Global ESG Forum 2023 underscores biodiversity and ESG reporting as key drivers to sustainable development

Singapore, 11 August 2023 – The Global ESG Forum 2023, co-organised by the Centre for Governance and Sustainability (CGS) of National University of Singapore (NUS) Business School and the International ESG Association (IESGA), concluded successfully in Singapore. The event was attended by over 200 participants from the United States, United Kingdom, Germany, Australia, Canada, China, Hong Kong, Singapore, Poland, India, Indonesia, Korea and Malaysia. The forum saw fruitful discussions on important sustainability topics, including sustainable plastic management, consumer-centric ESG practices, circular economy, voluntary carbon markets (VCMs), net-zero initiatives, and renewable energy.

Biodiversity and nature positive reporting as the new ESG commitment

According to the “Korean 200 Biodiversity & Nature-Positive Commitments 2023” report by IESGA, there has been a significant two-fold increase in the number of companies reporting biodiversity and nature-positive practices, rising from 16 in 2019 to 37 in 2021. Furthermore, the number of companies considering biodiversity as a material issue increased to 15 in 2021, compared to just 6 in 2019. This substantial rise reflects a significant shift towards biodiversity as a key indicator of sustainability reporting in Korea. This also reinforces the growing importance of biodiversity in sustainable development.

In line with this, IESGA and CGS of NUS Business School will be establishing an ESG advisory team dedicated to biodiversity assessment at a global level. The initiative will provide comprehensive insights into the global ranking of companies in terms of biodiversity. The report is aimed for release in November 2023.

Study reveals critical gaps remain in ESG reporting

According to the latest Sustainability Reporting in Asia Pacific, a study by CGS of NUS Business School and PwC which analysed the sustainability reports of top 50 listed companies in 14 Asia Pacific jurisdictions, there are crucial reporting and disclosure gaps prevalent in business practices.

Although the majority of companies (92%) in the examined jurisdictions excel in disclosing ESG targets, only 51% disclosed net zero targets, and a mere 42% aligned their net zero targets with the Science-Based Targets initiative (SBTi) framework. The study also emphasised the need for heightened efforts in measuring Scope 3 emissions, as less than 50% of companies disclose these indirect emissions originating from their value chain. This is amid an encouraging sign showing 80% of companies disclosing their Scope 1 (direct emissions from a company) and Scope 2 greenhouse gas (GHG) emissions (indirect emissions from purchased and used electricity).

Prof Lawrence Loh, Director of CGS at NUS Business School said, “The 2023 Global ESG Forum endorses the criticality of considering nature and biodiversity by businesses. Going forward, stakeholders should realise that climate change actions, in themselves, are only the means – the end outcomes are really to perpetuate nature and biodiversity. Enhancing human lives should be the core emphasis of sustainability.”

The Global ESG Forum 2023 marks the implementation of the MOU signed in 2022 between CGS, NUS Business School, and IESGA. This agreement demonstrates the joint commitment to promoting knowledge on incorporating ESG considerations in business operations.

Prof. Jay Hyuk Rhee, the President of the IESGA, mentioned, “Singapore is demonstrating excellent leadership through collaboration with international organisations in various fields related to sustainable management.”

Prof. Yong Sik Ok, the President of the IESGA, and the Chair and Program Director of the APRU (Association of Pacific Rim Universities) Sustainable Waste Management Programme, emphasised that the Singaporean government is encouraging companies to focus on ESG management through various forms of support and incentives.

There will be a follow-up ESG event on 28-30 November 2023 in Seoul, where top ESG scholars and experts from Stanford University, NUS Business School and the University of Oxford as well as the Secretary General of International Union for Conservation of Nature (IUCN), will be present to discuss about nature positive business.

For media enquiries, please contact:

Natalie Law
Assistant Manager, Corporate Communications
NUS Business School
National University of Singapore
Tel: +65 6601 1206
Email: natalielaw@nus.edu.sg

Yong Sik Ok,
KU HCR Professor, FRSC (Fellow of RSC)
President, International ESG Association
SEOUL FORUM Member
Director, APRU Sustainable Waste Management
Email: yongsikok@korea.ac.kr

About Centre for Governance and Sustainability (CGS)

The Centre for Governance and Sustainability (CGS) was established by the National University of Singapore (NUS) Business School in 2010. It aims to spearhead relevant and high-impact research on corporate governance and corporate sustainability issues that are pertinent to institutions, government bodies and businesses in Singapore and the Asia-Pacific. Spearheading thought leadership, CGS conducts public lectures, industry roundtables, and academic conferences on topics related to governance and sustainability. CGS is the national assessor for the corporate sustainability and corporate governance performance of listed companies in Singapore. In tandem with growing demands from consumers and investors that financial returns are achieved with integrity, backed with environmental and social considerations, CGS has a slew of research focusing on sustainability reporting in Asia Pacific, sustainable banking, nature reporting, and climate reporting in ASEAN. More information about CGS can be accessed at https://bschool.nus.edu.sg/cgs/

NUS Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights.

The School is one of the 16 faculties and schools at NUS. A leading global university centred in Asia, NUS is Singapore’s flagship university which offers a global approach to education, research and entrepreneurship, with a focus on Asian perspectives and expertise. Its transformative education includes a broad-based curriculum underscored by multi-disciplinary courses and cross-faculty enrichment. Over 40,000 students from 100 countries enrich the community with their diverse social and cultural perspectives.

For more information, please visit bschool.nus.edu.sg, or go to the BIZBeat portal which showcases the School’s research.

About International ESG Association (IESGA)

The IESGA aims to improve information creation and sharing about ESG management through linking businesses with academics, from different fields of expertise, whose research findings can help predict future directions for ESG practices. The IESGA presently mainly advises corporations in South Korea, but will soon expand its consultancy services worldwide, especially to companies in developing economies. In addition to its consultancy services, the IESGA launched the Global ESG Lecture Series in collaboration with major South Korean academic societies and industries. Monthly events have been held on topics such as the relevance of ESG scores for attracting investors, and how companies can integrate ESG performance measurement to develop sustainable supply chains. The IESGA collaborated with Nature Conferences and LG Energy Solutions to hold a hybrid event on waste management and valorisation, attracting more than 2,000 attendees from 97 countries. In August 2022, the association held its first Global ESG Forum in South Korea with a focus on sustainability through ESG. More than 1,000 participants from 55 countries attended.

President Jay Hyuk Rhee and Yong Sik Ok also offer two MBA courses in South Korea and internationally, in conjunction with the IESGA, on business and environment, and sustainability in ESG management. These courses target students eager to find business opportunities associated with ESG practices.