Singapore companies are getting better at making sustainability reports in the COVID-19 era, according to a joint review by Singapore Exchange Regulation (SGX RegCo) and the Centre for Governance and Sustainability (CGS) at the National University of Singapore Business School.
About the Singapore Stock Exchange (SGX), last year, SGX had announced that it would spend $20 million on a multi-year plan to enhance its environmental, social and governance (ESG) capabilities and initiatives.
Half of this amount will go towards new ESG-focused products, services and platforms – spanning asset classes including fixed income, equities, commodities and indices.
The other half will be channelled into capacity building for the financial ecosystem to catalyse change for a sustainable future, strengthening SGX’s internal capabilities and increasing its corporate social responsibility commitments.
This review was conducted to raise awareness about the impact of climate change and sustainable financial situation.
Associate Professor Lawrence Loh, director of CGS, had said: “Better sustainability reporting can help companies attract environmentally conscious customers, obtain lower-cost financing and gain better access to capital. In addition, this improves resilience in the face of future challenges.”
The review found that the average overall SGX-CGS Sustainability Reporting Scorecard in 2021 increased up to 71.7 points, from 60.6 in 2019. For more details:
About the average overall score based on the SGX-CGS Sustainability Reporting Scorecard, this score represents:
Among 566 companies reviewed this year:
To support the local enterprises in developing new capabilities in sustainability and capture new opportunities in the green economy, Enterprise Singapore is setting the Enterprise Sustainability Programme.
Furthermore, Singapore companies are motivated to tap on existing grants, such as the Energy Efficiency Fund and the 3R Fund, to enhance their financial situation in the green economy.
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