Xie Yao Quan on Carbon Pricing (Amendment) Bill

Just as Singapore needs a higher GST to help fund the healthcare needs of a population that is ageing surely and quickly, it needs the right price signal for carbon across the economy and society, said MP Xie Yao Quan. Speaking in Parliament on Tuesday (Nov 8), he said there is an urgent need to do more to ensure that the "price signal for carbon is right". Yet this is coming at a more challenging time, as climate change is converging with other structural stresses like rising interest rates and inflation. He wanted to know how the Government plans to help Singaporeans cope with the new normal of low carbon. Another real concern of a higher carbon tax is the potential impact on Singapore's economic competitiveness, said Mr Xie. He wanted to know how the Government will make sure that Singapore remains competitive in the region and that industries like petrochemicals and electronics do not shift out of the country. Mr Xie said Singapore can turn this strategic challenge into new and exciting opportunities. Traditionally emissions-intensive industries can and must become a part of Singapore's future green economy, he said. With the demand for low-carbon products and services, Singapore can seize the opportunity to build future green capabilities for the world. He urged the Government to position Singapore as a global hub to "leapfrog" and help the world produce green products and services. He asked how the Government plans to build such new capabilities. Mr Xie also sought clarification from MP Louis Chua on his speech earlier in the House on the carbon tax.