To measure the progress of your sustainability activities, you need access to efficient, reliable and comparable data. This section will help you define the data model and owners, and suggest some efficiency and verification tools.
Sustainability accounting is based on relevant sustainability data that has been monitored over a period of time.
It is important to ensure that sustainability accounting is part of the company's processes and that data collection is an ongoing activity in order to continuously identify improvements. Like other non-financial data and performance indicators, environmental, social and governance (ESG) data must be well understood in context, presented with a narrative of qualitative information and linked to financial data. Once you have selected the relevant sustainability data, you should do the following:
- Identify data owners: which department is responsible for and owns the information? or which people in the organisation know the processes and can capture and interpret the sustainability data in its context?
- Review what information is already available and what is already being measured.
- Define the set of characteristics for each data: definition of the metrics, the format, the quality criteria, the frequency...
A company can often build on its existing resources and business metrics by adding some missing data to align with the standards and frameworks.
1000
Data points have been identified, by the CSRD, that companies may have to report on. But only those material to their financial performance are obligatory for reporting.
(Pwc)
This step aims to:
1) define the rules and procedures for collecting, storing, processing, analysing and reporting data (data governance);
2) implement the day-to-day data management processes in accordance with the defined rules (data stewardship).
The process ensures the security, integrity and quality of the data. As sustainability data becomes part of mandatory reporting, data compliance will also need to be considered.
Finally, it is important to communicate and explain the process to data providers and users.
Higher ESG ratings
for companies with CSOs in 2022
(Strategy-business)
Read the methodology provided by the Data Governance Institute for data management.
There is a wide range of software, carbon management tools, reporting questionnaires and benchmarking tools on the market to support sustainability efforts. Many of these facilitate integration, pulling data from other systems to reduce manual effort, and offer visually appealing dashboards to present performance.
For SMEs, such solutions can be costly and should not be a deterrent. For example, the most relevant calculations of your carbon footprint can be done with the GHG Protocol Excel-based tool available online!
Reduce by 30% per capita per day
is Singapore's 2030 target for waste to landfill
(SG Green Plan)
Internal audits:
Internal auditors will ensure the compliance with the latest sustainability reporting standards. The Singapore Stock Exchange (SGX) requires sustainability information to be verified by internal auditors.
They will ensure the integrity of the sustainability information and reporting processes and guard against greenwashing.
External Audits and Certifications:
If you want to have access to green financing tools, your sustainability reporting will be audited.
Consider obtaining third-party certifications or conducting external audits to validate your sustainability efforts. Certifications such as LEED (Leadership in Energy and Environmental Design) or B Corp can demonstrate your commitment to sustainability and provide credibility to stakeholders.
You can also find support and certification services for carbon accounting (including the integration of externalities) and carbon tax from external audit firms.
10%
of SGX-listed companies have had their sustainability reports audited for FY2022
(EY)
The « green journey » may feel overwhelming sometimes, but you are not alone.
Our Buddies have tried, succeeded, failed to implement change in their companies. They share their experience so you can learn, take shortcuts, get inspired and ask questions.
Everybody can become a Buddy and give back to the community; if you are keen, get in touch with us.
Passionate about sustainability and technology, I have spent the last 10 years working in the energy, tech and sustainability sectors. I am VP of Sales at Zuno Carbon, a climate-tech providing end to end carbon management and ESG reporting solutions.
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At South Pole, Chris supports Asian clients in their climate leadership and circular economy journey. The scope of services includes both carbon credits & sustainability consultancy. Chris currently manages clients from more than 10 Asian countries in categories such as conglomerate, agriculture, property development, asset management, retailing, information technology, and energy.
Wearing the double hat of finance and sustainability, I support finance departments in their transformation towards sustainability. With a management degree from a top business school in France, I have a multi-faceted experience from complementary positions I have held in business finance: from auditor to consolidation accountant, project manager, management controller and finance director.
In addition to my background in financial business partnering, I am passionate about enabling change in companies, always looking after my teams and colleagues to create the conditions for collective success.
I work at Terrascope, which offers an end-to-end decarbonisation SaaS platform that enables enterprises to measure and manage their Scope-1, Scope-2 and Scope-3 emissions across operations, supply chains, and portfolios. As Climate Regulations Specialist, I help ensure that our product stays ahead of the regulatory curve and advise clients to navigate the dynamic and complex climate regulatory landscape.
Prior to joining Terrascope, I worked at EcoVadis - a global ESG ratings company - where I launched its Singapore office which served more than 800 companies within its first year of operations. The ratings include environmental, social, ethics and sustainable procurement metrics.
I started my career with the Singapore Government, spanning portfolios including manpower, education, transport and decarbonisation. I also helped spearhead the government's measures to fight Covid-19.
I graduated from the London School of Economics, SciencesPo Paris, and Oxford University. As an undergraduate at Oxford, I helped launch the inaugural Oxford Climate Forum - the UK's largest student-run climate change event.
I have been working in Asia for the past 12 years (Shanghai, Hong Kong and Singapore since 2014) within the digital and technology space.
I have founded and run several companies in different sectors such as IT Consulting, Education, and the F&B business.
I am passionate about how to use technology as a force for good.
I am Thibaut, French bald since 26 & bold since forever! Right now, I am a 1st time entrepreneur in the making.
I come from an IT & software agency background so deeply into B2B and old-fashioned processes. I came to realize that sustainability cannot be only about consumers and half-measures. I also realized IT Sustainability was much underrated and not understood by most companies. It came quite as a surprise for me since I always considered IT Sustainability as one of the best ways to merge both ROI & Sustainability to make the latter sound acceptable, actionable, and realistic. Having seen that, I wanted to make a change in my own way.
My dedication came from the desire to be able to look my future kids in the eye and tell them that I tried to make the world a better place.
I am also drawn to uncommon & less popular causes, which is why e-waste caught my attention. While it’s not as “buzzy” as plastic waste or consumer recycling, it has the potential to have a greater impact, especially in Asia.
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As the Senior Programme Manager for Sustainability Validation and Verification at TÜV SÜD, Mei Yee helps organisations add credibility and assurance to their greenhouse gases (GHG) emission assertations and GRI reports by providing third-party verification reports to support organizational claims.
She has six years of experience in the standards development of ISO 30500 and ISO 31800, testing, and certification for non-sewered sanitation systems. Prior to that, Mei Yee spearheaded World Toilet Organization's Rainbow School Toilet projects in China and Sanishop in Cambodia. She is passionate about driving corporate social responsibility and sustainability and has spent more than 18 years in various fields working internationally across teams and cultural boundaries before turning her focus on Singapore to helping companies with their carbon reduction journey. She holds a Masters in Community Water and Sanitation and a Science Degree in Earth Science, majoring in geology and physical geography.
She is a certified WSQ Advanced Certificate in Learning and Performance (ACLP) Train-The-Trainer (TTT). Since then, she has facilitated many companies in the training for Green Compass – An environmental assessment framework targeted at SME/ manufacturing industries.
I enjoy improving processes and creating data-driven insights. My background is in process development and operations as Quality Manager and COO. A few years back, I decided to re-purpose my career and have since then studied different aspects of Sustainable Business Development at the University in Sweden as well as the Sustainability Reporting Standards (GRI, SASB, TCFD and ISSB work in progress).
Now, I am here to help SMEs integrate sustainability into their business strategy and operations, focusing on the impact that environmental and social aspects will have on the organisation's ability to create value. By reducing the scope to the most relevant materiality topics, even SMEs with limited resources have a chance to start their transition to more sustainable practices.
Radhika is the Co-founder of Tulyā, A Sustainability Management Accounting (SMA) Services company. Her work includes measurement and understanding of the impact environmental and social factors will have on the value creation for SMEs. She develops tailored tools and practices that integrate material topics (ESG & Business) with accounting statements line items to demonstrate financial impact of action vs inaction.
She has worked with Lehman Brothers, Barclays and IT services companies before starting her entrepreneurial journey in sustainability.
She is a graduate in Chemical Engineering and has been certified in SASB , PMP, CSM & Design Thinking-MIT.
Mun Wei is the founder and principal consultant of SustainableSG, which provides advisory and training services in sustainability, strategy, risk and entrepreneurship.
He has worked with corporate, government and non-profit clients on strategy and implementation, reviewing organizational programmes and targets related to the UN Sustainable Development Goals, benchmarking and communicating sustainability and other corporate programmes and achievements, promoting inclusive hiring, developing compliance policies and reports, and formulating innovative business models.
He is also an Adjunct Lecturer at the Singapore University of Social Sciences.
I am Naomi, currently co-founder & director of givvable. I started my career as an Australian diplomat with postings in East Timor, Thailand and Switzerland then moved into private banking where my interest in ESG and sustainability was seeded.
Today my company helps businesses screen and track the sustainability profile of their suppliers to help them achieve their goals and targets.
