Update on Tracking Companies Tapping on Government Grants for Internationalisation to Uphold ESG Practices

8 Ms See Jinli Jean asked the Minister for Trade and Industry (a) whether the Ministry tracks that companies tapping on Government grants for internationalisation uphold responsible Environmental, Social, and Governance (ESG) practices in the countries that they expand into; (b) what actions does the Ministry take if these companies are found to be irresponsible; and (c) what are the measures to guide these companies to uphold Singapore’s reputation as an ESG hub.

Mr Gan Kim Yong: Businesses expanding overseas would need to comply with the prevailing Environmental, Social, and Governance (ESG) requirements in those markets. However, as ESG requirements and recommended practices vary across economies, it is not possible for the Government to track compliance.

Through Enterprise Singapore and the Singapore Standards Council, the Government encourages companies in Singapore to adopt relevant international and local standards related to sustainability. Enterprise Singapore has also launched the Enterprise Sustainability Programme, which includes courses, playbooks and schemes to help with decarbonisation.