Singapore’s mandatory climate-related disclosures: an update on reporting timelines

Back in September 2024…

Singapore took a decisive step forward in turning its climate ambition into action. The Singapore Exchange Regulation (SGX RegCo) finalised amendments to its Listing Rules[2] (and Sustainability Reporting Guide) to incorporate the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards[3] (International Sustainability Standards Boards (ISSB) standards) into its sustainability reporting regime. This is off the back of recommendations[4] released by the Sustainability Reporting Advisory Committee (SRAC)[5] in July 2023 to advance climate reporting in Singapore for both listed and non-listed companies.

What does this update mean for you?

The announcement comes barely a year after the initial ruling, with the justification for the changes being an uncertain global economic landscape, and feedback suggesting that greater consideration was needed for the varying levels of resources available and readiness within businesses to undertake climate reporting. The extension is meant to provide more time, especially for smaller listed companies, to develop their climate reporting capabilities. The large listed companies who are Straits Times Index (STI) constituents are expected to continue leading the way with an extension given only for external assurance.

While the delay of mandatory reporting deadlines may offer temporary relief for many companies, stakeholder expectations for credible, consistent, and comparable sustainability information remain unchanged. In the absence of mandated disclosures, companies that maintain their momentum and demonstrate clear intent and preparedness will distinguish themselves - laying a stronger foundation for long-term resilience and stakeholder trust.

If you are keen to continue on your momentum or to get started on climate reporting, please get in touch with us.

Want to learn more?

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To understand the key aspects you need to know about the latest reporting rules and what you can start doing today, check out our updated factsheet.

Read factsheet now

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References

[1] Extended Timelines for Most Climate Reporting Requirements to Support Companies

[2] Consultation Paper on Sustainability Reporting: Enhancing Consistency and Comparability

[3] IFRS Sustainability Disclosure Standards

[4] Consultation Paper on the Recommendations by the Sustainability Reporting Advisory Committee

[5] The Sustainability Reporting Advisory Committee (SRAC) was set up by the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange Regulation (SGX RegCo) in June 2022 to advise on the roadmap for sustainability reporting by companies in Singapore.