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With increasing attention on the effects of climate change, decision-makers are urgently demanding climate-related information. This is reaffirmed by the introduction of mandatory climate reporting by the Singapore Exchange (SGX) and the prioritisation of climate-related disclosures in the International Sustainability Standards Board (ISSB)’s highly anticipated IFRS Sustainability Disclosure Standards proposals, both of which are based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD Recommendations). ISSB’s proposals also incorporate industry-based disclosure requirements derived from Sustainability Accounting Standards Board.
This guide seeks to help Singapore-listed companies meet SGX’s requirements for climate reporting. In addition, given the strong signals from key stakeholder groups, even non-listed companies must consider if sufficient climate-related information is available to meet stakeholder expectations, and this guide will be useful for voluntary adoption of the TCFD Recommendations as well.
To provide practical guidance on how to adopt the TCFD Recommendations, the guide features exemplary disclosures sourced from local forerunners and global exponents that illustrate how the various recommended disclosures can be met.
Also covered in the guide are the learning experiences of advanced adopters, with practical considerations gleaned from their experiences and other observations to further smoothen the journey for new adopters.
This guide is developed with the support of SGX, ISCA’s Sustainability and Climate Change Committee (SCCC) and the SCCC Sustainability Excellence Sub-Committee, in support of the Singapore Green Plan 2030.
This guide was first published in https://isca.org.sg/standards-guidance/sustainability-and-climate-change/thought-leadership/isca-climate-disclosure-guide---taking-first-steps-towards-climate-related-disclosures
Read MoreSingapore's carbon tax will be gradually increased from the current SG$5/tonne of carbon emissions up to SG$50-80 in 2030.
The first payments under the newly proposed tax levels will be due in 2025, based on 2024 emissions. Large facilities will be most impacted, but end-energy consumers will also feel the increase.
There are meaningful ways to reduce exposure – both for OPEX (facilities) and end-energy consumers. Facilities should look into driving energy efficiency and carbon efficiency into operations via building controls, fabric improvements, and efficient building services and installations through CAPEX.
Meanwhile, a reduction in end-energy user exposure can be countered by providing subsidies and monetary incentives.
Read the full article at https://www.cushmanwakefield.com/en/singapore/insights/singapore-carbon-tax-2022
Read MoreSingapore has announced that it is lifting a 2019 moratorium on the construction of new data centres, however government concerns about energy efficiency and consumption mean new facilities will need to meet rigorous standards.
In the short term, the number of new data centres will be very limited, with a maximum of three approvals in a new post-mortarium pilot phase, which begins in the second quarter of this year and which will last 12-18 months. The new data centres will also have a cap on their power use: all must be between 10MW and 30MW.
Jack Harkness, director, industrial & logistics, Asia at Savills, says: “The end of the moratorium and permission for new data centres is good news, as is the focus on sustainability, however with only three approvals in this pilot phase, competition will be fierce.”
The Singapore government imposed a moratorium on construction of new data centres in 2019, due to concerns about the amount of electricity they use. At present, the city-state has 70 data centres with aggregate capacity of 1000MW; the sector uses around 7% of Singapore’s electricity.
Read MoreThe enhanced principles were based on feedback from industry participants and stressed the importance of stewardship outcomes.
31 March 2022, Singapore – Stewardship Asia Centre (SAC) today released the second edition of the Singapore Stewardship Principles (SSP) for Responsible Investors, updating practices to enhance Singapore's investment environment. The revisions were driven by a 10-member steering committee, supported by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX).
Singapore first introduced the principles in 2016, outlining practices related to the core behaviour and actions associated with stewardship to promote active and responsible investment. Since then, capital markets have undergone profound developments as global concerns intensified over the impact of financial investments on the economy, society and the environment. Stakeholders emphasised that investors should become better stewards by demonstrating a genuine intent to deliver sustainable performance and long-term value to clients and beneficiaries, as well as to factor in environmental, social and governance (ESG) considerations. The steering committee took into account the global market developments in shaping the principles. An industry survey was conducted in March 2021 to garner feedback from the asset management industry on their perspective of investment stewardship. This was followed by an open consultation to obtain stakeholders’ feedback on the draft of the updated SSP in November 2021.
“We received feedback from more than 20 stakeholders. These recommendations were taken into consideration to enhance the principles in the areas of internal structures and governance, stewardship beyond listed companies, and ESG considerations. We urge the financial services and investment industry to adopt the updated SSP and make a greater commitment towards responsible investment,” said Rajeev Peshawaria, CEO of SAC.
Read MoreSS&C Intralinks' new report, Gender Diversity and Dealmaking 2022, draws on data from more than 11,000 M&A deals announced between 2010 and 2021 and features commentary from senior dealmakers to understand this trend.
Download the new report to understand:
This report was originally published in https://www3.intralinks.com/
