Large listed companies in Singapore are making progress in their climate reporting, said a new study out on July 8.
Companies with a market capitalisation of more than $1 billion as at July 2023 did well in areas such as creating committees to deal with climate risks and opportunities, and disclosing the physical and transitional risks related to climate change.
But more needs to be done in connecting climate risks to the companies' bottom line, it added.
The study, conducted by the Accounting and Corporate Regulatory Authority (Acra) and the Sustainable and Green Finance Institute at the National University of Singapore, covered 51 large listed companies and studied their climate-related disclosures for the 2022 financial year.
These disclosures were based on the Task Force on Climate-related Financial Disclosures framework.
Improving climate reporting is vital, especially as Singapore will introduce mandatory climate reporting in phases from the financial year 2025 for listed companies, aligned to the International Sustainability Standards Board (ISSB) requirements. This will also be required of non-listed companies with an annual revenue of at least $1 billion and total assets of at least $500 million from the financial year 2027.
A separate report by EY, also out on July 8, revealed that 96 per cent of Singapore-listed have started climate-related reporting efforts, up from the 65 per cent that did so last year. It noted that more issuers are also disclosing climate-related risks and opportunities.
This story is from the July 09, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 09, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
S'pore key for StanChart as trade, investments in Asean grow: CEO
Region starting to rival Greater China, S. Asia and Mid-East in contributing to bank's business
Should you time your resignation to avoid losing out on bonus?
In this series, manpower reporter Tay Hong Yi offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. Get more tips by signing up to The Straits Times' HeadStart newsletter.
Entrepreneur fails to stop bankruptcy action over $34 million business debt
Court rejects her plan to repay banks via sale of properties, revenue from leasing
Markets cheer prospect of Fed rate cuts
Expect more gains this week, although there are some minefields further ahead
US companies avoiding layoffs, but hiring has slowed
As job growth has slowed and unemployment has crept up, some economists have pointed to a sign of confidence among employers: They are, for the most part, holding on to their existing workers.
Sustainable finance, GenAl among skills identified for those in banking
IBF and SkillsFuture working to build capabilities, particularly among SMEs
Saving S-E Asia's trees requires action on climate, land use: Study
Region's forests facing 'double whammy' of threats from climate change, deforestation
Only female in milling event out to break barrier
When Ms Shanice Wong, 20, realised she was the only female in a male-dominated event, she knew she had to rely on \"girl power\" to secure a win.
Poly student leans on hotel industry training
A nosy handyman tests your professionalism. Attendees of a wedding party create a ruckus in the hotel lobby. A distraught guest crumbles in panic after losing her passport.
Parlaying their skills at ‘Olympics'
Duo fly the flag for S'pore with expertise in trains