Singapore recognises that climate change and rising sea levels in the decades ahead will have major implications for its low-lying coastline. It estimates that the nation will need to spend $100 billion over the course of the next century to address the issue. In its 2020 budget, the government set aside an initial $5 billion towards a Coastline and Flood Protection Fund. Singapore is the first country in Southeast Asia to levy a carbon tax on its largest carbon-emitting corporations producing more than 25,000 tons of carbon dioxide per year, at $5 per ton.