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ARTICLE · 08 APRIL 2022

Singapore Budget 2022: Scaling Up Decarbonisation

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On Friday 18th February, Singapore's Minister for Finance, Mr Lawrence Wong, delivered the country's 2022 Budget Statement, setting out the Government's ...

SingaporeGovernment, Public Sector
Euan Strachan
Euan Strachan
Paul Greening
Paul Greening
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Budget 2022

On Friday 18th February, Singapore's Minister for Finance, Mr Lawrence Wong, delivered the country's 2022 Budget Statement, setting out the Government's spending plans for the current year and beyond. One of the key themes of this year's Budget is the Government's continuing commitment to advancing Singapore's green transition, including implementation of the Green Plan 2030 (Singapore's Green Plan and Hydrogen). In this context, perhaps 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

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