28 July 2023

On 22 June 2023, the United Nations Development Programme (“UNDP”), Global Legal Entity Identifier Foundation (“GLEIF”) and Monetary Authority of Singapore (“MAS”) signed a Statement of Intent regarding collaboration to develop digital Environmental, Social and Governance (“ESG”) credentials for micro, small and medium-sized enterprises (“MSMEs”) worldwide. 

The initiative, known as Project Savannah, seeks to simplify the ESG reporting process for MSMEs by leveraging on digital initiatives such as MAS’ Project Greenprint, to generate ESG data credentials that can be housed in MSMEs’ Legal Entity Identifier (LEI) records. MSMEs will thus be able to transmit verified entity information and key ESG data to their business partners, strengthening their ability to gain access to global financing and supply chain opportunities. 

Businesses face increasing reporting requirements relating to disclosure and tracking of their sustainability performance, with MSMEs generally requiring greater support to build their sustainability capabilities and expertise. 

Project Savannah aims to lower identified barriers to MSME meeting sustainability disclosure and tracking requirements by establishing a common framework of ESG metrics for MSMEs to generate their basic sustainability credentials enabling them to work towards meeting the UN Sustainable Development Goals. 

UNDP, MAS and GLEIF will support Project Savannah by boosting capacity building initiatives, simplifying MSME reporting processes, and establish platforms that simplify disclosure and enable MSME ESG credentials to be trusted and accessible to authorised third parties. 

The UNDP, GLEIF and MAS will consult regulators, financial institutions and real economy corporations to refine Project Savannah’s scope and execution. These engagements will culminate in a multi-jurisdictional proof of concept targeted to be launched at the 2023 UN Conference of the Parties (COP28), to be held in Dubai from November to December 2023.

Reference materials

The press release is available on the MAS website www.mas.gov.sg.