Singapore Enterprises to Receive Support for Climate-related Sustainability Reporting
Starting from Nov 1, both large companies and small and medium-sized enterprises (SMEs) in Singapore will have the opportunity to receive assistance in producing their first climate-related sustainability reports. This initiative aims to promote transparency and accountability in environmental practices across all sectors.
How to Apply for Support
- Enterprises with 30% local shareholding can apply through Enterprise Singapore at enterprisesg.gov.sg/srg
- Other companies can apply through the Economic Development Board at edb.gov.sg/en/grants/incentives-and-schemes.html
Sustainability Reporting Grant Details
The Sustainability Reporting Grant, announced in March, will aid large companies with annual revenues of at least $100 million in developing their first sustainability report aligned with International Sustainability Standards Board guidelines. The grant covers up to 30% of qualifying costs, including manpower training and consultancy services, capped at $150,000.
Important Deadlines
It is mandatory for all listed companies in Singapore to submit climate-related disclosures by FY2025, and for large non-listed companies to do so by FY2027.
SME Sustainability Reporting Programme
While not mandatory for local SMEs with revenues below $100 million, those interested in early preparation can benefit from the SME Sustainability Reporting Programme. SMEs can work with Deloitte, Ernst and Young, or RSM Singapore for advisory services at competitive rates to develop their sustainability reports.
Benefits for SMEs
By participating in sustainability reporting, SMEs can not only meet regulatory requirements but also gain a competitive advantage, improve transparency, and enhance sustainability performance.
Support Details for SMEs
EnterpriseSG will defray 70% of eligible costs for SMEs applying for support from Nov 1, 2024, to March 31, 2026, and 50% for applications from April 1, 2026, to Oct 31, 2027. This support aims to help SMEs adapt to changing market expectations and stakeholder demands.
Key Initiatives and Achievements
EnterpriseSG’s inaugural sustainability report, released on Oct 21, showcases initiatives that have benefitted over 4,000 enterprises. Achievements include facilitating green loans for sustainable developments and investments in green start-ups, demonstrating a commitment to sustainable practices and fostering a green economy.
Analysis
This initiative to support climate-related sustainability reporting is crucial for businesses of all sizes in Singapore. By encouraging transparency and accountability, enterprises can build trust with stakeholders, attract investors, and differentiate themselves in the market. The benefits of sustainability reporting extend beyond compliance, providing a competitive edge and opening doors to new opportunities.
For SMEs, in particular, participating in sustainability reporting can lead to enhanced visibility, improved sustainability performance, and increased chances of securing contracts and partnerships. The support provided by EnterpriseSG and the involvement of leading advisory firms underscore the importance of sustainability in today’s business landscape.
As climate disclosure becomes a market expectation, businesses that prioritize sustainability reporting stand to gain long-term benefits and contribute to a more sustainable future. By embracing these initiatives, companies can align with global standards, drive innovation, and create a positive impact on society and the environment.