Singapore Exchange Regulation (SGX RegCo) is helping listed companies to prepare for climate-reporting requirements with a series of sectoral workshops.
The workshops, focused on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, are for individuals involved in producing their companies’ sustainability reports. Attendees will learn to identify climate-related risks, opportunities and processes to implement climate reporting.
Climate disclosure rules were announced in December 2021 after a public consultation. All companies must provide these disclosures on a ‘comply or explain’ basis in their sustainability reports for financial years (FY) starting on or after 1 January 2022. Reports under the new rules are expected to be first published in 2023.
The disclosures will be mandatory from FY 2023 for companies in the financial, agriculture, food and forest products, and energy industries. The materials and buildings, and transportation industries must do the same from FY 2024.
The sectoral workshops will be conducted by sustainability professionals and coordinated by Global Compact Network Singapore (GCNS), the Singapore chapter of the United Nations Global Compact.
The first workshop is expected to be held in April, with subsequent workshops at regular intervals thereafter.
SGX will subsidise the workshop fees for the first two representatives from each listed company. For more details and to register, please visit the programme website at https://www.sgx.com/sustainable-finance/capacity-building-training
“Investors are seeking climate-aligned investments while banks and insurers are integrating climate risks into their decisions. We hope that our issuers will take advantage of these subsidised workshops to equip themselves to meet the informational demands of these stakeholders,” said June Sim, Head of Listing Compliance, SGX RegCo.
Esther Chang, Executive Director, GCNS said, “As the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations gain traction globally, it is imperative for companies to embed these recommendations on disclosing climate-related business opportunities and risks, for a smooth transition to a sustainable future.
We are pleased to support Singapore Exchange (SGX) in building capability on climate related reporting for listed companies.”
The SGX-GCNS TCFD workshops are part of efforts by SGX RegCo to guide and shape a regulatory environment that enables sustainable economic and corporate growth. The workshops are also building blocks towards SGX’s objective of catalysing change and delivering growth in a sustainable manner. Information on SGX’s sustainability efforts is found at www.sgx.com/FIRST.
