All of Singapore’s top 100 companies now report on sustainability, marking a milestone achievement as corporate climate risk awareness jumps to 76% from 49% in 2022, a KPMG survey reveals.
Singapore has emerged as one of only seven countries globally where ESG reporting has been fully adopted among its top 100 companies, showcasing the city-state’s accelerated transition toward sustainable business practices. The achievement comes as more Singapore companies recognise climate change as a financial risk, with adoption rates surging from 49% to 76% in just two years.
According to KPMG’s 2024 Survey of Sustainability Reporting, Singapore’s corporate landscape has significantly outperformed global standards across six key sustainability indicators. The comprehensive study, which examined 5,800 companies across 58 countries, highlights Singapore’s growing prominence in corporate sustainability leadership.
“This year’s data marks a pivotal moment for sustainability reporting in Singapore,” notes Cherine Fok, Partner, ESG Consulting at KPMG Singapore. “The increase in firms recognising climate change as a financial concern highlights a deepening corporate understanding of its pervasive impact on business resilience and value creation.”
The transformation has been particularly evident in governance structures, with the proportion of companies appointing board-level sustainability representatives rising from 35% to 55% between 2022 and 2024. This shift reflects a growing recognition of sustainability as a core business imperative rather than a peripheral concern.
Substantial growth has also been seen in the integration of Environmental, Social, and Governance (ESG) information into annual reports. 84% of Singapore companies now incorporate ESG data, compared to 68% in 2022. This rate exceeds the global average of 62%, demonstrating Singapore’s commitment to transparent sustainability disclosure.
However, the survey also identified areas requiring attention. While Singapore leads in several categories, only 37% of companies seek third-party assurance for their sustainability information, lagging behind the global average of 54%. This gap suggests an opportunity for strengthening the credibility of sustainability reporting through independent verification.
Another notable trend is the decline in companies linking sustainability metrics to executive compensation, dropping from 67% in 2022 to 38% in 2024. While still above the global average of 30%, this shift might reflect a more cautious approach as companies prepare for new disclosure requirements under the International Sustainability Standards Board (ISSB) framework.
Looking ahead, Singapore’s sustainability reporting landscape is poised for further evolution. The impending adoption of ISSB standards in 2025 is expected to provide a more structured framework for corporate transparency. Additionally, emerging focus areas such as biodiversity and social-related risks are gaining traction, supported by initiatives like the Singapore Sustainable Finance Association’s biodiversity workstream.
“To sustain this momentum, Singapore must pivot challenges into strengths,” Fok emphasises. “Leveraging innovation, collaboration, and cultural transformation will be crucial in embedding sustainability at the core of business strategies.”
The findings underscore Singapore’s role as a regional leader in sustainable business practices while highlighting the ongoing need for refinement in assurance and executive accountability areas. As global sustainability standards continue to evolve, Singapore’s comprehensive approach to ESG reporting positions it well for the next phase of sustainable business transformation.
This progress in Singapore ESG reporting is critical when global attention on corporate sustainability practices intensifies. Achieving 100% reporting adoption among top companies sets a compelling example for other financial centres and reinforces Singapore’s position as a leader in sustainable business practices in Asia and beyond.
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