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White Paper on “Hainan Tourism and Culture Brand Image Development and International Communication Strategies” Released


HAIKOU, CHINA – Media OutReach Newswire – 28 November 2024 – Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, in collaboration with the News and Information Centre of Xinhua News Agency, recently unveiled a White Paper on “Hainan Tourism and Culture Brand Image Development and International Communication Strategies”, providing a multidimensional analysis of Hainan’s tourism and cultural brand image.

Screenshot of some tourism data from the white paper
Screenshot of some tourism data from the white paper

Inbound tourism serves as a critical indicator of the international competitiveness of a country or a region’s tourism industry. It is also a symbol of leading global tourism destinations, and a crucial window to present brand identity and drive cultural exchange of the destination. The white paper consists of 5 key sections and 22 chapters, covering topics such as: “Macro Background of Inbound Tourism in Hainan Province”, “Analysis of the Current Situation of Inbound Tourism in China and Hainan Province”, “Challenges Facing Hainan’s Inbound Tourism”, “The ‘Digital Twin’ Tourism Experience Model”, and “Countermeasures and Recommendations”. It systematically examines factors influencing Hainan’s inbound tourism and compares its uniqueness and similarities with both domestic and international competitors. It also offers forward-looking, targeted, and actionable solutions in areas such as brand image development, international communication strategies, visitor experience enhancement, and tourism management systems.

The research process spanned nearly a year, and the team employed diverse methodologies including industry-wide field surveys, domestic and international questionnaire analyses, in-depth interviews, and participatory observation, while taking into consideration of the current trends of Hainan and its boutique tourist destinations, creating and analysing a multi-dimensional picture of “Hainan Tourism and Culture Brand Image Development and International Communication Strategies”. The white paper adopts an advanced theoretical framework centered on an “emotional cognition-behavioral decision-making” model to analyse tourists’ experience, offering a novel and systematic perspective to understand the whole tourism process in the context of the digital era.

It also addresses the macro trends driven by the rise of “Generation Z” consumers and the structural transformation of the tourism industry, and thoroughly explore the transformation of the entire tourism and culture industry of Hainan Province. In terms of narrative strategy, the white paper innovatively introduces the “digital twin” model to offer an in-depth exploration of traveller behaviour and preferences, opening a new horizon for Hainan to develop its tourism and culture industry in an innovative way.

The issuer is solely responsible for the content of this announcement.

Preserving the beauty of nature: A bond that connects Lancang-Mekong countries


CHANGDU CITY, CHINA – Media OutReach Newswire – 28 November 2024 – Taking its source from the Zhaqu of Tanggula Mountain Range in northwest China’s Qinghai Province, the Lancang River, running through Qinghai Province, Xizang (Tibet) Autonomous Region and Yunnan Province, is the longest river flowing from north to south in China.

PressReleaseTMPx3uOxL.jpg

Following an award ceremony for the “Lancang-Mekong Impression” Short Video Contest and a media exchange event recently held in southwest China’s Xizang (Tibet) Autonomous Region, media representatives from six Lancang-Mekong countries, including China, Myanmar, Thailand, Laos, Cambodia and Vietnam, gathered in Lancang River where Zhaqu and Angqu rivers meet in Changdu City.

In the Xizang language, Changdu means the place where rivers merge into one. Witnessing China’s enhanced efforts on ecological environment protection and the launch of the Lancang-Mekong Cooperation (LMC) mechanism, Baqiong, the first-prize winner of the “Lancang-Mekong Impression” Short Video Contest said that he has seen the changes in the Lancang River over the years.

“In my impression, the water in Changdu is getting clearer, and the ecological environment has been increasingly enhanced. People’s awareness of environmental protection has also been raised. The water has become more lucid, the mountains lusher, and the scenery more picturesque,” Baqiong said.

Anucha Charoenpo, vice president of Thai Journalists Association and editor of Bangkok Post, said it was the first time that he has come to Xizang, and he was impressed by the environmental protection results. “I notice that they built something (in Changdu) to protect the landslide, and to protect the stones falling from the mountain into the ground. I feel that authorities and your people worked hard to protect the environment and society. I think it means that people who are living here must have a happy life because they can spend time living by the river,” he said.

Changdu City, with abundant forest resources, has an area of 5.01 million hectares of forest land, ranking second in the region.

“I’m deeply impressed by the environment, humanistic and cultural resources, and ecological protection here. Now I’m standing at the source of the Lancang River, and I can see the clear water here, which has been well protected by local people and the local government,” according to Han Haoyin, director of content at TNAOT.

“First of all, the river looks crystal clear to the naked eye, and I learned that the local government has made a lot of efforts in ecological protection. This is the upper reaches of the Lancang River, and it needs to be preserved,” a content creator named Wu Siyao said during the media event.

Over the past eight years since the launch of the LMC mechanism, it has continued to promote exchanges and cooperation among the countries in the region.

“What I feel most when I came to the Lancang River today is that the tributaries converge to form a river, just like the six Lancang-Mekong countries converging together and working together to create a better future, ” according to Liao Lipan, editor at ASEAN branch of The Wallstreet Herald.

The “Lancang-Mekong Impression” Short Video Contest, organized by China News Service, has enhanced mutual understanding and promoted friendly exchanges among the people of the six countries through a variety of media events.

“The short video contest is a starting point to gain participation from people in GMS countries, pay more attention to the beauty of the nature that we have, and try to keep and help preserve the beauty of nature,” Anucha Charoenpo said.

As the Lancang-Mekong countries gathered to explore how to showcase the vitality of Lancang-Mekong cooperation, Han Haoyin pointed out that the six countries need to make joint efforts to maintain the water system, and work jointly to preserve the water as it is a bond that links the six countries in the fields of economy, people-to-people and life exchanges.

Hashtag: #ChinaNewsService

The issuer is solely responsible for the content of this announcement.

‘Sorn’ Becomes Thailand’s First Three Michelin Star Restaurant, Marking A Historic Milestone On Both National And Global Gastronomic Maps

BANGKOK, THAILAND – Media OutReach Newswire – 28 November 2024 – Thailand’s culinary community shines brighter than ever, with the announcement of the country’s first recipient of the ultimate accolade of Three MICHELIN Stars at the MICHELIN Guide Ceremony Thailand that marks the official release of The MICHELIN Guide Thailand 2025 edition, and the unveiling of its much-awaited full restaurant selection.

Photo - The MICHELIN Guide Thailand 2025

The newly released Guide features 462 establishments – with its first-ever Three MICHELIN Stars (promoted from Two MICHELIN Stars), 7 Two MICHELIN Stars (1 promoted from One MICHELIN Star), 28 One MICHELIN Star (4 new entries, and 1 promoted from MICHELIN Selected), 156 Bib Gourmand (20 new entries), and 270 MICHELIN Selected entries (44 new entries). Among the new additions to the Guide, 20 are from Chon Buri (5 Bib Gourmand, and 15 MICHELIN Selected entries), the newly covered destination in this eighth local edition.

Gwendal Poullennec, International Director of The MICHELIN Guides, commented: “With the country’s first-ever ‘Three MICHELIN Stars’ restaurant, 2025 definitely marks a significant and historic year for Thailand on the international gastronomic map. What’s more, the entire selection celebrates the richness and diversity of Thai cuisine, and highlights Thailand’s gastronomy as an inclusive market that embraces tradition, modernity, and new trends.

Thailand’s evolving restaurant landscape and culinary trends as noted by MICHELIN Guide Inspectors

According to Mr. Poullennec, Thailand’s restaurant landscape has seen the continued growth of a new breed of modern Thai restaurants, helmed by young talented Thai chefs – mostly under the age of 35, with international experiences and/or western culinary education – who start up business in their hometown, with a passion to showcase traditional Thai dishes in a modern and sophisticated style, to push contemporary Thai cooking beyond its boundaries.

Moreover, Thailand’s fine-dining scene attracts foreign chefs from all corners of the world, to work, exchange their expertise with local chefs, and train young local teams. The focus on sustainability and local sourcing has also been widely and increasingly seen, with chefs becoming more engaged in sourcing local ingredients and cooperating with small eco-friendly producers. Such momentum inspires local chefs to take the initiative and make their approach with a positive change in the environment.

MICHELIN Guide Inspectors also found a noticeable number of simple restaurants and small eateries that have passed down recipes from generation to generation, ensuring their authenticity and originality. These types of dining establishments affirm Thailand as a country with exceptionally good food at reasonable prices.

‘Sorn’ made history by receiving Thailand’s first-ever Three MICHELIN Stars

Sorn – a restaurant with a focus on the art of Southern Thai cuisine that blends tradition with modernity, and refinement with evolution; its perfectly paced menu offering an array of exhilarating flavors, all of which are in perfect harmony –becomes iconic, being the first and only restaurant in Thailand to hold the highest level of Three MICHELIN Stars.

First making its appearance in The 2019 MICHELIN Guide Thailand on the One MICHELIN Star list, Sorn was promoted to Two MICHELIN Stars in the following year and has maintained this prestigious recognition for five consecutive years. Its being awarded the much-coveted Three MICHELIN Stars in the 2025 edition is a true mark of excellence, quality, and consistency. Rather than being a detour on the way to a destination, Sorn has now become the destination itself.

‘Côte by Mauro Colagreco’ the only addition to the Two MICHELIN Stars list

In The 2025 MICHELIN Guide Thailand edition, being promoted from the One MICHELIN Star status to join Baan Tepa, Chef’s Table, Gaa, Mezzaluna, R-Haan, and Sühring on the Two MICHELIN Stars list is Côte by Mauro Colagreco – a restaurant that brings the essence of Riviera-inspired cuisine to Bangkok, embracing Mediterranean, French and Italian influences, through its seasonal menus based on the finest produce available that day, highlighting dishes that are skillfully crafted and presented using modern techniques.

5 new entries awarded One MICHELIN Star

Of the 5 new One MICHELIN Star entries, 4 are newcomers making it into the Guide for the first time, and the other one is promoted from MICHELIN Selected.

The 4 newcomers awarded One MICHELIN Star are: AKKEE, a restaurant where bold, regional dishes of classic Thai recipes traditionally prepared in a no-frills kitchen to bring a rustic edge and distinct flavors, are served in an immersive, dimly lit setting; AVANT, a restaurant helmed by a Singaporean chef who combines traditional and modern techniques with meticulous attention to detail; GOAT, a restaurant that cleverly brings together elements of Thai, Chinese, and Western cuisines in a Thai seasonal concept, using herbs grown onsite and ingredients sourced from all over Thailand; and Aulis, a restaurant with a “Chef’s Table” concept, offering the multi-course tasting menu that presents native ingredients, many sourced from Thailand and local grower collaborations. It is noteworthy that among the newcomers, two are located outside of Bangkok: AKKEE in Nonthaburi, and Aulis in Phang-Nga.

The only One MICHELIN Star laureate promoted from the MICHELIN Selected category is Coda, a restaurant that celebrates the essence of regional Thai cuisine while incorporating modern techniques to forge a fresh identity, offering a concise, expertly seasoned tasting menu, rife with delicate yet richly layered flavors.

‘Baan Tepa’ The only addition to the MICHELIN Green Star list

Joining PRU, Haoma and Jampa in holding of the MICHELIN Green Star highlighting their commitment to sustainability, is Baan Tepa – a Thai contemporary restaurant. The chef and the team have not only worked hard to be eco-friendly – such as growing herbs and edible flowers in their own garden, sourcing ingredients from eco-friendly producers, composting food waste into fertilizer, and creating zero-waste meals and drinks; but also conducted various community involvement initiatives on sustainable practices. Their dedication to the environment remains strong even in tough times, thus deserving a prestigious recognition for their green efforts.

With this newly-awarded restaurant, The MICHELIN Guide Thailand selection has a total of 4 MICHELIN Green Starred establishments.

Four MICHELIN Guide Special Awards

With its Special Awards, The MICHELIN Guide shines a light on talented professionals in MICHELIN-recommended restaurants who raise the gastronomic experience to a higher level. In doing so, they demonstrate how varied and exciting the hospitality industry is to work in.

2025 MICHELIN Guide Young Chef Award

The MICHELIN Guide Young Chef Award recognizes a young chef, who has proven over the past 12 months to have a unique personality and/or an identity in culinary creations. This year, the Young Chef Award, presented by Blancpain, is given to Mr. Sittikorn (Ou) Chantop, the owner-chef of AKKEE. With a passion for traditional Thai cuisine, Mr. Chantop is also bold in utilizing rare ingredients in the menu and clever in menu design. His talent is evidently seen, showcasing true originality with a modern touch. The MICHELIN Guide Inspectors are pleased to see him bringing traditional Thai recipes into the 21st.

2025 MICHELIN Guide Opening of the Year Award

The MICHELIN Guide Opening of the Year Award is given to individuals and teams, for the successful opening of a dining venue over the past 12 months, with
a creative degustation concept and a cuisine approach which has had an impact on the local gastronomic scene. This year’s award, presented by UOB, is bestowed to Mr. Dimitrios Moudios, the co-owner chef of Ōre. Opened in early 2024, Ōre offers an exclusively minimalist ambiance and an unforgettable dining experience through its 30-course creative menu that are incorporated with fermented and rare ingredients, executed by various cooking techniques, and results in unique flavors.

2025 MICHELIN Guide Service Award

The MICHELIN Guide Service Award aims to highlight and encourage skilled and talented professionals who dramatically enhance the customer experience. This year’s MICHELIN Guide Service Award, presented by the Tourism Authority of Thailand, is given to Mrs. Yupa (Ying) Sukkasem, the restaurant manager at Baan Tepa. With 6 years of experience in the food and beverage industry, she provides professional yet thoughtful service. Her engagement and her team’s service brought MICHELIN Guide Inspectors memorable and pleasant nights.

2025 MICHELIN Guide Sommelier Award

The MICHELIN Guide Sommelier Award recognizes the skills, knowledge, and passion of talented sommeliers in the industry. This year’s Sommelier Award is bestowed to Mr. Thansith Wasinonth from Côte by Mauro Colagreco. Engaging in this domain for 4 years in Capella Bangkok, Mr. Wasinonth shows his passion and profession in wine service. His confident yet humble approach to wine recommendation ensures diners an enjoyable gastronomic journey with wine.

The MICHELIN Guide Thailand 2025 at a Glance:

1 Three MICHELIN Star (promoted from Two MICHELIN Star)
7 Two MICHELIN Star (1 promoted from One MICHELIN Star)
28 One MICHELIN Star (4 new, 1 promoted from MICHELIN Selected)
4 MICHELIN Green Star (1 new)
156 Bib Gourmand (20 new)
270 MICHELIN Selected (44 new)

Images from the 2025 MICHELIN Guide Ceremony Thailand can be downloaded HERE.

To learn more about The MICHELIN Guide, please visit guide.michelin.com/th/en, or follow updates on facebook.com/MICHELINGuideAsia

The MICHELIN Guide Worldwide app for iOS and Android devices.


THE MICHELIN GUIDE THAILAND 2025

มิชลิน ไกด์ ฉบับประเทศไทย ประจำปี 2568

Three MICHELIN Stars / สามดาวมิชลิน
Exceptional cuisine, worth a special journey / สุดยอดร้านอาหารที่ควรค่าแก่การเดินทางไกลเพื่อไปชิมสักครั้ง

Bangkok & surrounding provinces / กรุงเทพมหานครและปริมณฑล
Sorn ศรณ์ PROMOTED FROM TWO MICHELIN STARS

Two MICHELIN Stars / สองดาวมิชลิน
Excellent cooking, worth a detour / ร้านอาหารยอดเยี่ยมที่ควรค่าแก่การขับรถออกนอกเส้นทางเพื่อแวะชิม

Bangkok & surrounding provinces / กรุงเทพมหานครและปริมณฑล
Baan Tepa บ้านเทพา
Chef’s Table เชฟส์เทเบิล
Côte by Mauro Colagreco โค้ท บาย เมาโร โคลาเกรคโค PROMOTED FROM ONE MICHELIN STAR
Gaa กา
Mezzaluna เมซซาลูน่า
R-Haan อาหาร
Sühring ซูห์ริง

One MICHELIN Star / หนึ่งดาวมิชลิน
High quality cooking, worth a stop / ร้านอาหารคุณภาพสูงที่ควรค่าแก่การหยุดแวะชิม

Bangkok & surrounding provinces / กรุงเทพมหานครและปริมณฑล
80/20 เอ็ทตี้ ทเวนตี้
AKKEE อัคคี NEW
Aksorn อักษร
AVANT เอวองท์ NEW
Blue by Alain Ducasse บลู บาย อลัง ดูคาส
Chim by Siam Wisdom ชิม บาย สยามวิสดอม
Coda โคด้า PROMOTED FROM MICHELIN SELECTED
Elements, Inspired by Ciel Bleu เอเลเมนท์ อินสไปร์ บาย เซล เบลอ
GOAT โกท NEW
Haoma ฮาโอมา
IGNIV อิกนีฟ
INDDEE อินดี
Jay Fai เจ๊ไฝ
Le Du ฤดู
Le Normandie เลอ นอร์มังดี
Maison Dunand เมซง ดูนานท์
Mia มีอา
Nahm น้ำ
NAWA นว
Potong โพทง
Resonance เรโซแนนซ์
Samrub Samrub Thai สำรับสำหรับไทย
Saneh Jaan เสน่ห์จันทน์
Signature ซิกเนเจอร์
Suan Thip สวนทิพย์
Wana Yook วรรณยุค
Phang-Nga / พังงา
Aulis อาวลิส NEW
Phuket / ภูเก็ต
PRU พรุ

MICHELIN Green Star / ดาวมิชลินรักษ์โลก
Highlighting their commitment to sustainability /
ร้านอาหารที่ดำเนินกิจการที่เป็นมิตรต่อสิ่งแวดล้อมอย่างยั่งยืน
Bangkok & surrounding provinces / กรุงเทพมหานครและปริมณฑล
Baan Tepa บ้านเทพา NEW
Haoma ฮาโอมา
Phuket / ภูเก็ต
Jampa จำปา
PRU พรุ

Hashtag: #michelin #MichelinGuideThailand




The issuer is solely responsible for the content of this announcement.

About Michelin

Michelin is developing world-leading manufacturing of composites and experiences that transform our everyday lives. A pioneer in the science of materials for over 130 years, Michelin relies on unique expertise to make a significant contribution to human progress and to a more sustainable world. Thanks to its unequalled mastery of polymer composites, Michelin is constantly innovating in order to produce high quality tires and critical components for demanding sectors such as mobility, construction, aeronautics, low-carbon energies, and healthcare. The care taken with its products and its intimate knowledge of their uses allow it to provide its clients with exceptional experiences, whether these are solutions based on data and artificial intelligence for professional fleets, or the discovery of remarkable restaurants and hotels recommended by The MICHELIN Guide. ()

2024 Data Asset Management Summit held in Shanghai

SHANGHAI, CHINA – Media OutReach Newswire – 28 November 2024 – On November 25th, 2024, the Data Asset Management Summit (DAMS2024) was held in Shanghai. It focused on key issues in the field of data asset management, sought growth paths for the value of data assets, and explored new opportunities for the development of the data industry. The “Strength of China Data Asset 50+” project was established at the DAMS2024 to create the world’s first high-end exchange platform for data asset management, along with a number of other initiatives.

Initiated by the National Engineering Laboratory for Big Data Distribution and Exchange Technologies, the Shanghai Data Exchange, and the Research Institute of Shanghai Data Group, the “SCDA 50+” has nearly 100 data asset management experts among its founding members, including Yang Shanlin, a scholar at the Chinese Academy of Engineering.

Shanghai released the Shanghai Declaration at the forum, pledging Shanghai’s full support for the development of a global data asset market and calling for greater international collaboration in this arena.

The first Real World Asset Tokenization project in the agricultural sector, the Malu Grape data asset package, was unveiled at the summit, along with a number of other innovations. Developed by Shanghai startup Zuoanxinhui Data Technology, the package logs the planting, certification, distribution and other data of grapes grown in the Malu town of Shanghai in blockchain and turns them into a digital asset.

Hashtag: #2024DataAssetManagementSummit

The issuer is solely responsible for the content of this announcement.

Textile Treasures of Laos: A Celebration of Culture, Craft

Silk weaving in Laos has been a cherished tradition for generations. In rural areas, girls often begin learning the craft before the age of ten, guided by their mothers and grandmothers. 

TOJOY Participates in Malaysia Smart Nation Expo to Foster China-Malaysia (ASEAN) Business Opportunities


SINGAPORE – Media OutReach Newswire – 28 November 2024 – TOJOY Shared Smart Enterprise Services, a leading entrepreneur resource-sharing platform headquartered in China, is pleased to announce its inaugural participation in Southeast Asia’s largest technology event, the Smart Nation Expo 2024, held in Kuala Lumpur, Malaysia. This delegation comprises distinguished innovative enterprises, traditional entrepreneurs, and investors from China, who will engage in meaningful discussions and exchanges with local stakeholders across various sectors.

In his speech, Mr GE Jun, the Chairman of the Board and CEO of TOJOY, emphasized the importance of leveraging Malaysia’s unique position as a gateway between the world and Southeast Asia to promote global growth and foster collaborative opportunities across various fields.

In his speech themed "Embracing Platform, Shaping A Shared Futured," Mr GE Jun highlighted Malaysia's advantages, including its linguistic diversity, rich cultural background, and world-class ports, make Malaysia an exceptionally appealing investment destination

Unlocking Malaysia’s Strategic Development Potential
Mr GE Jun led a delegation of 8 high-quality Chinese innovative enterprises to Malaysia, engaging in projects across various sectors, including AI health examinations, AI-driven education ,entertainment, residential water treatment, automotive cleaning robots, traditional Chinese wellness therapies and biopharmaceuticals。Each of these companies presents innovative solutions tailored to meet the diverse needs of modern society, offering new development opportunities for the Southeast Asian market. Mr GE Jun stated that these innovative companies, along with traditional entrepreneurs and investors with them, are eager and confident about entering the Southeast Asian market.

In his speech themed “Embracing Platform, Shaping A Shared Futured,” Mr GE Jun highlighted Malaysia’s advantages, including its linguistic diversity, rich cultural background, and world-class ports. He noted that these factors, combined with a series of government incentive programs designed to attract foreign investment, make Malaysia an exceptionally appealing investment destination.

China and Malaysia share similar cultural backgrounds, which enhance business interactions between the two regions. This cultural synergy facilitates easier market entry for Chinese entrepreneurs in Malaysia, allowing them to establish stronger partnerships. In his speech, Mr GE Jun remarked on the significance of social media platforms such as TikTok and Xiaohongshu in Malaysia, which serve to bridge cultural differences and support effective marketing strategies.

Committed to Fostering the Malaysia-China Partnership

Mr GE Jun stated, “Malaysia’s unique position enables it to serve as a bridge connecting Southeast Asia with China and other markets. TOJOY is committed to establishing strong connections on this platform to promote mutual growth between the Southeast Asian market and Chinese enterprises while exploring new models of win-win collaboration.”

Additionally, Smart Nation has awarded the ” Gold Sponsor Award ” to Mr GE Jun, acknowledging TOJOY and Mr GE Jun’s leadership and efforts in fostering collaboration between businesses in Malaysia and China. This prestigious award reflects the significant impact that TOJOY has made in enhancing bilateral trade and investment opportunities.

Hashtag: #TOJOY

The issuer is solely responsible for the content of this announcement.

About TOJOY and Mr GE Jun

Mr GE Jun brings extensive experience from his time at leading technology companies such as Apple, Intel Corp, and NVIDIA. His international background provides him with a unique perspective on the future of TOJOY, and he is dedicated to promoting international business collaboration while fostering partnerships between China, Malaysia, and the broader Southeast Asia region.

Established in 2011, TOJOY has been providing precise resource matching for innovative enterprises and offering solutions for business expansion and marketing promotion over the years. The company is dedicated to fostering co-creation, sharing, and mutual success between traditional and innovative enterprises, as well as helping traditional businesses transform and seize market opportunities.

Laos to Suspend Alluvial Gold Mining, PM Says

Laos to Suspend Alluvial Gold Mining, PM Says

Prime Minister Sonexay Siphandone stressed the government’s increased efforts to tackle the detrimental environmental effects of development projects, particularly mining, in response to ongoing concerns raised by members of the National Assembly.

Singapore Achieves Progress in Sustainability Reporting, Outperforming Global Benchmarks

  • Singapore is one of only seven countries globally where all top 100 companies report on sustainability, surpassing the global average of 79 percent.
  • Singapore’s top 100 companies outperformed global benchmarks in six of 12 key sustainability reporting indicators, including board-level accountability, ESG integration and climate risk recognition.
  • 76 percent of Singapore companies now recognise climate change as a financial risk, well above the global average of 55 percent and up from 49 percent in 2022.
  • However, the percentage of Singapore companies seeking assurance for their sustainability information (37 percent) remains below the global average of 54 percent.


SINGAPORE – Media OutReach Newswire – 28 November 2024 – Singapore’s top 100 companies have made significant strides in sustainability reporting for 2024, exceeding global averages across six of twelve key indicators (see Table 1). The city-state is also uniquely positioned as one of only seven countries globally where all top 100 companies report on sustainability, in contrast to a global average of 79 percent.

The findings come from KPMG’s 2024 Survey of Sustainability Reporting, which examines the sustainability reporting approaches of the largest 100 companies (termed ‘N100’) in 58 countries or jurisdictions, representing a total of 5,800 companies.

Notably, Singapore’s top 100 companies demonstrated significant progress in three key areas compared to 2022, further surpassing global averages in these domains:

  • Climate Change as a Financial Risk: 76 percent of Singapore’s top 100 companies now recognise climate change as a financial risk to their business, a considerable rise from 49 percent in 2022. This also exceeds the 2024 global average of 55 percent, underscoring a broader corporate acknowledgment of climate-related risks.
  • Strengthening Governance Leadership: The proportion of companies with a board or leadership representative responsible for sustainability governance rose to 55 percent in 2024, up from 35 percent in 2022. This increase highlights an enhanced commitment to embedding sustainability principles within corporate leadership.
  • Integration of ESG in Reporting: 84 percent of Singapore companies now integrate Environmental, Social, and Governance (ESG) information into their annual reports, up from 68 percent in 2022. This achievement also stands well ahead of the 2024 global average of 62 percent, emphasising stronger corporate integration of sustainability disclosures.

Cherine Fok, Partner, ESG Consulting, KPMG in Singapore, said:

“This year’s data marks a pivotal moment for sustainability reporting in Singapore, showcasing significant progress in how companies address climate-related risks. The increase from 49 percent in 2022 to 76 percent of firms recognising climate change as a financial concern highlights a deepening corporate understanding of its pervasive impact on business resilience and value creation.

This advancement has been driven by the strong alignment between public and private sector initiatives. Government-led efforts, such as the impending adoption of International Sustainability Standards Board (ISSB) standards in 2025, have set a clear framework for corporate transparency, while the rise in board-level responsibility and the integration of ESG factors into annual reports—now at 84 percent compared to 68 percent two years ago—reflects growing accountability at leadership levels.

However, there are areas that warrant further attention. Challenges in quantifying climate risks, obtaining third-party assurance, and linking sustainability metrics to executive remuneration present key opportunities for improvement. For instance, independent assurance can offer an impartial perspective that builds trust among investors and partners while clarifying an organisation’s long-term ESG strategy. The slight dip in companies tying sustainability to pay may reflect boards exercising caution around disclosure, particularly as climate-linked remuneration becomes a disclosure requirement under the ISSB framework, prompting strategic recalibrations.

Emerging areas such as biodiversity and social-related risk categories are also gaining traction. Initiatives like the Singapore Sustainable Finance Association’s biodiversity workstream and national movements such as Forward Singapore provide platforms for progress. Globally, forthcoming reporting standards are poised to enhance disclosures on these topics. While the Sustainable Development Goals serve as an overarching aspirational framework, companies might choose to adopt more specific standards like the Global Reporting Initiative (GRI) or the Task Force on Climate-related Financial Disclosures (TCFD) for detailed guidance.

To sustain this momentum, Singapore must pivot challenges into strengths, leveraging innovation, collaboration, and cultural transformation to embed sustainability at the core of business strategies. Tools like KPMG’s ESG Assurance Maturity Index can help companies better navigate the evolving landscape of reporting, regulations, and insights, ensuring they remain positioned for leadership in corporate sustainability.”

Performance against global averages

Singapore’s top 100 companies outpaced global benchmarks in six sustainability reporting indicators. Key areas include the acknowledgment of climate change as a financial risk, identification of material topics, inclusion of ESG information in annual reports, reporting of carbon reduction targets, and governance leadership.

However, some aspects of sustainability reporting show room for improvement. For instance, 38 percent of Singapore companies now link sustainability to executive remuneration, reflecting a decrease from 67 percent in 2022, though still notably ahead of the global average of 30 percent. In addition, 37 percent of Singapore’s top 100 companies have sought assurance for their ESG or sustainability-related information, an encouraging increase from 2022, though below the global standard of 54 percent. Singapore’s progress in sustainability reporting can be expanded further in areas such as integrated reporting, alignment with the Sustainable Development Goals, enhanced biodiversity disclosures, and addressing social and governance-related risks. These dimensions present opportunities to build on Singapore’s strong foundations and drive continued improvement in corporate sustainability practices.

Table 1: Results of sustainability key data points by N100 companies in Singapore versus global average

No Key data points Global average (2022) Singapore results (2022) Global average (2024) Singapore results (2024)
1 ANNUAL REPORT

(number of companies that include ESG/Sustainability information in their annual report)

60% 68%

Medium/High

62% 84%

High

2 INTEGRATED REPORT

(number of companies that state that it follows the International <Integrated Reporting > Framework)

22% 9%

Medium/High

19% 7%

Medium/Low

3 ASSURANCE

(number of companies that seek assurance for their ESG/Sustainability information)

47% 26%

Medium/Low

54% 37%

Medium/Low

4 MATERIALITY

(number of companies that identify material topics)

71% 100%

High

79% 96%

High

5 SDG

(number of companies that identify specific Sustainable Development Goals (SDGs) it considers most relevant to the business)

71% 69%

Medium/High

75% 69%

Medium/High

6 CARBON TARGET

(number of companies that report carbon reduction targets)

71% 78%

High

80% 81%

Medium/High

7 BIODIVERSITY

(number of companies that recognize the loss of biodiversity/nature as a risk to the business)

40% 34%

Medium/High

49% 30%

Medium/Low

8 CLIMATE RELATED RISK

(number of companies that acknowledge climate change as a financial risk to business)

46% 49%

Medium/High

55% 76%

High

9 SOCIAL RELATED RISK

(number of companies that acknowledge social elements as a financial risk to business)

43% 34%

Medium/Low

51% 45%

Medium/Low

10 GOVERNANCE RELATED RISK

(number of companies that acknowledge governance elements as a financial risk to business)

41% 41%

Medium/High

51% 44%

Medium/Low

11 GOVERNANCE

(number of companies with dedicated member of the Board and/or leadership team responsible for sustainability)

34% 35%

Medium/High

46% 55%

Medium/High

12 GOVERNANCE

(number of companies that included sustainability within compensation)

24% 67%

High

30% 38%

Medium/High

Legend:
For each data point, the country has been ranked and grouped into one of four quartiles:
Top quartile (High) = Countries ranked 1 – 15
Middle – high quartile (Medium/High) = Countries ranked 16 – 30
Low – middle quartile (Medium/Low) = Countries ranked 31 – 44
Bottom quartile (Low) = Countries ranked 45 – 58

KPMG 2024 Survey of Sustainability Reporting

Globally, the findings of KPMG’s Survey of Sustainability Reporting 2024 indicate six major trends:

  1. Reporting on sustainability and setting carbon targets has become part of business as usual. Both sustainability reporting and carbon targets have been adopted by almost all of the G250 global group of companies and four-fifths of the N100 groups.
  2. Some companies have already changed practices in advance of the move to mandatory reporting on sustainability under the EU’s CSRD. The directive applies to an initial group of companies for reports on financial years ending from 31 December 2024, with some having until 2029 to publish their first compliant reports. However, some companies, mainly European-headquartered or with activities in Europe, are already preparing for CSRD such as by reporting material topics in accordance with the ESRS. Nearly half of European companies in the research already make disclosures using the EU Taxonomy.
  3. Double materiality, required under CSRD, is now used by half of the largest companies. Nearly four-fifths of both the G250 and N100 groups use materiality assessments. The larger G250 companies are more likely to use double materiality processes that assess both impacts on society and the environment and how this affects their financial performance. Double materiality is the most complete form of materiality assessment and is a cornerstone of compliance with the EU’s CSRD, so some of those adopting it are likely to be doing so to prepare for it becoming mandatory.
  4. Despite moves towards mandatory reporting, voluntary guidelines and standards remain widely-used. GRI remains the most popular standard, with three-quarters of G250 companies using it and nearly as high a proportion of the N100 groups. There have been bigger increases in use for both SASB and stock exchange guidelines over the last two years, although from lower bases. Their adoption varies significantly by country and region, with all surveyed companies in Saudi Arabia using its stock exchange guidelines and two-thirds of those in the Americas using SASB.
  5. Reporting on biodiversity continues to increase. Around half of both the G250 and N100 groups now report on biodiversity, up from around one-quarter four years ago, although growth has been slower in the last two years. Significant differences between regions on adoption rates found two years ago have narrowed since, with companies in the Middle East and Africa moving closer to the global average.
  6. Adoption of TCFD recommendations continues to rise. Nearly three-quarters of G250 companies report climate risks in line with TCFD.

The world is facing complex climate, social and geopolitical issues and addressing ESG priorities is more important than ever. The last two years have seen some companies and investors weakening and, in some cases, abandoning ESG commitments. However, KPMG’s Survey of Sustainability Reporting shows that the largest companies worldwide are engaged with at least some elements of its agenda, such as, by setting carbon reduction targets.

John McCalla-Leacy, Head of Global ESG at KPMG International, said:

“KPMG’s findings – and the fact that there are more sustainability leaders within executive teams at the boardroom than ever before – are clear evidence that we’re making solid progress on the journey toward greater transparency and positive corporate actions to address environmental, societal and governance challenges. An increasing number of today’s investors are now taking non-financial data just as seriously as financial data. The mainstream view today is that businesses that measure and report ESG risks – clearly and in-depth – are also likely to manage these risks better and deliver greater long-term value.

“2025 is slated to be a milestone year for sustainability reporting. The Survey of Sustainability Reporting shows that companies are addressing the challenges and getting ahead of the new rules and regulatory frameworks. We are making noticeable progress with ESG reporting in a way that supports short-term and long-term business objectives. With years of analysis on the books, we are building an evidence base which shows how a robust sustainability reporting ecosystem helps businesses not only measure progress on executing their ESG strategy, but also drives value while mobilising capital markets to help support the development of ever-increasing much-needed solutions to the many environmental and societal issues we face. The business world is making progress. Let’s keep going.”

Jan-Hendrik Gnändiger, Head of Global ESG Advisory at KPMG International, commented:

“Our research shows that sustainability reporting has become part of business as usual for almost all of the world’s largest 250 companies and a large majority of the top 100 companies in each country, territory or jurisdiction. The last two years have also seen significant increases in the proportion of companies publishing carbon reduction targets to levels equivalent to those for sustainability reporting. The proportion of companies reporting on biodiversity remains lower but has similarly increased since 2022. While next year will see some companies having to report on sustainability, our research shows that many others are commencing or increasing their work in this area voluntarily. There are excellent reasons to do so, whether to prepare for mandatory requirements or to offer better information to investors, customers, employees, regulators or other stakeholders.”

About the KPMG Survey of Sustainability Reporting

This survey is based on detailed research by KPMG professionals representing 58 member firms, with each reviewing annual financial, integrated and ESG/sustainability reporting published by the largest 100 companies in their countries, territories and jurisdictions. With data from 5,800 companies, this year’s survey is the same size as 2022’s.

This makes it jointly the most comprehensive in the series, which has run since 1993. For each company, staff at a KPMG member firm have examined its most recent available report to gather up to 52 pieces of data using a standard questionnaire.

The responses from each country, territory and jurisdiction have been combined into a single dataset of more than 180,000 items which has been validated and analyzed to produce the results.

This report also draws on the expertise of KPMG subject matter specialists worldwide through interviews and other input. We have drawn primarily on reports published between 1 July 2023 and 30 June 2024. If a company did not report during this period we have used reports published since 1 July 2022 at the earliest.

If a subsidiary company reports on sustainability only through its parent or group company, we leverage the KPMG network and apply the parent company results to the subsidiaries as well. For example, in more than one case the group sustainability results for an international food and drink manufacturer have also been applied to some of its national subsidiaries.

Survey findings are based purely on analysis of publicly available information. No information was submitted directly by companies to KPMG firms.
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About KPMG International

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