All Singapore-listed companies will need to report their Scope 1 and Scope 2 greenhouse gas (GHG) emissions from the 2025 financial year, following enhancements to sustainability reporting rules announced by Singapore Exchange Regulation (SGX RegCo). The enhancements will also require all listed companies to start incorporating climate-related requirements in the IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB). SGX RegCo, the regulatory arm of the Singapore Exchange, said the changes followed “broad support” expressed by respondents in a public consultation launched in March. The exchange has mandated the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in a phased approach since 2022. SGX RegCo said most respondents supported the move to mandatory climate-related reporting for all issuers, compared to the current requirement, which applies only to certain sectors. However, respondents also highlighted challenges faced by smaller issuers, such as evolving methodologies for disclosing Scope 3 GHG emissions – prompting the regulator to review issuers’ experience and readiness before establishing an implementation roadmap for those. “The disclosure of Scope 1 and 2 GHG emissions is an important step to enable larger issuers to report their Scope 3 GHG emissions. On our part [we] will continue to facilitate capacity-building to assist issuers on their climate reporting journeys,” said Tan Boon Gin, CEO of SGX RegCo. The current requirement for listed companies to issue a sustainability report no later than four months after the end of the financial year remains unchanged.
