New funding aims to support businesses in meeting global sustainability standards
To support businesses in developing their first sustainability reports, Singapore has introduced the Sustainability Reporting Grant, aimed at large companies with annual revenues of at least S$100 million. Announced by Minister of State for Trade and Industry Low Yen Ling during the Committee of Supply debate, the grant will cover up to 30% of qualifying costs, capped at S$150,000 per company.
Aligning with global standards
This initiative follows the new climate disclosure requirements for large non-listed companies, set to take effect from FY2027. To qualify for the grant, companies must ensure their reports align with International Sustainability Standards Board (ISSB) guidelines. The programme will be administered by the Economic Development Board (EDB) and Enterprise Singapore (EnterpriseSG).
“As the world embraces sustainable goals and practices, customers and investors will increasingly expect businesses to be more transparent about their carbon footprint,” said Low Yen Ling.
Support for SMEs
A separate EnterpriseSG programme will assist small and medium-sized enterprises (SMEs) in developing sustainability reports. This initiative, launching in late 2024, will run for three years, with government support covering:
70% of eligible costs in the first year
50% of eligible costs in the following two years
The programme will connect SMEs with sustainability service providers, helping them meet growing market expectations and remain competitive as carbon footprint disclosures become the norm.
Expanding sustainability efforts
Beyond reporting, Singapore is also lowering the threshold for the Resource Efficiency Grant for Emissions, allowing more projects to qualify for funding. These initiatives are part of the government’s broader push to help businesses transition to greener practices and enhance corporate sustainability accountability.
