Opening Remarks by Singapore's Ambassador for Climate Action at Climate Action Forum

An Ecosystem Approach for Climate Reporting

Minister Grace Fu, Mr Loh Boon Chye, ladies and gentlemen, good morning.

I just got back from London Climate Action Week. I want to share three things I saw.

First, global climate action is not slowing down.

• London Climate Week was at least five times bigger than our own highly successful Ecosperity Week.

• Corporates, financiers, and policymakers from around the world were there — not to make grand speeches, but to draw up concrete initiatives:

  • on sustainability reporting, transition planning, carbon markets, climate finance.

Second, the demands on companies are rising.

• Investors, customers, and suppliers are all incorporating sustainability into their decisions.

• The EU Carbon Border Adjustment Mechanism is on track – and it requires exporters to report the carbon content of their goods.

  • This makes climate disclosure a trade requirement, not just a capital markets one.

Third, climate risks are not distant.

• London was hit by an unprecedented heat wave while we were there.

  • Schools closed, hospitals were overwhelmed.

  • Some trains and buses stopped — because tracks overheated, roads buckled.

• Climate change is not a forecast but a current reality: one which will only get worse.

How do our companies prepare for this?

The first step is to understand that climate reporting is not compliance, it is competitiveness.

• Climate reporting is the foundation of all climate action

• You cannot manage what you do not measure.

• You cannot build a transition plan without emissions data.

• And without a credible transition plan, you cannot access the capital and customers that now demand one.

But companies face real barriers. Data is hard to get. Requirements are complex.

Singapore has two advantages that enable us to do this better than most.

• One, we are good at digital technology: to automate data collection, reduce reporting burdens, and embed AI-powered guidance.

• Two, we are good at ecosystem integration: to build common infrastructure to link climate reporting to transition planning and supply chain engagement.

Today, leveraging on these two capabilities, we are taking our sustainability reporting infrastructure to the next stage.

First, enhance ESGenome with ISSB-focused modules and AI-powered capabilities.

• ESGenome — launched by SGX and MAS in 2022 — has already helped over 200 listed companies with their sustainability reporting.

• Today, through a new partnership between SGX and Gprnt, ESGenome is being substantially upgraded.

  • New modules will help companies meet their mandatory ISSB-based climate disclosure obligations.

  • Scope 1 and 2 calculations will be automated using trusted government data.

  • And AI-powered features for transition planning are on the way.

Second, provide access to climate data for transition planning.

• SGX Group and Gprnt will work with the C3T — the Council for a Competitive Climate Transition — to give listed companies the information they need on climate risks, transition pathways, and sectoral benchmarks.

• The goal: disclosures that inform strategy, not merely satisfy regulators.

Third, enable the greening of supply chains.

• SGX-listed companies are the natural Queen Bees for C3T’s Green 100 initiative which aims to bring along SME suppliers on the sustainability reporting journey.

• By doing so, you strengthen their resilience, improve your Scope 3 data, and enable greener procurement.

In short, climate reporting becomes an ecosystem effort. No Singapore company needs to walk alone.

And when we walk together, we build a Singapore economy that is resilient and competitive in a climate-impaired and carbon-constrained world.