New Scheme to Digitise SMEs’ ESG Credentials

The Monetary Authority of Singapore (MAS), UN Development Programme (UNDP) and Global Legal Entity Identifier Foundation (GLEIF) are collaborating on an initiative to develop digital ESG credentials for small and medium enterprises (SMEs) globally. The initiative, known as Project Savannah, targets the lowering of barriers encountered by SMEs in building sustainability capabilities by establishing a common framework of ESG metrics. SMEs face several challenges including a complex reporting landscape, limited resources for generating basic sustainability reports, and high costs of technology and consulting services to develop sustainability reporting solutions. The framework aims to help small businesses to generate their basic sustainability credentials and work towards meeting UN Sustainable Development Goals. Project Savannah will utilise existing digital initiatives such as MAS’ Project Greenprint – a collection of initiatives announced in November 2021 that aims to utilise technology and data to enable a more transparent and efficient ESG ecosystem – to simplify the ESG reporting process for SMEs. To further simplify reporting, MAS will deploy the ESGenome disclosure platform under Project Greenprint and leverage the latter’s partner network of Artificial Intelligence of Things and data capture solutions to pre-fill ESG metrics using verified data where possible. The UNDP, GLEIF and MAS added they will engage with regulators, financial institutions and corporations to refine the project’s scope and execution, resulting in a proof of concept that will be launched at the COP28 in Dubai, taking place later this year. 

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