Deputy Prime Minister Heng Swee Keat commends the launch of the Sustainability Innovation Lab, emphasizing the crucial role of collaboration in addressing global sustainability challenges

Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, delivered a speech at the launch of the Sustainability Innovation Lab on November 20, 2023. The event, held at Republic Plaza, Singapore, brought together key figures such as Mr. Jack Ehnes, Chairman of the Board at Global Reporting Initiative (GRI), Mr. Emmanuel Faber, Chairman of the International Sustainability Standards Board (ISSB), and Mr. Eelco van der Enden, CEO of GRI.

The Sustainability Innovation Lab, a partnership between GRI and ISSB, aims to bolster sustainability reporting in Asia and globally. It will serve as a platform for professional development, training, and the promotion of supply chain solutions and innovative thinking to help companies meet evolving sustainability disclosure requirements.

Deputy Prime Minister Heng Swee Keat highlighted the urgency of global collaboration in addressing climate change, emphasizing the vulnerability of island nations like Singapore to rising sea levels. He commended the partnership between the U.S. and China in addressing the climate crisis and stressed the importance of cross-sectoral collaboration in tackling complex global challenges.

With a focus on Asia, the Sustainability Innovation Lab aims to contribute to the region’s sustainable growth. DPM Heng Swee Keat emphasized the need for a responsible and sustainable approach to economic development in Asia, considering the region’s significant contribution to global economic growth.

The Deputy Prime Minister underscored the critical role of technology and innovation, along with finance, in building a sustainable future. He shared Singapore’s commitment to investing in research, innovation, and enterprise capabilities, particularly in areas like Urban Solutions and Sustainability. Additionally, he highlighted the importance of sustainable finance in supporting the region’s green transition.

The launch of the Sustainability Innovation Lab aligns with efforts to establish a credible reporting framework for sustainability data and disclosures. DPM Heng Swee Keat mentioned Singapore’s Finance for Net Zero Action Plan, which focuses on mobilizing financing for Asia’s net-zero transition and emphasizes the importance of consistent and reliable sustainability data.

The Sustainability Innovation Lab will initially focus on digital taxonomies, audit and assurance, smaller enterprises, and public sector reporting. DPM Heng Swee Keat outlined three key contributions the lab can make: supporting compatibility between different sustainability reporting standards, enhancing confidence in sustainability reporting, and building capacity for credible and consistent reporting to accelerate the net-zero transition.

In conclusion, Deputy Prime Minister Heng Swee Keat congratulated GRI and the IFRS Foundation on their partnership and expressed optimism about the Sustainability Innovation Lab’s potential to advance sustainability reporting in the region and beyond.

Source – PMO