Singapore is part of a wave of jurisdictions adopting ISSB-informed climate disclosure standards. The Singapore Exchange Regulation and Accounting and Corporate Regulatory Authority’s roadmap for climate reporting incorporates the ISSB standards, with some limitations. Scope 1 and 2 reporting began phasing in for listed companies in 2025, and large listed companies must also report on scope 3 starting in 2026. At this point, non-climate sustainability reporting is encouraged, but not required.
Singapore is one of many jurisdictions around the world adopting the International Sustainability Standards Board (ISSB) framework for climate disclosure. The country’s reporting authority, SGX RegCo, has taken a phased approach to applying the ISSB standards, with reporting for many companies now limited to scope 1 and 2 emissions.?
Below, we’ll take a closer look at Singapore’s incorporation of ISSB standards into the SGX Listing Rules: What’s required, who has to comply, and when.??
Background: What are the ISSB Standards??
Two standards, IFRS S1 and IFRS S2, were designed to create a global baseline for climate disclosure.
Since the International Sustainability Standards Board (ISSB) finalized its two climate disclosure standards in 2023, more than 30 jurisdictions around the world have fully or partially incorporated them. The standards, IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures), serve as the foundation for global sustainability reporting.?
They’re built on the framework created by the Task Force on Climate-Related Financial Disclosures (TCFD), which has shaped climate reporting practices and regulations over the past decade. IFRS S1 and S2 draw on other well-known standards, including those from the Climate Disclosure Standards Board (CDSB) and the Sustainability Accounting Standards Board (SASB). They also provide options for companies to integrate disclosures based on the European Sustainability Reporting Standards (ESRS) and the Global Reporting Initiative (GRI), as long as those disclosures are designed to meet investor needs.
The ISSB is an independent standard setter—it does not impose requirements on any jurisdiction or company. Its standards are designed to serve the markets and to provide a structure for consistent and comparable regulations across borders.?
How is Singapore incorporating ISSB Standards into the SGX Listing Rules?
Affected companies must disclose scope 1 and 2 emissions in alignment with ISSB.
Beginning in January 2025, began requiring all listed issuers to apply the climate-related requirements (IFRS S2) in the ISSB standards—but only for scope 1 and 2 emissions.?
revised the implementation roadmap, retaining mandatory Scope 3 disclosure only for STI constituents from 2026, while Scope 3 remains voluntary for other companies. In addition to emissions data, SGX requires climate-related qualitative disclosures aligned with IFRS S2, including governance, strategy, and risk management, phased in starting with the largest listed companies in 2025. At this time, application of ISSB’s non-climate sustainability disclosure standards (IFRS S1) is encouraged, but not required.?
Who do Singapore’s climate disclosure rules apply to? What are the deadlines for reporting?
An updated timeline phases in reporting for companies by category.
Singapore has taken a phased approach to introducing the ISSB climate standards. The divides listed companies into three categories based on market capitalization, with different reporting deadlines for each. The first category, STI constituents, comprises the top 30 SGX-listed companies by market capitalization. The second category includes companies with market capitalization over $1B USD, and the third category is made up of companies with less than $1B USD in market capitalization.?
Under the updated timeline, the scope 1 and 2 reporting that started in 2025 will remain unchanged for all listed companies, and scope 3 disclosure will remain voluntary for all but STI constituents, who must begin reporting scope 3 in 2026.?
Non-listed large companies (defined by ACRA as those with annual revenue greater than $1B USD and total assets greater than $.5B USD) must start scope 1 and 2 reporting in 2030, with assurance required starting in 2032. For these companies, scope 3 reporting remains voluntary.?
SGX Climate Reporting Deadlines?
Category 1: Straits Times Index (STI) Constituents
2025: Mandatory scope 1 and 2 disclosure.?
2029: Limited assurance for scopes 1 and 2
2026: Mandatory scope 3 disclosure?
Category 2: Non-STI with $1B+ Market Cap?
2025: Mandatory scope 1 and 2 disclosure?
2029: Limited assurance for scopes 1 and 2
Category 3: Market Cap Below $1B USD?
2025: Mandatory scope 1 and 2 disclosure?
2029: Limited assurance for scopes 1 and 2
Non-listed Large Companies: $1B+ USD AR and $.5B+ USD in Assets
2030: Mandatory scope 1 and 2 disclosure
2032: Limited assurance for scopes 1 and 2.?
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What are the assurance requirements for Singapore climate disclosure??
Limited assurance for scope 1 and 2 data is required on a phased basis.
Companies affected by Singapore’s climate disclosure rules must obtain assurance over their emissions data, with deadlines phased in based on company category. Under the updated timeline, all listed companies must obtain external limited assurance over their scope 1 and 2 emissions data starting in 2029, while non-listed in-scope companies must obtain external limited assurance for scope 1 and 2 starting in 2032.
How Should Companies Prepare for Singapore’s ISSB-Informed Climate Reporting?
With climate disclosure already underway for listed companies, and assurance requirements approaching, organizations in Singapore should focus on operational readiness, data quality, and governance. While current requirements are limited primarily to IFRS S2 and scopes 1 and 2, preparation should account for future expansion.
1. Clarify Applicability and Timeline Based on Company Category
Companies should begin by confirming which reporting category they fall into under the SGX and ACRA framework, as this determines both disclosure and assurance timelines. This includes:
- Confirming STI constituent status or market capitalization thresholds
- Identifying whether the company will be subject to Scope 3 disclosure requirements starting in 2026
- Understanding when limited assurance over Scope 1 and 2 data will be required
Clear alignment on timing allows teams to prioritize near-term compliance activities while planning for longer-term requirements.
2. Establish ISSB-Aligned Scope 1 and 2 Data Processes
Because Scope 1 and 2 disclosure is already mandatory for all listed companies, organizations should ensure their emissions data is:
- Calculated using consistent, documented methodologies
- Supported by reliable activity data and transparent emission factor sources
- Centralized and traceable across reporting periods
Given upcoming assurance requirements, companies should assess whether current data collection processes are sufficiently robust and auditable, rather than relying on manual or fragmented approaches.
3. Prepare for Assurance Early
Singapore’s roadmap places a strong emphasis on external assurance, with limited assurance for Scope 1 and 2 emissions required starting in 2029 for listed companies. To prepare, organizations should:
- Document assumptions, estimates, and calculation methodologies
- Define internal controls for emissions data review and approval
- Conduct internal readiness assessments or mock assurance exercises
Treating emissions data with the same rigor as financial information will reduce risk and minimize disruption as assurance deadlines approach.
4. Develop a Targeted Scope 3 Strategy
While Scope 3 disclosure is currently mandatory only for STI constituents, companies should begin assessing Scope 3 exposure now, particularly if they expect to fall within future requirements or face investor pressure. This includes:
- Identifying material Scope 3 categories based on business model and value chain
- Prioritizing high-impact categories such as purchased goods and services or upstream transportation
- Evaluating supplier data availability and engagement needs
Early Scope 3 planning supports smoother implementation and higher-quality disclosures if requirements expand.
5. Align Climate Disclosures With Risk and Strategy
Even where quantitative requirements are limited, SGX requires qualitative climate disclosures aligned with IFRS S2, including governance, strategy, and risk management. Companies should:
- Integrate climate risks into enterprise risk management and strategic planning processes
- Ensure board and management oversight of climate-related risks is clearly documented
- Align narrative disclosures with underlying data and analysis to ensure consistency
This alignment strengthens regulatory compliance while meeting investor expectations for decision-useful information.?
Preparing for ISSB-Aligned Climate Disclosure in Singapore
Despite recent delays, all listed companies in Singapore are now subject to climate disclosure regulations, with reporting of scope 1 and 2 emissions underway. For the country’s largest companies, scope 3 reporting begins starting in 2026. To prepare for disclosure—and rapidly approaching assurance deadlines—organizations need to move now to implement systems that ensure their data is auditable and transparent. Reliable carbon accounting is essential, not just for SGX Listing requirements, but to respond to the wave of ISSB adoption worldwide.?
FAQ: ISSB and Climate Reporting in Singapore
Is ISSB mandatory in Singapore?
No. Singapore has not directly adopted IFRS S1 or IFRS S2 into law. However, SGX RegCo’s climate disclosure requirements are aligned with IFRS S2, making ISSB highly relevant for in-scope companies.
Who must comply with ISSB-aligned reporting in Singapore?
All SGX-listed companies must disclose Scope 1 and Scope 2 emissions. Additional requirements apply based on market capitalisation, with Straits Times Index (STI) constituents subject to the most extensive obligations.
When is Scope 3 reporting required in Singapore?
Scope 3 emissions reporting is mandatory only for STI constituents starting in 2026. For other listed and non-listed companies, Scope 3 disclosure remains voluntary.
Are non-listed companies required to report climate data?
Yes. Large non-listed companies, as defined by ACRA, must begin Scope 1 and 2 reporting in 2030, with limited assurance required from 2032.
What assurance is required for Singapore climate disclosures?
External limited assurance over Scope 1 and Scope 2 emissions is required for listed companies from 2029, and for non-listed large companies from 2032.
Does Singapore require IFRS S1 sustainability disclosures?
No. At this time, non-climate sustainability disclosures under IFRS S1 are encouraged but not mandatory in Singapore.
