News

Starting this year, Singapore has increased its carbon tax to SGD 25 per ton (about 19 USD) and announced plans for further increases, aiming to encourage companies to accelerate their carbon reduction efforts.

Following Singapore, Thailand will become the second ASEAN country to implement a carbon tax ahead of CBAM. Thailand plans to levy carbon taxes in 2025, aligned with the enactment of the “Global Warming Act”.

The Malaysia Carbon Exchange (BCX) will auction its first batch of locally generated carbon credits on July 25. This event marks the expansion of its product offering to include local carbon credits in addition to global carbon credits.

Thailand is preparing to join the league of countries implementing a carbon tax. Ministry of Finance revealed that the department has been collaborating with both domestic and international organizations to draft carbon tax regulations.

Singapore’s gas and electricity prices have risen due to the impact of higher carbon tax, goods and services tax (GST) increments, and rising energy costs.

The latest report from Philippine Congress think tank indicates that the Philippines has relatively lower carbon emissions, suggesting that imposing a carbon tax may not be necessary.

Britain will introduce a new carbon import levy on certain products from 2027 to protect local businesses against cheaper imports from countries with less strict climate regulations, the government announced on Dec. 18.

In line with measures announced by the EU, the UK also plans to implement a carbon border tax starting from 2026.

EU launched the first phase of the world's first system to impose CO2 emissions tariffs on imported steel, cement, and other goods as it tries to stop more polluting foreign products from impeding its green transition.

India intends to file a complaint to the WTO over the EU's proposal to impose a 20% to 35% levy on carbon-intensive imports such as steel, iron ore, and cement from India, according to top government and industry sources.