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MORE assistance for sustainability reporting and guidance on carbon credit usage are on companies’ environmental, social and governance (ESG) wish list for Budget 2025.

Some also expect Prime Minister Lawrence Wong, who is also the finance minister, to speak about infrastructure for adapting to climate change in the Budget speech on Tuesday (Feb 18).

The cost and talent requirements for sustainability reporting are key concerns for companies. All Singapore-listed companies are required to make climate disclosures aligned with the International Sustainability Standards Board from FY2025. Large non-listed companies will also have to do so from FY2027.

These disclosures include a company’s direct, or Scope 1, emissions as well as their Scope 2 emissions, which arise indirectly from energy purchase and usage.

Last year, Singapore unveiled the Sustainability Reporting Grant (SRG) to assist large companies with annual revenues of S$100 million and above. It will cover up to 30 per cent of qualifying costs for the preparation of a company’s first sustainability report, capped at S$150,000 per company.