Singapore to implements ISSB Standards from 2025

Posted on March 10, 2024 by Editor

Singapore will introduce mandatory climate-related reporting, in alignment with the International Sustainability Standards Board (ISSB) standards. The initiative, announced recently by the Singapore Parliament, aims to strengthen environmental accountability and transparency in the corporate sector.

The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) have shared details of implementation. Listed companies will lead the way in 2025, followed by large non-listed firms in 2027. Reporting requirements will cover Scope 1 and 2 emissions initially, with Scope 3 emissions added in subsequent years.

Recognising the challenges for smaller businesses, the government has yet to determine if they will be subject to the same obligations, pending a review of the experiences of listed and larger entities.

Singapore’s decision to adopt the ISSB standards means that local companies adhering to these globally recognised climate disclosure standards will benefit from improved market access, customer approval, and investor engagement.

We hope to see the adoption extending to the ISSB’s digital, XBRL-based taxonomies, and encourage Singapore’s companies to take a digital first approach to reporting, using the taxonomies provided from the get-go to streamline processes and enhance the intelligibility of information.

Read more here.

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