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ARTICLE · 08 APRIL 2022

The Singapore Budget 2022 – A Continuing Commitment To Advancing Singapore's Green Transition

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Singapore's Minister for Finance, Mr Lawrence Wong delivered the country's 2022 Budget Statement on Friday 18th February and set out the Government's spending plans for the current year and beyond.

SingaporeEnergy and Natural Resources
Euan Strachan
Euan Strachan
Paul Greening
Paul Greening
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Budget 2022

Singapore's Minister for Finance, Mr Lawrence Wong delivered the country's 2022 Budget Statement on Friday 18th February and set out the Government's spending plans for the current year and beyond. This year's Budget includes the Government's continuing commitment to advancing Singapore's green transition, including the implementation of the Green Plan 2030 (Singapore's Green Plan and Hydrogen).  The most notable aspect of the Budget is the ambitious plan to gradually ramp up Singapore's existing carbon tax from the current level of $5 per tonne of emissions to $25 per tonne in 2024; $45 per tonne by 2026; and increasing to between $50 and $80 per tonne by 2030. The scheduled increases are expected to set a higher bar for Singapore's peers in Asia with World Bank data from April 2021 showing that Japan currently levies $3 per tonne, while Indonesia (whose carbon tax applies from 1 April this year for coal-fired power plants) will levy $2.10 per tonne1.

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