New grant for large businesses to defray costs of sustainability reporting
To help businesses develop their first sustainability reports, a new grant will defray the costs that large companies incur; a separate new programme will guide small and medium-sized enterprises (SMEs) through the process.
The Sustainability Reporting Grant is for large companies with annual revenues of S$100 million and above. It will cover up to 30 percent of qualifying costs, capped at S$150,000 per company, for the preparation of a company’s first sustainability report.
“As the world embraces sustainable goals and practices, customers and investors will increasingly expect businesses to be more transparent about their carbon footprint,” said Minister of State for Trade and Industry Low Yen Ling during the ministry’s Committee of Supply debate on Friday (Mar 1).
This follows Wednesday’s announcement that large,, non-listed companies will have to make climate disclosures starting in FY2027.
To qualify for the grant, disclosures must be consistent with the International Sustainability Standards Board’s standards. The grant is administered by the Economic Development Board and Enterprise Singapore (EnterpriseSG).
Among SMEs, sustainability reporting will help them “stay relevant as disclosure of carbon footprint data becomes commonplace,” said Low.
EnterpriseSG will partner with appointed sustainability service providers for a new programme that helps SMEs develop their first sustainability reports.
The programme will be launched in late 2024 and be available for three years. EnterpriseSG will offset 70 percent of the eligible costs of SMEs that take part in the first year. Participants in the next two years can have half their costs offset.
This is among several moves to help businesses go green, including lowering the threshold for the Resource Efficiency Grant for Emissions so that more projects qualify for it.
The grant helps to fund projects undertaken by industrial facilities to improve energy efficiency and reduce emissions. The threshold for qualifying projects will be lowered to 250 metric tons per year from 500 metric tons.
Initially meant to expire this March, the grant will now be extended, though the ministry did not specify until when.
Source : businesstimes.com.sg
