ESGpedia and FootprintLab have been selected to be part of the first batch of participants in the Singapore-Australia Go-Green Co-Innovation Programme that aims to empower companies on climate disclosure and sustainable supply-chain management while responding to stricter environmental, social and governance (ESG) regulations and reporting requirements.
The S$20 million (US$14.92 million) Go-Green Co-Innovation Programme, first announced in June 2023, will facilitate co-innovation between the two countries and support the development of sustainable products and services by bringing together the best-in-class technologies from both countries.
The programme is Singapore’s first sustainability-focused bilateral co-innovation initiative and is part of the Singapore-Australia Green Economy Agreement. The programme, jointly administered by Enterprise Singapore and Australia’s Department of Foreign Affairs and Trade, aims to incentivise co-innovation between Australia and Singapore enterprises, fostering the establishment or expansion in business and commercial activities that boost bilateral trade in goods and services across green growth sectors.
Australia and Singapore share a common niche in terms of having extensive supply chains in the Asia-Pacific region. With increasing ESG regulations led by the European Union and parallel initiatives in Asia, there is an urgent need for businesses to embark on ESG reporting and implement a sustainable supply-chain management framework to ensure business resilience. Both countries are introducing mandatory climate reporting during the project timeframe.
Yet, 75% of firms are not ready for new ESG rules, according to a recent KPMG report, signalling the need for digital enablement and better data.
Singapore-based fintech STACS, the company behind the ESG data and technology platform ESGpedia, will be combining its flagship artificial intelligence (AI)-powered ESG technology expertise with Australia-headquartered carbon footprint data company FootprintLab’s expertise.
The co-innovation scope involves ESGpedia digitally streamlining businesses’ end-to-end ESG reporting and corporate sustainability journeys, by delivering a full layer of productivity and automation. FootprintLab will provide its capabilities in carbon footprint and other ESG data to enhance existing data sets and emission factors in the market.
Common challenges faced by companies trying to embark on sustainability include the need for massive resources, budget and long project timelines. FootprintLab’s ability to integrate with ESGpedia creates a software-as-service-based solution that helps lower the barriers to entry for companies with limited resources and prerequisite knowledge to leverage digital solutions to achieve corporate sustainability.
“Amid the rise in sustainable procurement globally, the enhanced solution by ESGpedia and FootprintLab, will enable companies to create, calculate and produce their ESG profiles in a simple and guided manner, aligned with international reporting and regulatory standards,” the companies say. “Companies can then amplify their ESG profiles across their supply chains and various market regions to obtain more business opportunities and maintain competitiveness in the global market.”
