Singapore to raise carbon tax

  • Market: Crude oil, Oil products, Petrochemicals
  • 02/18/22

Singapore announced plans today to increase its carbon tax in a bid to curb greenhouse gas (GHG) emissions.

The government plans to increase the country's carbon tax from S$5/t ($3.70/t) currently to S$25/t in 2024-2025 and S$45/t in 2026-2027. The tax rate will be reviewed with a long-term view of raising it to S$50-80/t by 2030, said the country's finance minister Lawrence Wong today at the unveiling of the country's budget for 2022.

Singapore was the first country in southeast Asia to introduce a carbon tax. In 2020, the government implemented a S$5/t carbon tax rate based on 2019 GHG emission levels to companies that produce at least 25,000 t/yr of CO2e.

The government's initial intention was to raise the tax level to S$10-15/t by 2030. The country's new plan to raise it to S$25/t, significantly higher and earlier than its initial target, signals a greater urgency for the city-state's refining and petrochemical industries to decarbonise.

The government will allow businesses to use "high-quality international carbon credits" to offset up to 5pc of taxable emissions in lieu of paying carbon tax.

The new tax rate will force industry members to start looking at efforts to reduce carbon emission, said market participants in Singapore. Some companies have formed internal working groups to assess potential new investments to minimise carbon tax exposures.

Questions of competitiveness

Challenges are mounting for Singapore's refiners and petrochemical producers as the new tax rate risks lowering their competitiveness. Elsewhere in southeast Asia, Indonesia is the only other country that has shown a degree of seriousness in taxing carbon emissions.

Singapore houses some of the biggest fossil fuel-reliant industries in southeast Asia, while remaining openly cognizant of the impacts climate change has on its long-term well-being. The island-nation's central bank, the Monetary Authority of Singapore, has conducted stress tests for climate change-related risks on the city-state's financial health, among the region's first, if any.

Moving to net-zero emissions will be a "very costly affair for Singapore," said Wong, but added that the cost "cannot be skimped on." The country is now targeting net-zero emissions by the middle of the century.

Meanwhile, the country's energy and chemical hub Jurong Island employs some 26,000 people, according to government-owned infrastructure company Surbana Jurong. And this excludes services related to oil and gas outside Jurong Island, such as shipyards and trade finance.

While indirect carbon emissions are not taxed, costs are expected to be passed down and incorporated into sales prices and contract premiums, hence risking the country's overall cost-competitiveness. Metrices adopted and the required rates of returns to assess decarbonisation investments also remain sporadic.

Efforts have been underway to offset rises in operational expenditures since the introduction of the first carbon taxes. Companies such as ExxonMobil and Chang Chun, which are US and Taiwan-headquartered respectively, have embarked on projects to save energy.

Singapore-based Petrochemical Corporation of Singapore, a joint venture between Sumitomo Chemical, Qatar Petroleum International, and Shell, also completed its plan to reduce flaring and increase ethylene yield.

Shell has announced plans to build a unit that is capable of upgrading 50,000 t/yr of pyrolysis oil produced from converting plastic waste in Singapore. The plant, Shell's first and Asia's biggest, is expected to start operations in 2023. It announced plans to cut crude processing capacity in Singapore by around half just the year before.


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Lebanese exploration blocks in limbo

Lebanese exploration blocks in limbo

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Auge de nearshoring en México depende del 2024


02/20/24
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02/20/24

Auge de nearshoring en México depende del 2024

Mexico City, 20 February (Argus) — Las políticas energéticas de México durante este año de elecciones presidenciales ayudarán a determinar si el país está preparado para alcanzar el tan ansiado auge del nearshoring, ya que se espera que el desarrollo de parques industriales se expanda en 2024. México podría exportar cerca de $168 mil millones adicionales entre 2023 y 2028 como resultado de la tendencia de trasladar cadenas de producción más cerca de EE.UU. para evitar retrasos logísticos como los observados durante la pandemia, dijo Alejandro Cervantes Llamas, jefe de investigación cuantitativa del banco mexicano Banorte. Pero la mayor parte de estas exportaciones fluirán durante los últimos tres años de dicho período, una vez que las instalaciones y la infraestructura industrial planificadas sean operativas. Alrededor de $10 mil millones adicionales del total de $168 mil millones en exportaciones llegaron en 2023, añadió Banorte. Mientras tanto, la Cámara de Comercio Internacional (CCI) estima que México verá $38.6 millones de inversión extranjera directa relacionada con el nearshoring en 2024. Hasta el momento solo se ha anunciado 40pc del desarrollo esperado, pero es probable que surjan más proyectos en 2024, dijo Ramsé Gutiérrez, vicepresidente de asesoramiento financiero de inversiones Franklin Templeton México. Sin embargo, el éxito del nearshoring depende de la capacidad que tenga México para proporcionar a la industria en auge la infraestructura necesaria, especialmente electricidad y gas natural, lo que a su vez impulsaría a la demanda de combustibles para motores. La demanda de importaciones de gas por parte de México aumentará de 7.8 Bcf/d en 2023 a 9.3 Bcf/d en 2026, según un estudio realizado por el operador estatal de gasoductos Cenagas el año pasado. Energía para el nearshoring México también necesita invertir $116.8 mil millones — $7.78 mil millones/año en promedio durante los próximos 15 años — en generación y distribución de energía para satisfacer la creciente demanda, de acuerdo con un informe reciente de CCI Mexico. El informe sostiene que, con un crecimiento anual del PIB de 2.4pc, México necesita construir 58,900km de líneas de transmisión y añadir 34.5 GW en capacidad de generación nueva, así como 14.1 GW en capacidad de generación de sustitución hasta 2037. Las estimaciones se basan en factores de carga de 87pc ciclo combinado de gas, de 25pc para plantas solares y 38pc para generación eólica. Además, México necesita otros 800km de líneas/año por punto de crecimiento adicional del PIB. También debe desarrollar una industria alrededor del Corredor Interoceánico del Istmo de Tehuantepec con enlaces ferroviarios, carreteros y gasoductos desde el océano Pacífico hasta el Golfo de México, así como en la península de Yucatán, dijo Osmar Zavaleta, decano asociado de investigación en la Escuela de Negocios Tec de Monterrey. Pero esto será un reto continuo, dado que las empresas extranjeras tienen profundos compromisos con las energías renovables, en tanto que las iniciativas gubernamentales de los últimos años han dificultado el desarrollo de proyectos solares y eólicos privados. Los proyectos de generación solar han experimentado un auge en los últimos años, a medida que la regulación presiona a los proyectos más grandes del sector privado. Este segmento menos regulado está limitado a una capacidad de generación de 500 kW. Sergio Arguelles, presidente de la Asociación Mexicana de Parques Industriales, lleva más de un año y medio ejerciendo presión sobre las autoridades mexicanas para aumentar la energía renovable autogenerada permitida a más de 500 kW. Con las elecciones presidenciales de México previstas para junio, tanto la candidata Claudia Sheinbaum como su principal competidora Xóchitl Gálvez han indicado su apoyo al crecimiento acelerado de las energías renovables para el próximo periodo presidencial de seis años que finaliza en 2030. Con Sheinbaum, quien encabeza las recientes encuestas con una ventaja de dos dígitos, es más probable ver el crecimiento de la capacidad verde impulsado por la empresa estatal de electricidad CFE, mientras que Gálvez apoya una mayor participación del sector privado. Otro reto al que se enfrenta México sigue siendo la inseguridad, especialmente en los estados fronterizos del norte, donde la inversión extranjera directa más fluida dependerá de la capacidad del gobierno para controlar a las organizaciones criminales de la región. Por James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Shell exits Iraqi petchem project


02/20/24
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Marine fuel global weekly market update


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Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Time to turn pledges into plans: Climate leaders


02/20/24
News
02/20/24

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