KPMG’s 2024 Survey of Sustainability Reporting reveals growing awareness of issues such as climate-related risk and biodiversity. Photo Credit: Adobe Stock/TensorSpark (AI generated)
Sustainability reporting is now ‘business as usual’ for almost all of the world’s largest 250 companies, and a large majority of the top 100 companies in each country, territory or jurisdiction, and companies in Singapore are outperforming global benchmarks.
This is according to KPMG’s 2024 Survey of Sustainability Reporting, which examines the sustainability reporting approaches of the largest 100 companies (termed ‘N100’) in 58 countries or jurisdictions, representing a total of 5,800 companies.
It said that the last two years have seen significant increases in the proportion of companies publishing carbon reduction targets. The proportion of companies reporting on biodiversity remains lower but has similarly increased since 2022.
Singapore is one of only seven countries globally where all top 100 companies report on sustainability, surpassing the global average of 79 percent. Additional findings show that 76% of Singapore’s top 100 companies now recognise climate change as a financial risk to their business, a rise from 49% in 2022.
This also exceeds the 2024 global average of 55%. The proportion of companies with a board or leadership representative responsible for sustainability governance rose to 55% in 2024, up from 35% in 2022.
The survey also found that GRI, the Global Reporting Initiative, the common global language to assess and report on environmental, social and economic impacts, remains the preferred choice for reporting, with usage rising to 71% (up three percentage points on 2022)
Cherine Fok, partner, ESG Consulting at KPMG in Singapore said: “This year’s data marks a pivotal moment for sustainability reporting in Singapore, showcasing significant progress in how companies address climate-related risks. The increase from 49% in 2022 to 76% of firms recognising climate change as a financial concern highlights a deepening corporate understanding of its pervasive impact on business resilience and value creation.”
Cristina Gil White, interim CEO of GRI, added: “It is hugely encouraging that a growing number of leading companies around the world – over 70% – are using the GRI Standards. Sustainability reporting is more relevant than ever. Understanding and disclosing material topics is a crucial step in developing a robust sustainability strategy, informing the wider business strategy and, of course, managing risks and unlocking value.”