Close to 40 per cent (37 per cent) of companies in Singapore experienced "minimal impact" from the hike in carbon tax, according to a survey conducted by the Sustainable Energy Association of Singapore (Seas).
A smaller proportion (24.5 per cent) of companies said the increase in carbon tax, which was implemented in January 2024, had led them to reconsider their longterm sustainability strategies, with close to 20 per cent indicating that they have stepped up efforts to reduce emissions and invest in energy-efficient technologies.
However, the survey, which polled 250 industry professionals, mostly in South-east Asia's energy sector, also found that only a very small percentage (3.8 per cent) bought carbon credits, suggesting that the tax hike alone may not be enough to drive demand for companies to purchase carbon credits.
Singapore's carbon tax rate increased from $5 per tonne of carbon dioxide equivalent to $25 per tonne from Jan 1, 2024. It will be raised to $45 per tonne in 2026 and 2027, with plans for the rate to hit between $50 and $80 by 2030.
Former managing director of the Monetary Authority of Singapore Ravi Menon had previously said that the carbon tax needs to go even higher to accelerate climate action to address global warming.
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