In last week's Budget speech, it was announced that Singapore's carbon tax will be raised from the current $5 a tonne of emissions to between $50 and $80 by 2030. The large hike, which might have come as a surprise to many, is clearly indicative of Singapore's resolve in transitioning into a green economy, even though we contribute a meagre 0.1 per cent to global greenhouse gas emissions.

Leading the region in climate action by raising our carbon tax is a bold move, partly motivated by our vulnerability to climate change as an island state, and our intention to position ourselves as a carbon services hub in the future, which could attract investments and create job opportunities.