Singapore’s top 100 companies are making remarkable progress in sustainability reporting, outperforming global benchmarks in six key indicators, according to KPMG’s 2024 Survey of Sustainability Reporting. The city-state stands out as one of only seven nations globally where all top 100 companies disclose sustainability efforts, compared to a global average of 79%. 

Notable achievements include a significant rise in companies recognizing climate change as a financial risk, increasing from 49% in 2022 to 76% in 2024, well above the global average of 55%. Governance leadership has also strengthened, with 55% of companies assigning board-level responsibility for sustainability, up from 35% in 2022. Additionally, 84% of firms now include ESG metrics in their annual reports, a substantial improvement from 68% in 2022, surpassing the global average of 62%. 

Government initiatives, such as the impending adoption of ISSB standards in 2025, have played a vital role in driving corporate transparency. However, challenges remain in areas such as obtaining third-party assurance (37%, below the global average of 54%), linking sustainability metrics to executive remuneration, and expanding biodiversity disclosures. 

Experts emphasize the need for innovation and collaboration to address these gaps. Strengthening frameworks like the Global Reporting Initiative (GRI) or Task Force on Climate-related Financial Disclosures (TCFD) could further enhance reporting. 

Singapore’s robust alignment of public and private sector initiatives positions it as a leader in ESG and carbon neutral strategies. With focused efforts on integrating sustainability at strategic and operational levels, Singapore is setting a global benchmark for corporate accountability and environmental stewardship. 

Sources:  

https://www.media-outreach.com/news/singapore/2024/11/28/345523/singapore-achieves-progress-in-sustainability-reporting-outperforming-global-benchmarks/ 

https://illuminem.com/illuminemvoices/singapores-top-100-companies-lead-global-sustainability-reporting 

https://paiaconsulting.com.sg/tag/sustainability-reporting/ 

https://www.sgx.com/sustainable-finance/sustainability-reporting