tax allowances for 2023–2025, the average proportion of emissions covered, and the expected impact on Singapore's emissions profile.
Gan Kim Yong stated that no allowances were granted in 2023, while over 20 companies from Emissions-Intensive Trade-Exposed sectors were notified of eligibility for allowances from 2024 onwards.
Aggregated information on allowances will be released later to avoid undermining the competitive position of Singapore-based manufacturers.
Carbon tax allowances are part of a broader strategy to support the transition to net-zero emissions by 2050, helping companies transform operations and reduce emissions.
The government will continue monitoring and reviewing eligibility for other companies to ensure the policy supports emissions reduction targets.

Questions identified by AI (learn more)

Carbon Tax Allowances Granted and Impact on Singapore's Emissions Profile | PAPERCUTS

Carbon Tax Allowances Granted and Impact on Singapore's Emissions Profile

Debated in Parliament on 2 Jul 2024.

Summary written by AI (learn more)

He Ting Ru asked about the number of firms granted carbon tax allowances for 2023–2025, the average proportion of emissions covered, and the expected impact on Singapore's emissions profile.
Gan Kim Yong stated that no allowances were granted in 2023, while over 20 companies from Emissions-Intensive Trade-Exposed sectors were notified of eligibility for allowances from 2024 onwards.
Aggregated information on allowances will be released later to avoid undermining the competitive position of Singapore-based manufacturers.
Carbon tax allowances are part of a broader strategy to support the transition to net-zero emissions by 2050, helping companies transform operations and reduce emissions.
The government will continue monitoring and reviewing eligibility for other companies to ensure the policy supports emissions reduction targets.

Questions identified by AI (learn more)

Full Transcript

He Ting Ru

Gan Kim Yong

Summary written by AI (learn more)

He Ting Ru asked about the number of firms granted carbon tax allowances for 2023–2025, the average proportion of emissions covered, and the expected impact on Singapore's emissions profile.
Gan Kim Yong stated that no allowances were granted in 2023, while over 20 companies from Emissions-Intensive Trade-Exposed sectors were notified of eligibility for allowances from 2024 onwards.
Aggregated information on allowances will be released later to avoid undermining the competitive position of Singapore-based manufacturers.
Carbon tax allowances are part of a broader strategy to support the transition to net-zero emissions by 2050, helping companies transform operations and reduce emissions.
The government will continue monitoring and reviewing eligibility for other companies to ensure the policy supports emissions reduction targets.

Questions identified by AI (learn more)

Carbon Tax Allowances Granted and Impact on Singapore's Emissions Profile

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Questions Identified

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He Ting Ru

Gan Kim Yong

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Questions Identified

Carbon Tax Allowances Granted and Impact on Singapore's Emissions Profile

Summary

Questions Identified

Full Transcript

He Ting Ru

Gan Kim Yong

Summary

Questions Identified