Singapore is taking a bold step towards environmental sustainability. Recently, they have introduced mandatory climate reporting for listed and large non-listed companies starting in 2025. This initiative aligns with the International Financial Reporting Standards (IFRS) and the International Sustainability Standards Board (ISSB) and marks a significant move in the global fight against climate change.
A Phased Approach to Transparency
Singapore will implement the new climate reporting requirements in stages. Listed companies will lead the way, with reporting obligations kicking off in 2025. Non-listed corporations of significant size, characterized as those generating a minimum of $1 billion in revenue and possessing $500 million in assets, will also need to comply by 2027.
The Roadmap for Sustainability
The decision follows recommendations from the Sustainability Reporting Advisory Committee (SRAC), which was established to guide Singapore’s sustainability reporting advancements. Additionally, the SRAC’s phased approach aims to provide a structured roadmap for companies to enhance their reporting practices and contribute to Singapore’s Green Plan 2030.
Benefits Beyond Compliance
While the primary goal of these disclosures is to provide transparency regarding climate-related financial information, the benefits extend far beyond compliance. Companies that can effectively measure, manage, and disclose greenhouse gas emissions stand to gain improved access to new markets, customers, and financing opportunities. Moreover, this initiative is not just about meeting standards; it’s about seizing a business opportunity estimated at US$146.6 billion if companies can demonstrate their commitment to sustainability.
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Preparing for a Greener Future
Singapore’s government is committed to supporting companies in this transition. Furthermore, the Ministry of Trade and Industry (MTI) will announce specific measures to assist businesses in building their capabilities for sustainability reporting and assurance.
As we look towards a greener future, Singapore’s mandatory climate reporting is a testament to the nation’s dedication to sustainable development and its role as a leader in the global business landscape.
Partnering with Certainty Software for Compliance Excellence
As businesses gear up to meet Singapore’s new mandatory climate reporting requirements, enterprises across the globe will need to ensure their operations align with regulatory demands. With a suite of enterprise-level inspection and audit software solutions, Certainty Software is well-positioned to help companies streamline their compliance processes and maintain adherence to these upcoming regulations.
Streamlined Data Collection and Reporting
Certainty Software’s platform simplifies the collection and reporting of inspection data, ensuring that businesses can easily track and manage their sustainability metrics. Our user-friendly forms and real-time reports mean that companies can stay on top of their environmental impact, making compliance a seamless part of their operations.
Risk Reduction and Performance Improvement
By leveraging Certainty Software’s tools, businesses can reduce risk and enhance performance. Our platform’s comprehensive action management system allows for the swift resolution of issues, ensuring that companies remain compliant and can address any discrepancies proactively.
Empowering Sustainability
Certainty Software’s commitment to sustainability is evident in its product offerings. Our ESG assessments and supply chain management tools provide businesses with the necessary resources to collect consistent and comparable data, crucial for meeting the ISSB standards and contributing to Singapore’s Green Plan 2030.
Schedule a 1-on-1 demo with our team today to discover how Certainty Software can help minimize risk and maximize performance.
