Registry Launched for Local Businesses' Precise Carbon Data
The Singapore Business Federation (SBF) is teaming up with the Agency for Science, Technology and Research (A*STAR), PwC, and Singtel to launch the Singapore Emission Factors Registry (SEFR).
Announced at Ecosperity Week 2024 by Minister for Sustainability and the Environment, Ms. Grace Fu, this initiative aims to help local businesses create more accurate records of their emissions.
Supported by the government, the SEFR will compile a database of emission factors specific to Singapore's context. These factors act as a conversion tool, translating business activities into their corresponding greenhouse gas emissions. This new registry will complement existing reporting tools, allowing businesses to streamline their sustainability reporting process.
According to a 2023/2024 SBF survey, a significant portion of local businesses (75%) are taking steps towards implementing environmental, social, and governance (ESG) practices. However, many (60%) require further support, including funding for ESG changes, clearer guidelines for reporting metrics, and access to technology for tracking and measuring their ESG impact.
Currently, most Singaporean businesses rely on emission factors from international sources like the US Environmental Protection Agency (EPA) and the UK Department for Environment Food and Rural Affairs (DEFRA), particularly for reporting Scope 3 emissions. The SEFR, with its localised data, will enable businesses to track and report their emissions more precisely. This, in turn, will empower them to make informed decisions about reducing their carbon footprint based on their specific environmental impact.
The development of emission factors will happen in stages. By the end of 2024, an initial set of data will be compiled from various government agencies. This initial data will cover emission factors related to transportation, water usage, general waste, and energy consumption. Future additions of emission factors for new categories and activities will be based on consultations with industry leaders and evolving needs.
Mr Kok Ping Soon, Chief Executive Officer of SBF said, “The SEFR will be a critical and timely resource for Singapore to support companies to overcome their current challenges and accelerate their carbon accounting journey. With the development of localised EFs, local businesses will be able to report their emissions more accurately. The SEFR is part of a broader suite of programmes that SBF will be progressively rolling out to support businesses in their net zero transition. SBF will work closely with ecosystem partners to support and mobilise the business community in the adoption of sustainability tools, and solutions, especially for SMEs.”
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Source: SBF
