Singapore carbon tax would hit refiners, help renewables

SINGAPORE (Feb 21): Singapore's proposed plan to tax greenhouse gas emissions would probably hit oil refiners hard, ramping up costs in an industry that has been central to the city-state's rapid development over the last half-century.

Monday's announcement that a carbon tax on direct emitters is to be introduced from 2019 shows that Singapore, Asia's main oil trading hub, could be moving towards a longer-term future dominated by cleaner technology and resources.

"It is the first time in the history of Singapore that a budget has placed such a high emphasis on green initiatives linked to tax revenues," said Isabella Loh, chairman of the Singapore Environment Council, an independent non-profit body.

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