ESGenome will reduce effort required by listed entities to report on sustainability, assess impact and drive informed decision making.
The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have jointly launched a digital disclosure portal for companies to report ESG data in a structured and efficient manner, and for investors to access such data in a consistent and comparable format.
ESGenome is a joint initiative by MAS and SGX under Project Greenprint, a collection of initiatives announced in November 2021 that aims to harness technology and data to enable a more transparent, trusted and efficient ESG ecosystem.
ESGenome is a SaaS solution operated by World Wide Generation (WWG), a UK-based ESG solution provider, and deployed on WWG’s G17Eco platform.
It will serve as a common disclosure utility that will facilitate sustainability reporting for SGX-listed companies, business trusts and REITs.
The portal simplifies the disclosure process using a core set of metrics that is mapped across global standards and frameworks.
Companies can carry out their baseline sustainability reporting based on a set of 27 core ESG metrics, which SGX finalised in December 2021 following consultation with the industry.
SGX’s 27 core ESG metrics, published here, are intended to help better align users and reporters of ESG information, and may be reviewed and revised periodically as international reporting standards evolve.
ESGenome also allows companies to make additional disclosures in line with globally recognised ESG reporting standards and frameworks across more than 3,000 ESG metrics, depending on materiality and their business needs. (GRI, TCFD, UN SDGs are available for free; SASB, CDP are paid add-ons; ISSB to be added in future)
Companies will only only need to provide a one-time input for each ESG metric – and the inputs can be automatically mapped across the selected standards and frameworks to cater to different investor requirements.
ESGenome will additionally be able to automatically generate sustainability reports from the inputs.
In a joint statement, MAS and SGX said ESGenome will help provide investors and FIs access to relevant and comparable ESG data that allows for “meaningful peer benchmarking and tracking of sustainability commitments”, thereby enabling capital to flow more efficiently toward sustainable companies and projects.
ESGenome will “help listed entities in Singapore reduce the effort required to report on sustainability, assess impact, and drive informed decision making in their sustainability journey,” said MAS Chief Sustainability Officer Darian McBain.
The platform will place SGX-listed companies in a better position to raise capital and attract international investors actively looking for leading ESG firms, said Michael Syn, Senior Managing Director and Head of Equities for SGX Group.
As part of its ongoing work on Project Greenprint, MAS will draw on the learnings from ESGenome to address the reporting needs of the broader universe of corporates, notably SMEs, and supply chain partners and suppliers.
Mrs Ong-Ang Ai Boon, Director at the Association of Banks in Singapore (ABS) said the launch of ESGenome provides banks a timely use case to collect data directly from the private sector including SME clients to contribute to the platform.
“ABS looks forward to collaborating with our regulator, businesses, solution providers and stakeholders to continue accelerating the financing and transition to a much-needed greener future,” she said.