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Past Event | Navigating the Rise: The impact of the Carbon Tax on Businesses

Our recent Sustainable Business committee meeting focused on The impact of the Carbon Tax on Businesses .

A big thank you to our esteemed speakers Amandeep Singh Bedi, Managing Director at ENGIE Impact Olivier Levallois , Founding Director - HAMERKOP Climate Impacts Mark Addy, Partner at KPMG Singapore and moderator Chitra Venkatesh FRSA Iniatives at UN Global Compact Network Singapore for sharing their invaluable insights.

They delved into the complexities of Singapore's rising carbon tax, providing actionable insights for businesses across various sectors.  

Key takeaways from the event include: 

Understanding the Carbon Tax Impact 

• Businesses should prioritize understanding their carbon footprint, identifying emission-intensive areas, and exploring cost-reduction strategies to mitigate the impact of the carbon tax. 

• Sector-Specific Approaches: Industries such as manufacturing, transportation, and energy-intensive sectors will be significantly affected. Tailored strategies, leveraging carbon credits and energy efficiency measures, are crucial for these sectors. 

• Financial Implications: Businesses should allocate sufficient financial resources to comply with carbon tax obligations and invest in sustainable technologies. Effective tax planning and risk management are essential to navigate the evolving regulatory landscape. 

Leveraging Carbon Credits 

• Maximizing Benefits: Carbon credits can be a valuable tool to offset carbon emissions and reduce compliance costs. However, it's essential to ensure the high-quality and integrity of carbon credits. 

• Singapore's Carbon Market: The Singapore carbon market offers opportunities for businesses to trade carbon credits and participate in carbon offset projects. 

• Future Outlook: As carbon markets mature, we can expect increased demand for high-quality carbon credits, driving innovation and sustainable development. 

The panel discussion concluded with a call to action for businesses to embrace sustainability as a core long-term business strategy to achieve lower carbon emissions. By proactively addressing carbon tax obligations and investing in green initiatives, companies can not only comply with regulations while reducing their environmental impact but also gain a competitive edge in the global market. 

 The event was supported by our Committee Partner ENGIE.

If you have any questions on our Sustainable Business Committee, please kindly contact Alexia Duvernoy at aduvernoy(@)fccsingapore.com