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On 8 December 2023, RSM Singapore conducted a workshop hosted by the Real Estate Developers’ Association of Singapore (“REDAS”) for Developers, Property Managers, Design Consultancy firms, and Government Agencies.
Against the backdrop of the recent announcement of International Sustainability Standards Board’s (“ISSB”) International Financial Reporting Standard (“IFRS”) S1 and S2, mandating disclosures on sustainability-related risks and opportunities, and climate-related risks and opportunities, the workshop delved into the impact of these new standards on existing market-accepted frameworks and guidance.
This discussion was particularly timely, given the announcement of the Singapore-Asia Taxonomy for Sustainable Finance in conjunction with COP28, aimed at reducing greenwashing and provide more consistent alignment in terms of assessment and measurement.
Participants engaged in a comprehensive dialogue on pertinent challenges related to ESG implications, ranging from disparities between initial building plans and completed constructions in Singapore to concerns regarding the costs and high maintenance associated with adopting sustainable practices.
A key takeaway was the general consensus that Green initiatives necessitate substantial capital expenditure, with the rewards of these initial investments not immediately realised. Stakeholders across the supply chain need to collectively contribute to the reduction of overall carbon emissions, from sourcing of materials, construction methods, procurement, leasing, to ultimately the divestment of built assets.
Our Real Estate & Construction Practice and ESG Practice experts bring a wealth of experience and domain-specific expertise to support the capability-building and upskilling objectives of the real estate sector, which will pave the way for future ‘Green’ and sustainable improvements in the years to come.
