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Singapore Expands Climate Reporting to More Industries in 2024
SGX mandates more industries to report ESG for 2024. Focus on ESG in Southeast Asia is still early, but awareness and adoption are increasing. Southeast Asia faces challenges from climate change. Sustainability reports should include targets, performance, and practices related to ESG factors.
SGX Mandates ESG Reporting for More Industries
The Singapore Exchange (SGX) is expanding its mandate for environmental, social, and governance (ESG) reporting, requiring more industries to submit ESG reports for the 2024 financial year. In 2023, climate reporting became mandatory for businesses in the financial, agriculture, energy, food, and forest products industries.
ESG Focus in Southeast Asia
While the focus on ESG factors for businesses in Southeast Asia is still in its early stages compared to global markets, there has been an increasing awareness and adoption of ESG-related policies across regional governments.
Challenges in Southeast Asia
Southeast Asia, being one of the most vulnerable regions to climate change, faces numerous challenges including rising sea levels, droughts, and heatwaves. This makes ESG reporting and sustainability practices crucial for businesses in the region.
These initiatives are in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and include outlining targets, performance, and practices related to ESG factors in the sustainability report.
Read the original article : Singapore Expands Climate Reporting to More Industries in 2024
This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].
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