As sustainability reporting becomes mandatory in many parts of the world, preparing for compliance is critical for listed companies and SMEs alike as the latter are part of the scope 3 emissions of listed companies. Risks and opportunities identified by listed companies in relation to their value chain partners will need to be addressed.
The new regulations outlined below build on the voluntary frameworks previously outlined and will be implemented with local adaptations in terms of effective dates, reporting relief, third party assurance requirements etc.
INTERNATIONAL: The International Sustainability Standards Board (ISSB) aims to meet investors' need for reliable and comparable information on financial materiality. It was established by International Financial Reporting Standards (IFRS) 2021, which creates a globally binding baseline that integrates non-financial information into financial reporting and standardises sustainability information. They published their sustainability standards IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures in July 2023. Many jurisdictions around the world have already committed to aligning their reporting requirements for listed companies and large private companies. Other standards are in development.
SINGAPORE: The Monetary Authority of Singapore (MAS), ACRA and SGx have announced that they will align with IFRS S1 and S2 for data, definitions and disclosures. At the beginning of 2024, the Singapore Exchange metrics consist of 27 core sustainability metrics based on GRI and TCFD, which listed companies are expected to report on a comply-or-explain basis. The communicated effective date for listed companies is FY2025 and for large private companies with a turnover > SGD1 billion, FY2027.
EUROPEAN UNION: The Corporate Sustainability Reporting Directive (CSRD) requires companies to disclose their material impacts, risks and opportunities in relation to certain ESG issues. EFRAG was appointed as a technical advisor to the European Commission in developing the European Sustainability Reporting Standards (ESRS), which outline the reporting requirements in 12 standards. The standards cover 'double materiality' and draw heavily on the principles and framework of the Global Reporting Initiative (GRI). For effective dates and applicability thresholds, please consult the European Commission.
UNITED STATES: The US Security and Exchange Commission develops sustainability reporting requirements similar to ISSB. In the State of California, SB-253—Climate Corporate Data Accountability Act and SB-261—Greenhouse Gases: Climate-Related Financial Risk, will establish the first industry-agnostic US regulations requiring the corporate reporting of greenhouse gas (GHG) emissions and climate risk.
99.60%
of eligible listed companies in Singapore released their latest sustainability reports in time in 2023
(PMO)
10,000+
non-EU companies will be required to report under the CSRD
(LSEG)
Taxonomy:
Singapore & ASEAN:
- Green Taxonomy and Relevant Standards (work in progress)
European Union:
South Pole has been at the forefront of decarbonization since 2006, developing and implementing comprehensive strategies that turn climate action into long-term business opportunities for Fortune 500 companies, governments and organizations around the world.
South Pole is more than a consultancy, its team of 1,200+ experts have developed projects, as well as designed innovative tools across finance, climate neutral APIs, and carbon offset solutions to help clients reach their carbon mitigation and Net Zero goals.
To date South Pole has worked with over 1,000 clients, and will soon have developed 800 offset projects across 30 offices globally.
Our solutions have created tens of thousands of jobs in developing countries, hundreds of millions of dollars for business, improved brand value and better living and working conditions for countless people in vulnerable communities around the world.
SustainableSG was started in September 2018 to accompany companies, non-profit entities and government agencies to review and implement effective and sustainable corporate strategies. Our services include:
Sustainao supports companies in their sustainability journey by building an impactful strategy, embedding sustainable practices across operations, and reporting performance to stakeholders.
Our sustainability consulting services are designed in a continuous improvement process:
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ACTIVATE - DESIGN - ACCELERATE. Our expert consulting services and trainings help business leaders understand the complexities of sustainability, consider climate- and nature-related risks and opportunities to make informed decisions and alleviate the administrative burdens of:
We work directly with SMEs or collaborate with other sustainability consulting companies on specific projects. We are actively involved in networks of sustainability professionals who share knowledge with public and educate other professionals to bring awareness and accelerate the transition in Singapore and worldwide (incl. The Matcha Initiative, Climate Fresk, etc.).
Our unique strength stems from understanding sustainability from the risk management perspective, creating a business case and using financial reasoning to adopt sustainable business practices and decarbonize.
At Tulyā, we are accredited sustainability consultants holding certifications in GRI, SASB and TCFD (now IFRS-ISSB), and ISO 14064 GHG Lead Verifiers, alongside being Singapore Certified Management Consultants. We are dedicated to driving sustainable business development across industries through Sustainable Management Accounting.
We help MNCs with:
We help SMEs with:
Walk The Talk is a boutique consultancy working with businesses, financial institutions (agnostic of sector and size) and multi-stakeholder organisations to deploy circular business models, create and manage impact and contribute to a regenerative economy.
We support organisations across the sustainability, impact and climate action lifecycle from ideation to execution and offer services related to: ESG & Financial Advisory, Impact and Value Creation, Monitoring, Evaluation & Reporting, and Systems Convening.
