They argued that these higher carbon prices, part of Singapore's push to reach zero emissions by 2050, would hurt business competitiveness, especially for the large, economically significant petrochemical industry here.
The House voted down the WP’s other proposed changes that did not require the President’s recommendation.between Minister for Sustainability and the Environment Grace Fu and WP MP Jamus Lim, who argued over whether there should be flexibility in carbon pricing to account for the economic situation. NMP Mark Chay and Mr Gan Thiam Poh, MP for Ang Mo Kio Group Representation Constituency , likewise questioned how Singapore’s competitiveness would be affected and how the Government would help.
Mr Chua noted that World Bank-supported High Commission on Carbon Prices proposes that US$50-US$100 is needed by 2030, the OECD gives a central estimate of €120 and the London School of Economics and Political Science’s Grantham Institute suggests US$145 . “Every allowance erodes the coverage of our carbon tax and reduces the urgency to go green. Every allowance weakens the effectiveness of the carbon tax,” he said.Every allowance erodes the coverage of our carbon tax and reduces the urgency to go green. Every allowance weakens the effectiveness of the carbon tax.One of the WP’s proposed amendments was to limit the extent of the allowances to a max of 33 per cent of the carbon tax payable down from the Bill’s 50 per cent.
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