The SAFE Initiative is designed to provide accurate, comprehensive, and consistent ESG data reporting across ASEAN, addressing existing data and disclosure gaps with the support of ESGpedia’s advanced ESG technology solutions. This partnership aims to streamline processes and promote integrated, holistic reporting for businesses across the region.
Singapore & Kuala Lumpur, August 19, 2024 – The Sustainable Finance Institute Asia (SFIA) has announced its partnership with STACS ESGpedia, a leading provider of Environmental, Social, and Governance (ESG) data and technology solutions in Asia. ESGpedia has been appointed as the official technology platform partner for the Single AccessPoint for ESG Data (SAFE) Initiative, a significant step forward in the region’s ESG data and disclosure efforts.
The SAFE Initiative represents a collaborative regional approach to addressing the challenges of ESG data, bringing together key stakeholders such as governments, regulators, financial institutions, and SMEs. This initiative aims to foster improved ESG data reporting and disclosures across ASEAN and beyond.
Appointing STACS ESGpedia as the official technology platform partner is a pivotal move in equipping corporations, SMEs, and financial institutions with the tools they need for effective corporate sustainability and ESG reporting. The partnership with ESGpedia, which brings its comprehensive suite of ESG solutions, offers a quasi-public utility model focused on providing accessibility for all stakeholders, recognising the common challenges faced by data providers and users.
This collaboration complements SAFE’s recent Memorandum of Agreement (MoA) with the Global Reporting Initiative (GRI) on the Sustainability Innovation Lab (SIL). The partnership was officially revealed following the 40th ASEAN+3 Bond Market Forum (ABMF) Meeting in Kumamoto, Japan, where SFIA signed an MoA with GRI, formalising their joint efforts through the SAFE-SIL collaboration. This announcement follows the successful completion of the SAFE pilot with ESGpedia in various ASEAN markets, including the Philippines, Vietnam, and Indonesia, earlier in 2023.
Through this collaboration, SFIA will leverage ESGpedia’s capabilities to support the region’s ESG journey, beginning with Asia-Pacific markets. ESGpedia’s platform simplifies the complexity of various ESG standards and frameworks, offering digital tools to assist companies in their sustainability efforts. These tools include automated calculations of GHG emissions under recognised protocols, tailored to the emission factors of Asia-Pacific countries. The platform also facilitates the production of ESG reports in compliance with both international and local standards, providing data analytics and visualisation services for companies and their supply chains.
The introduction of the STACS ESGpedia platform within the SAFE Initiative and the joint go-to-market strategy with SIL come at a crucial time, as the Asia-Pacific region accelerates towards a green economy. The requirement for Scope 3 GHG emissions reporting, as well as upcoming mandatory climate disclosures and policies intended to promote sustainable practices, are driving this shift.
Benjamin Soh, Founder and Managing Director of STACS ESGpedia, remarked, “With the growing demand for ESG reporting impacting companies globally, it is essential to equip Asia-based companies with solutions that ensure the resilience, sustainability, and competitiveness of their supply chains in response to global ESG regulations. We are honoured to have ESGpedia as the official ESG platform powering the SAFE Platform and to provide our full range of solutions to support companies at every stage of their ESG journey. We look forward to further expanding our ecosystem of partners, including government agencies, international organisations, and financial services providers, to jointly advance Asia’s sustainability transition.”
Eugene Wong, CEO of Sustainable Finance Institute Asia, added, “We are delighted to partner with STACS ESGpedia, which will provide the essential technology for the SAFE Initiative’s reporting platform. This partnership is a major milestone towards creating a unified and accessible ESG data disclosure platform for the ASEAN region. With ESGpedia’s capabilities, we believe the SAFE Platform will offer much-needed support to businesses, particularly SMEs, enabling them to disclose credible ESG data that is crucial for accessing sustainable finance and competing in global supply chains.
By working with STACS ESGpedia and SIL, the SAFE Initiative promotes interoperability across standards and jurisdictions, enhancing sustainability disclosure capacity in the region. Together, we are committed to advancing transparency, accountability, and informed decision-making in the sustainable finance ecosystem across ASEAN and globally.”
