singapore carbon tax would hit refiners help renewables
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Singapore carbon tax would hit refiners, help renewables

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSingapore carbon tax would hit refiners, help renewables

Vessels pass an oil refinery in the waters off
Singapore - Arab Today

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 toward 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 (SEC), an independent non-profit body.
“The announcement clearly underpins the priority of a future-ready and greener economy.”
Countries around the world have been under increasing pressure to crack down on carbon emissions, with Singapore part of the historic Paris climate accord that went into force late last year.
In parts of Europe and countries such as Australia, the introduction of carbon taxes or carbon trading schemes has often driven a decline in established refining industries and a parallel surge in investment in clean energy technology.
“The proposed carbon tax on emitters would prove a significant drag on industry profit-margins,” said Peter Lee, oil and gas analyst at BMI Research in Singapore.
The government said the carbon tax would probably cover 30 to 40 “large direct emitters” including power stations, petrochemical facilities and semiconductor makers. But it is Singapore’s three refineries, run by ExxonMobil , Royal Dutch Shell and Singapore Refining Company (SRC), that would probably need to brace for the hardest blow.
The tax proposal comes as those refineries, with a combined fuel generation capacity of around 1.38 million barrels per day (bpd), grapple with rising competition from China, India and the Middle East.
Shell said in a statement it supported a strong and stable government-led carbon price, but that any policy “must ensure companies can compete effectively with others in the region who are not subject to the same levels of carbon dioxide costs.”
Exxon said “effective policies are those that promote global participation (and) let market prices drive the selection of solutions.”
The SRC could not be reached for comment.

Source: Arab News

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

singapore carbon tax would hit refiners help renewables singapore carbon tax would hit refiners help renewables

 



Themuslimchronicle, themuslimchronicle

GMT 08:32 2011 Monday ,25 July

Sabri accuses Yusri in Souad Hosni’s murder

GMT 12:07 2014 Monday ,03 February

Home design ideas

GMT 11:20 2017 Thursday ,02 March

Mexico central bank cuts growth outlook over Trump

GMT 08:31 2017 Tuesday ,28 November

Bangladesh upholds death sentence for 139 soldiers

GMT 14:33 2017 Thursday ,20 April

US defense secretary vows support for Egypt's Sisi

GMT 16:12 2017 Wednesday ,20 December

Myanmar bars UN rights investigator just before visit

GMT 08:21 2017 Wednesday ,30 August

United Technologies near deal to buy Rockwell Collins

GMT 18:27 2017 Friday ,21 April

ARCO condemns targeting of ERC convoy in Somalia

GMT 07:23 2017 Tuesday ,21 November

perched in Jerusalem's hills may soon vanish

GMT 19:33 2017 Tuesday ,10 October

US scientists engineer corn to boost protein

GMT 08:43 2017 Monday ,04 December

Brexit deal 'difficult but doable': diplomats

GMT 11:24 2017 Friday ,03 March

Lego honors 'Women of NASA'

GMT 11:35 2017 Tuesday ,05 December

Bahrain's top Shiite cleric hospitalised

GMT 21:39 2017 Saturday ,30 September

Abdel Karim praises Egypt’s role

GMT 10:11 2017 Tuesday ,12 December

Latest Grateful Dead resurrection -- a duo

GMT 15:43 2017 Monday ,04 December

Yemen's Huthi rebels claim ex-president Saleh killed

GMT 15:59 2017 Thursday ,30 November

Bahrain Bourse daily trading performance
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle