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Answering key questions at Ecosperity Week 2023
Sustainability reporting standards will be at the heart of our conversations at the Ecosperity Week 2023 dialogue. While the call of “harmonisation” of sustainability reporting standards has been heeded, the bar has certainly been raised as sustainability reporting standards continue to evolve. Standards development has moved at breakneck speed, and the attention is now on the Big 4 of the sustainability standards world: The ISSB, CSRD, SEC and the GRI.
Key takeaways
Our guest speakers
Mr. Patrick de Cambourg
Chair of European Financial Reporting Advisory Group (EFRAG) Sustainability Reporting Board
Mr. Eelco van der Enden
Chief Executive Officer at Global Reporting Initiative (GRI)
Mr. Hiroshi Komori
Board Member, International Sustainability Standards Board (ISSB)
Thought leadership
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Smarter business for a stronger world
Environmental, social and governance (ESG) is more than ticking boxes. It’s about making a difference - for your business and our world. Creating sustained outcomes that drive value and fuel growth, whilst strengthening our environment and societies.
Our passionate community of solvers are ready to put in the work with you - environmentalists, sociologists, economists, strategists, technologists. Combining real world experience with a commitment to change. They’ll help you to turn theory into action. Business as usual into new ways of thinking and doing. People and technology working together to find solutions larger than today. Creating a transparently brighter future for generations to come.
A strategy-led action plan
It's time to turn theory into action. Aspiration into a tangible, practical plan. Using ESG as a guide, we can create strategies that get real results. Success is not about climate change, diversity and disclosures alone. It’s about embedding these principles- and more across your business- from investment to sustainable innovation. Bringing together your best people and smartest technology so you can see more, go deeper and act swiftly. Ready to take on the biggest challenges, with the ability to flex your priorities. Building greater resilience to stay ahead of vulnerabilities, whilst creating new opportunities to shift the expected.
Transformation inside for the outside
You need to ready your business for the realities of tomorrow. From net zero to the circular economy, ESG is an approach that enables transformation to happen- so we can all take bold, innovative steps forward. We bring together an unexpected and dynamic combination of talent and technology- to drive your ESG strategy into the heart of your business. Helping you to make the operational, cultural and financial changes needed to deliver sustainable business advantage and long term value. Transforming from the inside, to transform the lives of your people, customers and your community.
The measure of transparency
Responsibility. Sustainability. Diversity. These are the bywords of today’s businesses. But how can we be sure we measure up to them? We deliver a trusted approach using proven methodologies, to infuse ESG metrics throughout all areas of your business–for maximum transparency. Proactively proving your commitment– to all parties, internally and externally- with measurable success. From finance and tax to people and value chains, our team can orchestrate the right combination of data, metrics and disclosures. The result? Clearer reporting and greater trust for generations to come.
About our Centre for Sustainability Excellence
Our Asia Pacific Centre for Sustainability Excellence (CSE) will play a critical role in PwC’s ESG across the region, where we will focus on supporting organisations in areas such as:
- Decarbonisation
- Climate risk
- Sustainable finance
- Responsible investment
- Nature-based solutions
- Sustainability reporting and assurance
- ESG upskilling
- Capability-building for the ecosystem
Our Centre for Sustainability Excellence is supported by the Singapore Economic Development Board, and it will be powered from the city state to leverage the strong climate ambition underlined by the Singapore Green Plan 2030, the country’s close connectivity with the diverse economies across Asia Pacific, and its growing prominence as a regional sustainability hub.
How can you take action on ESG?
Drive ESG through your strategy and operations
Stay accountable and share a transparent ESG story
Drive ESG through your strategy and operations
It's time to take action. Creating impact through ESG means putting a tangible, practical plan in place. It should touch every part of every business - from investment to sustainable innovation. When fully embedded in your business from strategy to reporting, tax to legal, HR to M&A, you’re ready to mitigate potential ESG related risk as well as capture the right opportunities.
Drive ESG-led business strategy for value creation
With increasing pressures from investors, governments and consumers, many organisations are setting ESG as a strategic priority to support long-term value creation. To enable your organisation to reap both tangible and intangible benefits from strategy to execution, we can help you:
- Identify and integrate ESG and sustainability value preservation and value creation levers into your corporate strategy
- Establish an impact-driven ESG framework that is in line with global and industry sustainability goals
- Craft tailored roadmaps that aid you in unlocking long-term value through ESG.
Shift towards suppliers with lower carbon footprint
Regulators, customers and investors are exerting growing pressure on organisations to manage their value chains in a sustainable way, while addressing issues around carbon emissions, resource use, waste and social impacts. Supply chain sustainability is assuming greater significance as organisations with global presences plan to reduce or eliminate suppliers that endanger their carbon transition plans. We can help you to transform your value chain to minimise potential risk and promote business sustainability for all members of your supply chain.
Enabling the UN SDGs and understanding your ESG impact
The United Nations (UN) Sustainable Development Goals (SDGs) set out a framework and a call to action to embark on global partnership in ending poverty and protecting our planet. Key issues around gender equality, quality education, climate action and sustainable cities and communities are a few of the focus areas of the 17 established UN SDGs. We can help you to identify which of the UN SDGs are most relevant to your business and prioritise how to embed these into your ESG strategy. Verified measurement of the impact created through achieving these UN SDGs can open up an opportunity for your business to be a leader in positive impact and sustainable development. We can help you to do this through focused ESG impact assessments and social return on investment studies.
Stay accountable and share a transparent ESG story
Responsibility. Sustainability. Diversity. These are the bywords of today’s businesses. But how can you be sure you measure up to them? Build a better, and transparently brighter future, earning greater trust for generations to come. Lead with proven approaches and smart technologies that infuse ESG principles throughout your business - from finance and tax to people and value chains.
Create trust and transparency in reporting
More than ever, stakeholders want to know about an organisation's sustainability performance and how businesses accurately report their corporate activities to support climate change, resource scarcity and socially responsible investing. Navigating through the diverse and changing types of ESG reporting standards and frameworks can be challenging for many. By providing independent assurance over your sustainability reporting, sustainable financing, climate risk related disclosures (Task Force on Climate-Related Financial Disclosures reporting), carbon accounting and industry-specific disclosures (e.g. Global Real Estate Sustainability Benchmark), we can help you strengthen relationships with key stakeholders and increase the trust they place in your organisation.
Deliver action to drive net zero transition and climate resilience
Climate change is on the radar of all forward-thinking business leaders. Rapidly changing policies, a developing market and evolving low-carbon technology make it essential that you future-proof your business. We use different climate scenarios to help you assess your exposure to related risks and opportunities, and formulate risk management strategies, including decarbonisation and adaptation plans. We can help you respond to increasing regulatory, investor and public expectations to disclose your management of climate-related risks.
Establishing a decarbonisation roadmap to net zero requires understanding your starting point. We can help you to identify your carbon emissions baseline by calculating your Greenhouse Gas emissions inventory based on the GHG Protocol standards. We will support you in your decarbonisation journey to net zero and ensure your commitments and targets are aligned to the Science-based Targets Initiative for enhanced credibility.
We are a founding member of the Singapore Low Carbon Network that brings together organisations that have embarked on their ESG journey to share their insights and experiences.
Incorporate ESG considerations into financing decisions
The Monetary Authority of Singapore (MAS) continues to take progressive steps to promote Singapore as the leading centre for green finance in Asia and globally. Recent announcements include the enhanced Grant Schemes for green and sustainability-linked loans and guidelines on environmental risk management. This has presented significant opportunities for organisations to transition to more sustainable practices and drive long term growth. We can help you meet green and sustainable finance standards, develop and deliver a green and sustainable financing framework and put in place robust environmental risk management policies and processes.
Doubling down our ESG and sustainability efforts
The groundwork to deliver on our mission has already started, for example, with these developments in Singapore:
- The Singapore Low Carbon Network
- Upskilling for a sustainable future
- The power of the PwC global network
- Capacity building for the wider ecosystem
The Singapore Low Carbon Network
Planning to decarbonise? Join our community
In support of the Singapore Green Plan 2030, we have launched the Singapore Low Carbon Network (SLCN), a platform that aims to bring together enterprises and organisations across Singapore with ambitions to decarbonise. The SLCN serves to facilitate dialogue and learning between both public and private sectors, and aims to advance the sharing of best practices and insights on key carbon measurement and decarbonisation topics based on the member organisations’ needs.
If you’re interested in joining the SLCN and would like to learn more about it, reach out to our contacts below.
Upskilling for a sustainable future
In addition to welcoming new senior talent in growing our ESG leadership, we have kick-started our ESG upskilling programme for all 3,500 of our people, starting with our ESG Essentials curriculum to embed “ESG consciousness” in our DNA. This is part of our worldwide effort to upskill all our people in ESG knowledge. Supplementing the ESG Essentials is an eight-module ESG Upskilling Programme developed by our Sustainability and Climate Change practice for our partners and staff. Specialised training customised for the different lines of services will be subsequently rolled out as we continue to equip our people with further skills and knowledge to better help clients pivot towards a sustainable future by integrating ESG into their strategies, operations, and reporting.
The power of the PwC global network
Our strength as a global network enables us to tap into our regional and global resources, talent, insights and innovations to collectively problem solve. The CSE is a part of our US$12 billion global commitment under our global strategy, The New Equation, which focuses on bringing together unique combinations of people, powered by technology, to help organisations build trust with stakeholders and deliver sustained outcomes.
Capacity building for the wider ecosystem
In October 2021, Enterprise Singapore launched the Enterprise Sustainability Programme (ESP) to support Singapore businesses on sustainability initiatives and to capture new opportunities in the green economy. In line with the CSE’s focus of upskilling and capacity building, we are one of the partners working with Enterprise Singapore under the ESP to develop and deliver subsidised training workshops. This will help enterprises to build greater awareness and knowledge of sustainability. More details of the workshops will be released at a later date.
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Sustainability Counts II
While the world continues to battle the pressing ESG issues at hand, there has been an increasing call for the “harmonisation” of sustainability reporting standards for enhanced transparency from investors, regulators and other stakeholders.
PwC's second edition of the Sustainability Counts report provides our analysis of the study conducted with National University of Singapore Centre for Governance and Sustainability on the state of sustainability reporting landscape in Asia Pacific and salient trends on the adoption and implementation of various sustainability reporting frameworks and standards.
ESG: Defining Asia Pacific's Future podcast series
Hear from our ESG professionals their observations and insights on the latest ESG trends and issues critical to businesses and individuals in Asia Pacific. Learn what is new, what the future looks like, and why we have to change.
Contacts
Sustainability and Climate Change
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Sustainability and Climate Change Practice Leader, Partner, PwC Singapore
Tel: +65 9817 8213
Sustainability as a Service (ESG Office Set up), Sustainable Supply Chain
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