To support large companies in crafting their inaugural sustainability reports, a new grant has been introduced to help offset costs incurred during this process. The Sustainability Reporting Grant specifically targets businesses with annual revenues exceeding S$100 million, covering up to 30% of qualifying expenses, with a cap set at S$150,000 per company.

Minister of State for Trade and Industry Low Yen Ling highlighted during the ministry’s Committee of Supply debate that as global sustainable practices gain traction, both customers and investors will increasingly expect enhanced transparency regarding companies’ carbon footprints. This initiative follows the recent announcement mandating large non-listed companies to provide climate disclosures starting from FY2027.

To qualify for the grant, companies must align their disclosures with the International Sustainability Standards Board’s criteria. The Economic Development Board and Enterprise Singapore (EnterpriseSG) administer this grant.

For small and medium-sized enterprises (SMEs), sustainability reporting is essential for maintaining relevance as carbon footprint disclosures become more standard. EnterpriseSG will collaborate with designated sustainability service providers to roll out a new program designed to assist SMEs in producing their initial sustainability reports, set to launch in late 2024 and available for three years. In the first year, EnterpriseSG will offset 70% of the eligible costs for participating SMEs, with a 50% offset in the subsequent years.

This initiative is part of broader efforts to promote green business practices, which include reducing the qualifying threshold for the Resource Efficiency Grant for Emissions, enabling more projects to qualify for support.

The grant initially set to end in March will be extended, though the ministry has not specified the new deadline.