SINGAPORE – Rajah & Tann, Allen & Gledhill and WongPartnership have formed the troika of leading environmental, social and governance (ESG) law firms, which have been added to this year’s list. Survey of the best law firms.

This addition recognizes the work of law firms to help their clients meet increasing ESG compliance requirements here and abroad. ESG is a framework for measuring an organization’s business practices and performance with respect to sustainability issues.

Its importance led Rajah & Tann to launch a Sustainability Practice Group in January 2021 to help streamline resources and knowledge sharing across the firm’s practice groups, advising clients on their ESG concerns.

“This collaborative approach is part of Rajah & Tann’s DNA and puts us in a good position to provide a high level of service to our clients,” said the firm’s Managing Partner, Mr Patrick Ang, at the time of the launch. He highlighted that sustainability has become an important area of ​​focus for many companies, amid ever-widening regulations and ESG considerations.

To stay current and be able to lead by example, the company hired an external consultant to work with it on its own sustainability and decarbonization efforts. It has also signed up with LowCarbonSG, a capacity building programme, supported by the National Environment Agency and Enterprise Singapore, to learn how to transition and track its progress towards net zero emissions.

He has also published various thought leadership articles to fuel the conversation on ESG, on topics such as greenwashing risk management and sustainable finance in Southeast Asia.

Allen & Gledhill has also been active in the ESG space. For example, it participated in the financing of projects in the field of green energy and ecological buildings. He has also advised on the establishment of carbon markets for carbon management and advised clients on issues relating to sustainable development. such as compliance with regulations in Singapore and throughout Southeast Asia.

“In today’s business environment, ESG has become a yardstick for how governments, consumers, investors and other stakeholders determine a company’s long-term value creation,” said Ms. Elsa Chen, Partner and Co-Head of Allen & Gledhill’s ESG and Public Policy Department. .

“This comes as they recognize the serious impact that climate change, biodiversity degradation, social and other problems can have on the stability of economic and financial systems, as well as the essential role that businesses play in the fight against environmental and social problems. »

She noted that Asia has been identified as a key battleground in the war on climate change, given that the region emits around half of global greenhouse gas emissions and accounts for around 60 percent of the world population.

According to some studies, the market size of green businesses in Asia is expected to reach US$4 trillion (S$5.3 trillion) to US$5 trillion across various sectors, including transportation, power generation and carbon management by 2030.

Given Singapore’s role as a leading financial and legal center in the region, it could take the lead in adopting and implementing regulations to foster sustainable development, and provide leadership in sustainability in areas such as finance, climate reporting and green claims, Chen said. .