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illuminem summarizes for you the essential news of the day. Read the full piece on ESG News or enjoy below:
🗞️ Driving the news: Singapore’s top 100 companies lead globally in sustainability reporting, with 100% participation, surpassing the global average of 79%, according to KPMG’s 2024 Survey of Sustainability Reporting
• Key achievements include a rise in climate risk acknowledgment (76% vs. global 55%) and board-level accountability for sustainability, which increased from 35% in 2022 to 55% in 2024
• ESG integration into annual reports reached 84%, significantly higher than the global average of 62%
🔭 The context: Singapore’s progress reflects its commitment to global sustainability benchmarks and corporate resilience
• Areas like assurance for ESG data and biodiversity reporting lag, though efforts like the adoption of ISSB standards by 2025 aim to bridge these gaps
• Global trends, including EU regulatory shifts and TCFD alignment, influence this momentum
🌍 Why it matters for the planet: Robust sustainability reporting enhances transparency, accountability, and progress toward climate goals
• Singapore’s leadership sets a model for integrating ESG into corporate strategies, though gaps in biodiversity and assurance highlight ongoing challenges for comprehensive global impact
⏭️ What's next: Strengthening independent assurance for ESG data, linking sustainability metrics to executive pay, and expanding biodiversity disclosures are priorities
• Singapore’s adoption of ISSB standards in 2025 and government-backed sustainability initiatives could further reinforce its global leadership
💬 One quote: “The increase from 49% in 2022 to 76% reflects a deepening corporate understanding of climate change’s pervasive impact on business resilience and value creation,” – Cherine Fok, Partner, ESG Consulting, KPMG Singapore
📈 One stat: 84% of Singapore companies now include ESG data in annual reports, outperforming the 2024 global average of 62%
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