Driving Sustainability: How Singapore’s New Grant is Transforming Business Reporting

Singapore is taking a bold step towards a greener future. Starting November 1, 2024, the government will roll out the Sustainability Reporting Grant (SRG), aimed at helping businesses produce their first sustainability reports. Backed by Enterprise Singapore (EnterpriseSG) and the Economic Development Board (EDB), this initiative aligns with the global ISSB standards, emphasizing transparency and accountability.

Why does this matter? As climate-related disclosures become mandatory, the SRG offers up to 30% funding support, capped at S$150,000, for key reporting activities. Companies can use these funds for consultancy, assurance services, manpower training, and even software acquisitions—essential tools to stay ahead in a sustainability-driven economy. This program isn’t just for large corporations; it specifically extends support to SMEs through partnerships with Deloitte, EY, and RSM, providing expert advisory at accessible rates.

Why Businesses Need to Act Now

Sustainability reporting is no longer optional. Singapore’s move is in line with global trends, where over 50% of investors now consider ESG factors in their decisions. As regulations tighten, businesses that adapt early will gain a competitive edge, securing investor confidence and market leadership.

What You Should Do in the Next 3-6 Months

Here’s how businesses can make the most of the SRG and position themselves for long-term success:

1. Assess Eligibility and Apply for the SRG
   Start by checking your company’s eligibility for the SRG through EnterpriseSG or EDB. Early applications can help secure funding to reduce the financial burden of sustainability reporting.
2. Partner with Experts
   SMEs can leverage advisory services from top firms like Deloitte, EY, and RSM, available through the program. These experts can streamline your reporting process and ensure compliance with ISSB standards.
3. Train Your Teams
   Sustainability reporting requires specific skills. Invest in training programs to equip your staff with the know-how to handle data collection, analysis, and report preparation.
4. Adopt the Right Tools
   Invest in software that simplifies the reporting process. Efficient tools ensure accurate data tracking and seamless integration with existing systems.
5. Monitor Regulatory Updates
   Stay informed about new guidelines from SGX RegCo and other bodies. Being proactive helps avoid last-minute compliance issues and keeps your reporting practices robust.

Karbonless.ai: Your Partner in Sustainability

To truly excel in sustainability, you need more than just compliance—you need innovation. Enter Karbonless.ai. This platform offers cutting-edge solutions for carbon accounting and ESG reporting, making it easier for businesses to align with global sustainability goals. Karbonless.ai is already helping companies in Singapore transition smoothly into this new era of accountability and transparency.

With such strong support from the government and key partners like Karbonless.ai, businesses in Singapore have a unique opportunity to lead in sustainability. The time to act is now. Will your company be ready?