Singapore's carbon tax revenue for 2024 is projected at $642 million, significantly lower than the estimated $1 billion based on the new rate of $25 per tonne. SMU Associate Professor of Finance Liang Hao said the shortfall is likely due to transitional allowances granted to major emitters to maintain competitiveness. he noted that the scale of the gap suggests these allowances were a major contributor to the lower-than-expected tax revenue projection for 2024. Assoc Prof Liang, who is also co-director of the Singapore Green Finance Centre, called for greater transparency in disclosing the volume and recipients of such allowances. This, he said, would help strengthen public trust and uphold Singapore's climate commitments.
