News / #carbon tax
The South Korean government, which was "silent" during last week’s sessions, must demonstrate stronger leadership and rally support in the next meeting, said nonprofit Solutions for our Climate. China voted to delay the net zero framework, while Japan abstained from voting.
But the new rules could “fragment” the Philippine carbon credit system since they are only for the energy sector, without any overarching cross-sectoral carbon framework, say industry observers.
At the prevailing carbon tax rate, firms lack incentive to buy premium removal credits, says Isometric's chief commercial officer Lukas May. The city-state should draw from Europe’s standards to set minimum quality thresholds, he adds.
The proposed threshold would make low-carbon steel production commercially viable, said local think tank IDEAS ahead of the government's plan to implement a carbon tax on high-emission sectors starting next year.
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