STACS, a Singapore-based environmental, social, and governance (ESG) data and technology solutions company, has introduced significant upgrades to its ESGpedia platform, aimed at aiding businesses and financial institutions in meeting the growing ESG regulatory demands in Europe and Asia.
Amidst the challenges of accessing ESG data for SMEs in their supply chains, particularly in the Asia-Pacific region, STACS has unveiled advanced features on ESGpedia to bridge these data gaps. The platform now leverages Artificial Intelligence (AI) to provide a dual approach through ESGpedia Nexus and ESGpedia Intelligence.
ESGpedia Nexus facilitates companies at different ESG maturity levels in achieving their comprehensive business requirements and readiness through active engagement and a marketplace of sustainability solutions. It simplifies the process of creating ESG profiles, making it more accessible to a wider range of businesses. Additionally, it offers digital tools to automatically convert operational data into greenhouse gas emissions data for various Asia-Pacific countries.
ESGpedia Nexus also includes a marketplace where companies can enhance their ESG profiles and engage in ESG-related transactions.
On the other hand, ESGpedia Intelligence offers a comprehensive view of aggregated ESG data across countries and sectors, thanks to AI-driven harmonization of unstructured ESG data. STACS initially launched ESGpedia version 2.0 with five million sustainability data points in May, focusing on aggregating, harmonizing, and standardizing ESG data.
The platform’s data coverage now spans more than 300,000 companies’ sustainability data, with 115,000 company profiles containing fully standardized corporate data. Notably, local bank OCBC has been among ESGpedia’s users.
Furthermore, ESGpedia facilitates the issuance of sustainability-linked loans and offers Renewable Energy Certificates (RECs) and carbon credits to companies looking to offset their Scope 2 carbon emissions from electricity usage. The platform aims to promote transparency in the RECs lifecycle, addressing concerns about double-trading.
In light of evolving ESG regulations, STACS is emphasizing the role of AI and technology in helping companies, including non-listed and small businesses, ensure compliance with the expanding ESG regulations landscape across Europe and Asia.
The European Sustainability Reporting Standards (ESRS) will soon bring over 50,000 European Union (EU) companies and 10,000 non-EU companies into its scope, while various Asian markets are implementing mandatory regulatory reporting to align with global sustainability and ESG standards, including the International Financial Reporting Standards’ inaugural ISSB standard. Benjamin Soh, founder and managing director at STACS, highlights the growing importance of understanding one’s ESG profile and harnessing technology to meet these evolving regulations in Europe and Asia.
