Singapore Gives Companies More Time on Climate Reporting

Key Takeaways

• Scope 1 and 2 GHG Emissions: Mandatory for all listed companies starting from FY2025.
• STI Constituents: Must file ISSB-based disclosures from FY2025 and begin Scope 3 reporting from FY2026.
• Other Listed Companies: Market cap above $740 million (S$1 billion) begin broader ISSB reporting in FY2028; those below $740 million (S$1 billion) start in FY2030.
• Large Non-Listed Companies: ISSB-based disclosures deferred until FY2030, with external assurance pushed to FY2032.
• Regulatory Approach: Extension framed as breathing room, not rollback, to balance compliance costs with readiness and maintain Singapore’s 2050 net-zero trajectory.

Deep Dive

Singapore has hit pause, just slightly, on its march toward stricter climate reporting. The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) announced they will extend timelines for companies to meet new reporting and assurance rules, a move designed to give businesses breathing room to build the systems and expertise needed for high-quality disclosures.

Global headwinds and uneven readiness across the corporate landscape prompted the decision. The Singapore Business Federation told regulators that smaller listed firms, in particular, were struggling to get their arms around the International Sustainability Standards Board (ISSB) disclosure requirements. ACRA and SGX RegCo listened, opting for a staggered approach that still keeps the city-state aligned with its 2050 net-zero target.

In practical terms, this means large companies are still expected to lead, while others are given more time to learn from them and set up the data pipelines and internal controls needed to measure greenhouse gas emissions and climate risks accurately.

What Changes for Listed Companies

Every listed company still needs to start reporting Scope 1 and 2 emissions from financial years beginning January 1, 2025. That requirement hasn’t budged. But the rest of the roadmap now looks more measured:

• Straits Times Index (STI) constituents will remain first movers. They must produce broader ISSB-aligned climate disclosures from FY2025 and add Scope 3 reporting from FY2026.
• Other large listed firms with a market cap above $740 million (S$1 billion) have until FY2028 to comply with broader ISSB-based disclosures.
• Smaller listed companies below that threshold won’t be required to file such disclosures until FY2030.
• Assurance, independent checks on Scope 1 and 2 reporting, is now deferred until FY2029.

What Changes for Large Non-Listed Companies

For large non-listed companies (Large NLCos), the shift is even more pronounced. They won’t need to produce ISSB-based disclosures until FY2030, and assurance won’t kick in until FY2032. Scope 3 reporting remains voluntary across the board for now.

This slower start recognizes that these firms, which don’t face the same immediate public-market scrutiny, may need extra time to build internal expertise and reporting frameworks.

ACRA Chief Executive Chia-Tern Huey Min described the approach as “relief in the near term” for less-ready companies, without losing sight of the bigger picture, “paving the way for more meaningful and higher quality climate-related disclosures in the long run.”

SGX RegCo CEO Tan Boon Gin said, “Large companies like STI constituent listed companies have more resources and should take the lead. We will however retain the start-date for mandatory Scope 1 and 2 GHG emissions disclosure… companies will also learn and can prepare for other aspects of reporting that will be mandatory in future.”

For boards, compliance officers, and sustainability leads, this is a reprieve, not a retreat. The demands of investors, supply chains, and global regulators mean that robust climate reporting is becoming table stakes. Singapore’s phased timeline is less about loosening standards and more about making sure companies can get the job done right.

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