This Act is enacted to require the reporting of, and the payment of a tax in relation to, greenhouse gas emissions, and to make consequential and related amendments to the Energy Conservation Act (Chapter 92C of the 2014 Revised Edition). The Carbon Pricing Act aims to establish a framework for carbon pricing in Singapore, encouraging businesses to reduce their carbon emissions through a market-based approach.
Section 7 provides for the obligation to apply to register as registered person, and to register business facility as reportable facility and taxable facility. Section 11-15 provide for GHG emissions reporting requirements and monitoring plans. A carbon tax is charged on the total amount of reckonable GHG emissions in any year of a business facility that is a taxable facility of any registered person in that year (Section 16).
The Act further sets up an International Carbon Credits (ICC) framework, and implements an industry transition framework allowing Emission-Intensive Trade-Exposed (EITE) sectors to receive transitory allowances. In addition, Section 79 provides for the consequential and related amendments to Energy Conservation Act.
The Act also makes provisions for: maintenance of records, registers, appeals and omposition and procedure of Appeal Panel, offences and penalties, etc.