Singapore's Land Transport Authority (LTA) and National Environment Agency (NEA) are extending incentives to promote the adoption of cleaner energy vehicles, particularly electric vehicles (EVs). The Electric Vehicle Early Adoption Incentive (EEAI) scheme will be extended by two years, and the rebate for cleaner energy cars under NEA's Vehicular Emissions Scheme (VES) will be adjusted. Additionally, the SGD0 Additional Registration Fee (ARF) floor for fully electric cars and taxis will be extended until December 31, 2024. These measures aim to reduce the cost gap between cleaner energy cars and internal combustion engine (ICE) cars and have contributed to a rise in cleaner energy car registrations in Singapore, reaching close to 70% of all new car registrations in August 2023. Electric car registrations have steadily increased, accounting for 23% of new car registrations in August. The EEAI extension and revised rebates will continue to encourage electric car adoption.

Source: ESGNewsasia