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      "text": "SG's carbon tax rate at $18/tCO2e (2024) vs. other mature markets (e.g., $50 in Canada, $120 in Switzerland); SG carbon tax expected to rise to ~$50/tCO2e by 2030",
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      "text": "Notes: (1) Cap-and-trade emissions trading system (ETS); started with power sector and is expanding over time; (2) ITM = Internationally Transferred Mitigation Outcome; (3) Article 6 of Paris Agreement establishes international carbon market mechanisms to enable carbon trading between countries; (4) ICVCM = Integrity Council for the Voluntary Carbon Market. CORSIA = Carbon Offsetting and Reduction Scheme for International Aviation; (5) Measurement reporting and verification | Sources: World Population Review; ICAP; MSCI Trove Research; Tropical Forest Alliance; UN; Reuters; SP Global; Carbon pulse; Bursa Malaysia; Business Today; Lit. search",
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