"Singapore’s climate reporting delay is ‘fuel for the sustainability deprioritisation fire’ in Asia, say experts", 30 August 2025

Singapore has announced a delay in mandatory International Sustainability Standards Board (ISSB)-aligned climate reporting for most listed firms by up to five years, in a move that risks undermining its reputation as an early mover in the region.

While all Singapore-listed firms were initially required to start making climate disclosures by 2025, under the revised rules, non-Straits Times Index (STI) issuers with a market capitalisation of S$1 billion (US$780 million) and above will only be required to comply from 2028, while those with under S$1 billion market capitalisation will be expected to follow from 2030.

Over 550 listed companies – over 90 per cent of firms listed on the Singapore Exchange (SGX) – will be affected by the delay.

Singapore’s revised rules now puts the city-state – which was among the first in Asia to propose mandatory ISSB-aligned reporting for companies in 2023 – behind Malaysia in mandatory sustainability reporting requirements. Listed and large non-listed firms in the neighbouring Southeast Asian nation are expected to start ISSB-aligned reporting, including on Scope 3 emissions, by 2027.

… The timeline revision comes after calls by the Singapore Business Federation (SBF), a group representing the interests of Singaporean businesses, for a one- to two-year extension for smaller listed companies to comply with the mandatory reporting rules in June, following engagements with close to 40 companies.

In a joint press release by the Accounting and Corporate Regulatory Authority (ACRA) and SGX Regulation (SGX RegCo), the regulatory agencies cited economic uncertainty and readiness gaps among smaller firms for the delay. The aim of the extension is to give these issuers time to build up data collection processes and learn from larger companies that have already embarked on ISSB-aligned climate reporting.

… Chia-Tern Huey Min, ACRA’s chief executive, stated that the latest approach “reflects our commitment to supporting companies through current challenges while maintaining Singapore’s momentum in climate action paving the way for more meaningful and higher quality climate-related disclosures in the long run.”..