Singapore’s pioneering sustainability reporting funding initiative sets a global example.

TLDR:

• Singapore introduces Sustainability Reporting Grant to assist companies in generating sustainability reports
• Grant covers up to 30% of expenses for large companies and up to 70% for SMEs

The Singaporean government has launched a pioneering Sustainability Reporting Grant to help companies cover a significant portion of the costs involved in producing their first sustainability reports. This initiative comes in response to the government’s mandate for mandatory climate-related reporting, aligned with ISSB standards, for listed and large non-listed companies. Minister of State, Low Yen Ling, emphasized the importance of businesses tracking and reporting their carbon footprints, citing the rising costs of non-financial disclosure obligations globally. Large companies with revenues exceeding $100m can receive funding support of up to 30% to kickstart their sustainability reporting journey, with a cap at SGD$150,000. Additionally, SMEs will be eligible for funding covering up to 70% of costs related to sustainability reporting, with additional support available for the following two years.