SGFIN Research Collaboration with ACRA on Singapore Climate-related Disclosures
- While there are still improvements to be made, large Singapore companies are making good progress in climate reporting. “Good progress” can be defined as companies disclosing key TCFD elements – Governance, Strategy, Risk Management, and Metrics and Targets. This is an important step towards higher standards, placing them in a good position to report using the ISSB standards eventually.
- A comprehensive understanding and complete disclosure of climate risks’ magnitude and relative significance are crucial. This allows for more informed investment decisions, enhances transparency, builds trust with stakeholders, and enables companies to prioritize their risk management efforts effectively.
- Disclosing interim milestones and pathways is vital for tracking progress towards net-zero goals. It helps break down the task of achieving net zero into smaller and more actionable steps, reduces the likelihood of greenwashing, and demonstrates genuine commitment.
- Three key factors are essential for effective climate reporting: People, Data, and Experience. We need people with the necessary knowledge and skills to manage and use climate data effectively; reliable data is crucial for accurately measuring carbon emissions; and experience is vital, making it imperative for companies, especially SMEs, to start their climate reporting efforts early.
Reduce, Reuse, & Recycle: Singapore’s Waste Production Decreases, But Recycling Rate Slows
Findings from the National Environment Agency (NEA) show that Singapore has been producing less waste since 2013. This highlights more efficient usage of resources in Singapore. However, the recycling rate in Singapore has also declined. The NEA is keen to rectify these issues to maintain Singapore’s cleanliness and livability. In addition, commercial entities are developing innovative methods to reduce or repurpose waste.
In an interview with CNA at the sideline of CleanEnviro Summit Singapore 2024, Professor Johan Sulaeman, Director of SGFIN, emphasizes the importance of educating the younger generation on recycling practices.
In a separate interview with CNA938, Professor Sulaeman delves further into the topic, and explains how the younger generation can, in turn, educate the older generation, who may be more resistant to changing their mindset and behaviour. Reducing waste and recycling more are crucial for a lower footprint of humanity on a more sustainable planet.
Links: CNA video | CNA938 livestream
Additional progress towards hydrogen for power generation in Singapore
Dr David Broadstock was invited to comment on the announcement by the Energy Market Authority of Singapore of a call for proposals for new hydrogen-ready power generation equipment.
Links: Straits Times article | CNA Tonight
May evolving geopolitics be a catalyst for the energy transition?
Dr David Broadstock was invited to discuss Southeast Asia’s energy transition, particularly against the context of changing geopolitics. This piece explores how such conditions may help motivate energy (fuel) importing countries to transition to different, and cleaner energy solutions in an accelerated fashion.
EMA’s proposal for regulatory solutions in case of sustained power shortages
Dr David Broadstock was invited to comment on the proposal by Singapore’s Energy Market Authority to introduced mechanisms and solutions to sustained power shortages, highlighting how this is consistent with broader aspirations to strengthen and make the energy system more resilient.
How the shift to electrification of transport fits within our energy transition
Dr David Broadstock was invited to contribute to a CNA Correspondent special on the ‘Future of Asia – Sustaining Growth’, covering sustainable growth strategies for Asia. The coverage saw David discussing how the shift towards electric vehicles is an important short-term step in supporting the long-term energy transition towards more sustainable use of energy services such as transportation.
Mobilising finance to fight climate change
Mr Heng Swee Keat, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies addressed the pressing issue of climate change, emphasizing its increasingly disruptive and costly effects on a global scale, including within Singapore. He therefore called for collective action and innovative solutions to tackle these challenges effectively. Speaking about Singapore’s commitment to achieving net-zero by 2050, DPM Heng cited several initiatives being undertaken, including the Singapore Green Plan 2030 and the Industry Transformation Maps. Recognizing the pivotal role of the finance sector in enabling countries to reach their net-zero goals, he delved into three key strategies to support the Asia Pacific region’s transition to net-zero: expanding the talent pool in sustainable finance, developing robust regulatory standards, good analytical tools and trusted financial platforms, and facilitating the flow of venture and private equity capital to support impactful deep-tech innovations. DPM Heng concluded by expressing his elation at the signing of the Memorandum of Understanding between SGFIN and the Energy Policy Institute at the University of Chicago (EPIC) as it was another step forward in collaborative efforts to address climate change through sustainable finance initiatives.
Links: NUS News | Straits Times Online | Zaobao Online | 8world | Seithi Tamil News | CNA Singapore Tonight | Straits Times (Print Version) | Zaobao (Print Version) | Eco-Business | PMO Newsroom | SGFIN Summit 1 | SGFIN Summit 2 | SGFIN Summit 3 | SGFIN Summit 4 | SGFIN Summit 5
A Primer for finance managers to chart the sustainability journey in Asia
As sustainability considerations become more commonplace, SGFIN’s Deputy Director, Assoc Prof Zhang Weina, SGFIN’s Director, Assoc Prof Johan Sulaeman, and SGFIN’s Research Fellow Tifanny Hendratama co-authored an article outlining key considerations for finance managers navigating the sustainability landscape in Asia. The article addresses the increasing importance of sustainability reporting, offering insights into common pitfalls to avoid in sustainability efforts and providing solutions to challenges associated with sustainable business models. Emphasizing the integration of sustainability, the authors underscore the need to capture its impact through an integrated value approach.
Energy transition announcements in the Singapore 2024 Budget
Dr David Broadstock was invited to share opinion on the Singapore 2024 budget statement announcements relating to energy transition support and how the ‘future energy fund’ will set aside monies to support necessary energy transition investments.
