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#BTOpinion: What the rise in carbon tax means for companies
The government's move to up carbon tax to S$25 per tonne in 2024, then to S$45 per tonne in 2026, with a view to arriving at between S$50 and S$80 per tonne in 2030, is expected to increase electricity costs by approximately 2 to 3 per cent in 2024, 4 to 7 per cent in 2026, and 8 to 12 per cent in 2030, assuming companies continue to consume fossil fuel-based electricity.
What does this mean for business owners? Our contributors from EY share their take:
