Singapore

Yes.

Mandatory ESG disclosure requirements apply to listed companies, large non-listed companies, funds with an ESG focus, and financial institutions in Singapore:

1. Issuers listed on the Singapore Exchange (SGX). Listing Rule 711A requires every issuer to prepare an annual sustainability report, which must describe the issuer's sustainability practices with reference to the primary components set out in Listing Rule 711B on a “comply or explain” basis. The primary components are (i) material environmental, social and governance factors, (ii) climate-related disclosures; (iii) policies, practices, and performance in relation to material ESG factors; (iv) targets; (v) sustainability reporting framework; and (vi) a board statement and associated governance structure for sustainability practices. These are to be disclosed on a mandatory basis from FY2025.^[1]
   
   Additionally, effective from FY2026, an issuer must issue a sustainability report for its financial year at the same time as the issuance of its annual report, or where the issuer has conducted external assurance on the sustainability report, no later than five months after the end of the financial year. Issuers are also required to set a board diversity policy that addresses gender, skill and experience, as well as other relevant aspects of diversity. Issuers must describe the board diversity policy and details relating to the diversity targets, plans, timelines and progress in their annual reports.^[2] 
   
   SGX further recommends a list of 27 Core ESG Metrics for issuers to use as a starting point for sustainability reporting. They include metrics such as GHG emissions, occupational health and safety, age-based diversity, and alignment with frameworks.^[3]
   
   Enhanced climate-related disclosures (CRD) will apply under a three-tier structure that phases reporting obligations based on market capitalisation:^[4]
   
   
   1. For all listed companies, Scope 1 and 2 GHG emissions reporting is mandatory from FY2025 while external limited assurance for Scope 1 and 2 GHG emissions is deferred to FY2029.
   2. For listed companies that are constituents of the Straits Times Index (STI) ^[5], other ISSB-based climate-related disclosures (CRD) is mandatory from FY2025 while Scope 3 GHG emissions reporting will be mandatory from FY2026.
   3. For non-STI constituent listed companies with a market capitalisation of S$1 billion and above, other ISSB-based CRD is mandatory from FY2028 while those with a market capitalisation of less than S$1 billion will follow from FY2030. Scope 3 GHG emissions reporting will be voluntary for non-STI constituent listed companies until further notice.
2. Large non-listed companies (NLCos). Pursuant to the recommendations of the Sustainability Reporting Advisory Committee (SRAC), which was formed by the Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo),^[6] reporting by NLCos with an annual revenue of at least S$1 billion and total assets of at least S$500 million (Large NLCos) on ISSB-aligned CRD (including Scope 1 and 2 GHG emissions) is deferred to FY2030. Scope 3 GHG emissions reporting remains voluntary until further notice. External limited assurance for Scope 1 and 2 GHG emissions is deferred to FY2032.
   
   ACRA will further review whether to mandate climate reporting by smaller NLCos limited by shares with annual revenue of at least S$100 million to less than S$1 billion.
3. Retail funds with ESG investment focus. Under Circular No. CFC 02/2022 (Circular) issued by the Monetary Authority of Singapore (MAS) in 2022, disclosure and reporting guidelines apply to companies offering retail ESG funds that are lodged with MAS on or after 1 January 2023. It also sets out MAS’s expectations on how existing requirements under the Code on Collective Investment Schemes (CIS Code) and the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 (SF(CIS)R) apply to retail ESG funds.
   
   Under the Circular, a scheme whose name includes or uses ESG-related or similar terms such as “sustainable” or “green” should reflect such an ESG focus in its investment portfolio and/or strategy in a sustainable manner and comply with the guidelines in the Circular.
4. Financial institutions (FIs). The Guidelines on Environmental Risk Management by MAS (ENRM Guidelines), published in 2020, recommend that FIs make regular and meaningful disclosure of their environmental risks and refer to international reporting frameworks so as to enhance market discipline by investors. FIs are to implement the ENRM Guidelines in a manner commensurate with the size and nature of its activities as well as its risk profile. 
   
   The ENRM Guidelines also set out MAS’s supervisory expectations for FIs, including banks, insurers and asset managers, in their governance, risk management, and disclosure of environmental risk. Boards and senior management of FIs are expected to incorporate environmental considerations into their strategies, business plans, and product offerings, and maintain effective oversight of the management of environmental risk. FIs should also put in place policies and processes to assess, monitor, and manage environmental risk.

1. Climate-related disclosures and sustainability reporting for listed issuers. Please refer to the response in section A.2(a). Scope 1 and 2 GHG emissions reporting is mandatory from FY2025 for all listed companies. Other ISSB-related CRD and Scope 3 GHG emissions reporting is mandatory for STI constituents from FY2025 and FY2026 respectively as ACRA and SGXRegCo noted that STI constituent companies demonstrated a higher degree of readiness and capabilities for ISSB-aligned climate disclosures. Other ISSB-related CRD are mandatory from FY2028 for non-STI constituent listed companies whose market capitalisation is at least S$1billion and from FY2030 for companies whose market capitalisation is less than S$1billion. 
   
   Other primary components of a sustainability report are to be disclosed on a “comply or explain” basis in FY2025 and become mandatory from FY2026.
2. Climate-related disclosures for Large NLCos. Large NLCos are required to report ISSB-aligned CRD, excluding Scope 3 GHG emissions, from FY2030.
3. Retail ESG funds. Disclosures under the SF(CIS)R, read together with the Circular, are mandatory for a fund that represents itself as ESG-focused and includes ESG or green related terms in its name. While the CIS Code is a non-binding code, in the event of non-compliance, MAS may revoke or suspend the fund’s authorisation under sections 286 and 287 of the Securities and Futures Act 2001.
4. Financial institutions. The ENRM Guidelines set out MAS’s supervisory expectations for banks, insurers and asset managers to strengthen their governance, risk management, and disclosure of environmental risk. They are illustrative rather than prescriptive, with the intention to encourage FIs to adopt best practices as part of their low carbon transition. How well an FI observes the guidelines and assesses, monitors, mitigates and discloses its risk exposures will contribute to MAS’s overall risk assessment of the FI.
5. Sector-specific entities. On a sector-specific basis, there are mandatory disclosure requirements prescribed by laws such as the Energy Conservation Act 2012 and the Resource Sustainability Act 2019 that mandate disclosures relating to energy consumption, GHG emissions, e-waste, and packaging waste for companies that meet the prescribed thresholds.

The requirements are primarily focused on climate and the environment, but the requirements by SGX on listed issuers and MAS’s requirements on retail ESG funds also include other ESG factors.

1. SGX Listing Rules. SGX-listed issuers are required to report climate-related disclosures in accordance with all applicable requirements of IFRS S2. Issuers are also encouraged to apply the requirements in IFRS S1 insofar as they relate to the disclosure of information on climate-related risks and opportunities. The same approach will apply to Large NLCos. 
   
   Each metric from SGX’s Core ESG Metrics is mapped against globally accepted reporting frameworks such as the GRI, SASB, TCFD and World Economic Forum’s metrics.
2. MAS Circular. While the Circular does not mandate adherence to a specific global standard like ISSB or TCFD, it recognises equivalent standards such as the EU Sustainable Finance Disclosure Regulation. The Circular is also aligned in principle with the global standards that are aimed at enhancing transparency and preventing greenwashing.
3. ENRM Guidelines. The ENRM guidelines are aligned with international standards, particularly the TCFD framework.

1. Climate-related disclosures. In line with the ISSB Standards, the requirements adopt a single materiality approach. However, issuers may choose to adopt a double materiality approach, if they consider that it serves their stakeholders’ needs.^[1]
2. ENRM Guidelines. The ENRM Guidelines require FIs to disclose based on a single materiality approach and focus on how environmental risks affect the financial performance and resilience of FIs.

[1]  See Practice Note 7.6 on the Sustainability Reporting Guide.

1. Scope 1 and 2 GHG emissions. Scope 1 and 2 GHG emissions reporting is mandatory from FY2025 for all listed companies. Other ISSB-related CRD and Scope 3 GHG emissions reporting is mandatory for STI constituents from FY2025 and FY2026 respectively. Please see response in sections A.2 and A.3 above. 
   
   The required measurement methodology is in line with IFRS S2.
2. Scope 3 GHG emissions: This requirement is currently voluntary until further notice for non-STI constituent listed companies and large NLCos. Scope 3 GHG emissions reporting is mandatory for STI constituent listed companies from FY2026.
3. MAS Circular. MAS does not require ESG funds to disclose GHG emissions.
4. ENRM Guidelines. The disclosures of FIs should be aligned with the TCFD framework, which includes GHG emissions as a core metric. FIs are encouraged to disclose Scope 1 and 2, and where appropriate, Scope 3 emissions.

There are currently no external or third-party assurance requirements for ESG reporting in Singapore. However, there are internal review requirements by SGX for issuers.

The requirement to conduct external limited assurance on Scope 1 and 2 GHG emissions will be phased-in as follows:

1. from FY2029 for all listed companies; and
2. from FY2032 for large NLCos.

However, SGX does not propose to mandate external assurance until details on assurance standards and registration criteria for climate auditors are finalised.

There is no mandatory requirement for external or third-party assurance of ESG disclosures under the MAS Circular or in the ENRM Guidelines.

In general, voluntary ESG disclosures by non-publicly listed companies are still in a nascent stage in Singapore.

Where they do make voluntary disclosures, non-publicly listed companies tend to refer to sustainability reports published by listed companies.

In 2023, the Green Finance Industry Taskforce , convened by MAS, published the Singapore-Asia Taxonomy for Sustainable Finance (SAT), which sets out clear, science-based thresholds and criteria across eight sectors for defining green and transition activities in Asia that substantially contribute to climate change mitigation. The SAT is not mandatory and is particularly relevant for sectors facing challenges in reducing emissions and meeting a 1.5 degree aligned outcome due to technological constraints. It has introduced a “traffic light system” to classify the degree of environmental damage that certain activities pose, as well as a “measures-based approach” that seeks to encourage capital investments into decarbonisation measures or processes to reduce emissions intensity of activities.

The Multi-Jurisdiction Common Ground Taxonomy (M-CGT), a comparison of the sustainable finance taxonomies of China, the EU and Singapore, was launched in 2024.^[1] This initiative enhances the interoperability of taxonomies across China, the EU and Singapore. The M-CGT serves as a technical reference document for a wide range of market participants including financial institutions, corporates, investors and external reviewers. It allows them to assess what could be considered green across the three jurisdictions in scope, based on the activities, environmental objectives, and criteria covered in the M-CGT. While the M-CGT is not legally binding, green bonds and funds that align with the M-CGT criteria can be considered by cross-border investors.

In March 2025, MAS published an information note setting out how market participants can use the SAT as a reference tool to achieve their green and transition financing objectives and in developing internal decarbonisation strategies.^[2] The SAT’s transition thresholds and criteria have been adapted to reflect local or regional contexts by considering local regulations and market standards, technology availability and level of deployment, as well as existing production processes.

[1]  “The International Platform on Sustainable Finance presents the Multi-Jurisdiction Common Ground Taxonomy to enhance interoperability of taxonomies across EU, China and Singapore” (MAS, 14 November 2024).

[2]  “Green Finance Industry Taskforce: Identifying a Green Taxonomy and Relevant Standards for Singapore and ASEAN” consultation paper.

Yes, the climate-related disclosures in IFRS S1 and S2 have been incorporated into the SGX Listing Rules on a full-alignment basis. Please see response in sections A.2 and A.3 above on the phased approach.

The use of ISSB Standards beyond climate-related disclosures is encouraged but not mandated. SGX proposes to review the application of the ISSB Standards for disclosure of sustainability-related information beyond climate-related disclosures (e.g. biodiversity, human capital, etc.) a few years later.

There has not been any specific TNFD-related updates or guidance from SGX RegCo.

MAS intends to consult on mandatory disclosure requirements by FIs based on both IFRS S1 and S2 standards.

1. Nature-related risks and unlocking financing opportunities. The Singapore Sustainable Finance Association (SSFA) released a whitepaper entitled “Financing Our Natural Capital” to help FIs in Singapore and the region address nature-related risks and opportunities. Through the SSFA, MAS continues to support the financial sector in building capacity to address nature-related risks and unlock financing opportunities.^[1]
2. Project Greenprint and Project Savannah. MAS is actively working with regulators and organisations such as the Association of Banks in Singapore, ACRA and Enterprise Singapore to standardise and streamline sustainability data to support relevant stakeholders in the industry for mobilising capital to sustainable projects, monitoring commitments and measuring impact. ^[2] MAS announced an initiative named Project Savannah on 22 June 2023 to generate ESG data credentials for micro, small and medium-sized enterprises (SMEs), and simplify the ESG reporting process. It launched ESGpedia in March 2025 as the Project Greenprint ESG Registry in Singapore with the goal of providing a one-stop platform for ESG data.
3. Taxonomies. The SSFA is driving several initiatives to promote the application of the SAT. It has also released “Guidance for Leveraging the SAT in Green and Transition Financing” to help industry raise transition financing with greater confidence.^[3]
4. Workforce Transformation. In 2024, MAS, together with the Institute of Banking and Finance, launched the Sustainable Finance Jobs Transformation Map (JTM). The JTM lays out the impact of sustainability trends on jobs in the financial sector, and identifies the skills required for growing sustainable finance in the region. Enterprise Sustainability Programme by Enterprise Singapore also supports SMEs to build their sustainability capabilities, and provides workshops and a playbook for sustainability reporting for SMEs.^[4]

[1] “Keeping the Ingredients for a Resilient System in Balance” (MAS, 7 May 2025).

[2] See “Green FinTech“ by the MAS.

[3] "Keynote Address by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry" (25 June 2025).

[4] “MTI COS 2023 – Supporting businesses and worders in our journey to a green economy” (Ministry of Trade and Industry, 28 February 2023).