Carbon Tax (2017 Update)

Carbon Tax

Carbon tax: A catalyst to Singapore economy

Beyond imagination, the reaction to the forthcoming gas emission tax. It is also commonly known as the carbon tax, is overwhelming. In unison, observers and stakeholders are calling the move the right step taken in good faith to improve the economy of Singapore.

Greenhouse emission is a global monster nations are fighting. But it is worrisome how some nations react to it even in some industrialized countries. Gas emissions is fast becoming a nuisance, where adverse damage to human health is aggravated by worse havoc wrecked on the ozone layer.

The carbon tax is the best way to discourage blue chip companies that are major culprits in this crime. This will force them to reduce emissions from their factories.

 

The best way to reduce greenhouse gasses

According to the Finance Minister,  Mr. Heng Swee Keat, he claims carbon tax is the effective. Furthermore, he says that it is the best way to minimize greenhouse gas emissions. Thus, by imposing the tax, Singapore is fulfilling commitment to Paris climate agreement.

As part of the agreement, Singapore has agree to cut emissions by a whopping thirty six percent by the year 2030. In order to achieve this, the government plans to stabilize the emission before the year 2030. To do so, the government will be placing a tax on firms that are large emitters of carbon.

The government plans to involve stakeholders in consultations. But tentatively, the Singapore authorities is considering a tax of between S$10 to S$20 per ton of emission.

 

New opportunities, safer society

The carbon tax may lead to the emergence of the clean energy industry since this is a trending move all over the world. It will not be a bad idea if such new aspect of environmental safety is getting more attention. Revenue from the tax can be use to fund research into measures and economical ways to reduce emissions.

 

Impact of tax on households

Every business transfers the cost of production to the final consumer. Not only that, households as well. Businesses are always the final victims of this new tax regime. However, it is not as bad as it sounds! The average home may not experience an increase in electricity tariff that is more than S$2 to S$3. This is not outrageous considering the fact that electricity tariff had increased by nothing less than ten percent in the last 6 years.

Greenhouse gasses are pollution that every society must strive hard to curtail. Singapore being an emerging industrial nation must stop the nuisance before it gets out of hand. The carbon tax is a right step in the direction of clean energy that the world aspires to have. Making the world a safer place is not a gainsaying. The world must learn from Singapore on how to take the bull by the horn.


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