Bird & Bird is closely watching today's Singapore Budget 2017 Announcement and brings you industry specific highlights.
Energy and Utilities – New Carbon Tax
This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. It is intended to provide general information only. Please contact our lawyers if you have any specific queries.
- A Carbon Tax of between SGD10 and SGD20 per tonne of GHG emissions will be introduced from 2019.
- The new Carbon Tax will be levied on large direct emitters of GHGs, e.g. power stations, and is expected to impact 30 to 40 facilities locally.
- This could result in a 2.1 to 4.3% rise in electricity prices for consumers equivalent to a rise of 43 to 86 cents per kilowatt-hour and will likely accelerate the growth of renewable electricity products in Singapore.
- Bird & Bird views this as a positive development likely to spur the development of Smart Cities, Renewable Energy and CleanTech and Smart Grids.
- We invite you to click the links above for more information on our specialised practices in these areas.