Singapore firms need better climate reporting as new rules loom
Fewer than a third of issuers provided all 11 disclosures recommended by the Task Force on Climate-Related Financial Disclosures, according to the study from Singapore Exchange Regulation and the National University of Singapore released Tuesday. It reviewed the latest sustainability reports published through July from 529 companies.
One of the biggest holes was around disclosing greenhouse gas releases from clients or suppliers, with only 29% of the firms reporting these so-called Scope 3 emissions, according to the study.
'It's a critical weak link,' Lawrence Loh, director at the university's Centre for Governance and Sustainability said in a briefing, adding that Singapore-listed suppliers will also need the data to adhere to European Union regulations.
To better align with global standards, Singapore Exchange's regulatory arm in September asked companies to begin reporting under rules developed by the International Sustainability Standards Board from the 2025 fiscal year. The new rules mean boards must disclose additional climate risks and will require more granular emissions reporting.
Given that a majority of Singapore's listed companies are small and medium enterprises with fewer resources, the regulator hasn't yet imposed an overarching timeline for reporting Scope 3 emissions. It plans to ask larger issuers to start disclosing the data from the 2026 fiscal year.
Singapore's move to stick with stronger disclosure requirements stands in contrast to the EU, which recently proposed weakening reporting rules amid a corporate backlash. In the US, some states are advancing disclosure proposals while President Donald Trump's administration retreats from federal requirements.
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