【Singapore Company Registration Tips】 The Singapore Institute of Chartered Accountants has released two guides to help businesses make a green transition-FOZL

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【Singapore Company Registration Tips】 The Singapore Institute of Chartered Accountants has released two guides to help businesses make a green transition

On April 12, 2023, as a key pillar of the "Singapore Green Plan 2030": supporting Singapore's transformation into a green economy. The Institute of Singapore Chartered Accountants (ISCA) announced the launch of "Guide on Climate-Related Scenario Analysis" and "Guide on Green Financing" to support businesses' sustainable development journey.

Image source: Institute of Singapore Chartered Accountants (ISCA)

"Guide on Climate-Related Scenario Analysis" will help businesses understand the impact of climate-related risks, providing guidance for businesses to analyze different climate-related scenarios. This will be increasingly important for businesses to understand and manage climate risks, make informed decisions, strengthen resilience, and identify opportunities to create value in a low-carbon economy. This guide provides businesses with a methodology to navigate this challenging process, including suggestions on some common climate risks and scenario sources.

"Guide on Green Financing" provides small and medium-sized enterprises (SMEs) with a blueprint for obtaining financing for sustainable development projects, seizing opportunities to obtain green and sustainable financing. SMEs make up over 90% of businesses in Singapore and are crucial to Singapore's transition to a low-carbon economy. This guide outlines various principles and frameworks for green and sustainable financing, as well as relevant government funding schemes, and features examples of local Singaporean businesses that have successfully leveraged sustainable financing to secure their future business development.

Mr. Zhang Sile, President of the Institute of Singapore Chartered Accountants said that in Singapore's transition to a green economy, these two guides will help businesses address two key issues – how to manage the impact of climate-related risks and how to finance their green projects.