New registry for Singapore businesses to track and report carbon emissions launched
New registry for Singapore businesses to track and report carbon emissions launched CNA
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The Singapore Emission Factors Registry: A Step Towards Sustainable Development Goals
In 2022, during a Forward SG conversation, companies highlighted the challenges they faced in reporting scope 3 emissions. Ms Fu, Minister-in-charge of Trade Relations, mentioned this in her keynote address, emphasizing the need for a solution.
Understanding Scope 3 Emissions
Scope 3 emissions refer to indirect emissions from entities along a company’s value chain. These emissions include activities like business travel, commuting, waste disposal, and water consumption.
The Singapore Emission Factors Registry
The Singapore Emission Factors Registry aims to address the reporting challenges faced by companies. It captures a database of emission factors specific to Singapore’s context. These factors convert operational data into corresponding greenhouse gas emissions.
The registry supports existing reporting tools and solutions that automate sustainability reporting processes for enterprises. Currently, most Singapore businesses rely on emission factors from international sources for sustainability and carbon emissions reporting, especially for scope 3 emissions. The registry will provide localised emission factors, enabling businesses to track and report their emissions more accurately.
Phased Development of Emission Factors
The emission factors will be developed in phases. Initially, a baseload with data collected from government agencies will be available by the end of this year. This baseload will include emission factors related to transportation, water, general waste, and energy. Additional emission factors for new categories and activities will be developed based on industry consultations and demand.
Aligning with Singapore’s Climate Disclosures Requirement
Singapore will require all listed companies to make climate-related disclosures from the financial year 2025. Large non-listed companies will have to comply from FY2027. These disclosures must align with the standards set by the International Sustainability Standards Board, a global accounting standards body.
Ms Fu emphasized the importance of helping businesses understand and measure their carbon footprint, integrating sustainability into their management frameworks systematically.
Driving Informed Choices and Sustainable Investments
Climate reporting, including the disclosure of companies’ climate-related data such as carbon emissions, enables consumers, investors, and financiers to make more informed choices. By directing their finances to businesses with strong sustainability practices, they can contribute to the achievement of the Sustainable Development Goals (SDGs).
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 13: Climate Action
- SDG 12: Responsible Consumption and Production
The article discusses the establishment of the Singapore Emission Factors Registry, which aims to track and report emissions accurately. This directly relates to SDG 13, which focuses on taking urgent action to combat climate change and its impacts. Additionally, the registry supports sustainability reporting, which aligns with SDG 12, promoting responsible consumption and production.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
- SDG 12.6: Encourage companies to adopt sustainable practices and integrate sustainability information into their reporting cycle.
The establishment of the Singapore Emission Factors Registry contributes to achieving SDG 13.2 by providing a tool for companies to measure and track their carbon emissions accurately. It also supports SDG 12.6 by enabling businesses to integrate sustainability information into their reporting process.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the article mentions the development of emission factors as indicators to measure progress towards the identified targets. These emission factors will convert operational data from business activities into corresponding greenhouse gas emissions. The registry will also provide localized emission factors for transportation, water, general waste, and energy. The availability and utilization of these emission factors will indicate progress in integrating climate change measures into national policies and encouraging companies to adopt sustainable practices.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 13: Climate Action | SDG 13.2: Integrate climate change measures into national policies, strategies, and planning. | Emission factors for transportation, water, general waste, and energy. |
| SDG 12: Responsible Consumption and Production | SDG 12.6: Encourage companies to adopt sustainable practices and integrate sustainability information into their reporting cycle. | Emission factors for transportation, water, general waste, and energy. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: channelnewsasia.com
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