Singapore firms need better climate reporting as new rules loom
(Bloomberg) – Singapore's listed companies need to improve climate disclosures as regulators are set to impose new standards starting this year, a new study has found.
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.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
34 minutes ago
- Yahoo
US Steel and Nippon Steel say Trump has approved their partnership
President Donald Trump has approved a partnership between US Steel and Nippon Steel, the companies said in a release on Friday. 'We look forward to putting our commitments into action to make American steelmaking and manufacturing great again,' the companies said in a statement. The steelmakers also entered into a national security agreement with the US government, the statement said. A finalized partnership would cap a deal that had previously drawn bipartisan opposition, including a block by then-President Joe Biden early this year. But Trump dropped his opposition after taking office this year, making the fortunes of the once-mighty US Steel something of a stand-in for the manufacturing renaissance he said he wants to see across the United States. 'President Trump promised to protect American Steel and American Jobs — and he has delivered on that promise,' White House spokesperson Kush Desai said in a statement. 'Today's executive order ensures US Steel will remain in the great Commonwealth of Pennsylvania, and be safeguarded as a critical element of America's national and economic security.' The national security agreement 'provides that approximately $11 billion in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028,' the companies said in their statement. The agreement also contains governance commitments, including a so-called 'golden share' that could give the US government special say in how the partnership is run. Shares of US Steel (X) climbed 5% on Friday in after-hours trading. Trump traveled to Pennsylvania two weeks ago to celebrate a deal between the two companies, speaking before a crowd of cheering steelworkers, many in hard hats and safety vests. 'We're going to be so successful. You have just, you have just started, you watch, we're here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company, you're going to stay an American company,' Trump said at a US Steel plant just outside of Pittsburgh. US Steel had warned it would be forced to close some of its older, unionized mills unless the deal is completed and it gets the investment dollars needed to modernize. The United Steelworkers (USW) union is concerned Nippon's long-term goal is to shift production to its non-union operations in Texas or import steel from Japan to be finished in the United States, ending integrated steel production at US Steel. Nippon Steel has promised, however, to honor the union's contract with US Steel and to invest billions in integrated mills in Pennsylvania and Indiana. US Steel was once a symbol of American industrial power. It was the most valuable company in the world and, soon after its 1901 creation, became the first to be worth $1 billion. Its steel helped build America, from the skyscrapers dotting city landscapes to the cars speeding down highways, to the appliances inside millions of homes. But US Steel has declined sharply since its heyday. It is no longer even the largest US steelmaker, with only 14,000 US employees — 11,000 of whom are USW members. This story has been updated with additional content. CNN's Robert Ilich contributed reporting. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
an hour ago
- New York Post
Trump clears path for Nippon Steel investment in US Steel that gives feds a ‘golden share'
President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel, so long as the Japanese company complies with a 'national security agreement' submitted by the federal government. Trump's order didn't detail the terms of the national security agreement. But U.S. Steel and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a 'golden share' — essentially veto power to ensure the country's national security interests are protected. 'We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership,' the two companies said. 'This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.' President Donald Trump signed an executive order to pave the way for a Nippon Steel investment in U.S. Steel. AP The companies have completed a U.S. Department of Justice review and received all necessary regulatory approvals, the statement said. 'The partnership is expected to be finalized promptly,' the statement said. The companies offered few details on how the golden share would work and what investments would be made. Trump said Thursday that he would as president have 'total control' of what U.S. Steel did as part of the investment. Trump said then that the deal would preserve '51% ownership by Americans.' The Japan-based steelmaker had been offering nearly $15 billion to purchase the Pittsburgh-based U.S. Steel in a merger that had been delayed on national security concerns starting during Joe Biden's presidency. Trump opposed the purchase while campaigning for the White House, yet he expressed optimism in working out an arrangement once in office. 'We have a golden share, which I control,' said Trump, although it was unclear what he meant by suggesting that the federal government would determine what U.S. Steel does as a company. Trump added that he was 'a little concerned' about what presidents other than him would do with their golden share, 'but that gives you total control.' Still, Nippon Steel has never said it was backing off its bid to buy and control U.S. Steel as a wholly owned subsidiary. The proposed merger had been under review by the Committee on Foreign Investment in the United States, or CFIUS, during the Trump and Biden administrations. The order signed Friday by Trump said the CFIUS review provided 'credible evidence' that Nippon Steel 'might take action that threatens to impair the national security of the United States,' but such risks might be 'adequately mitigated' by approving the proposed national security agreement. The agreement states that nearly $11 billion will be invested by 2028, which will also give the federal government the authority to ensure the country's national security interests are protected. AP The order doesn't detail the perceived national security risk and only provides a timeline for the national security agreement. The White House declined to provide details on the terms of the agreement. The order said the draft agreement was submitted to U.S. Steel and Nippon Steel on Friday. The two companies must successfully execute the agreement as decided by the Treasury Department and other federal agencies that are part CFIUS by the closing date of the transaction. Trump reserves the authority to issue further actions regarding the investment as part of the order he signed on Friday.
Yahoo
an hour ago
- Yahoo
President Trump signs executive order paving way for Nippon Steel investment in U.S. Steel
President Donald Trump on Friday signed an executive order paving the way for a Nippon Steel investment in U.S. Steel, so long as the Japanese company complies with a 'national security agreement' submitted by the federal government. Trump's order didn't detail the terms of the national security agreement. But U.S. Steel and Nippon Steel said in a joint statement that the agreement stipulates that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a 'golden share' — essentially veto power to ensure the country's national security interests are protected. 'We thank President Trump and his Administration for their bold leadership and strong support for our historic partnership,' the two companies said. 'This partnership will bring a massive investment that will support our communities and families for generations to come. We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.' The companies have completed a U.S. Department of Justice review and received all necessary regulatory approvals, the statement said. 'The partnership is expected to be finalized promptly,' the statement said. The companies offered few details on how the golden share would work and what investments would be made. Trump said Thursday that he would as president have 'total control' of what U.S. Steel did as part of the investment. Trump said then that the deal would preserve '51% ownership by Americans.' The Japan-based steelmaker had been offering nearly $15 billion to purchase the Pittsburgh-based U.S. Steel in a merger that had been delayed on national security concerns starting during Joe Biden's presidency. Trump opposed the purchase while campaigning for the White House, yet he expressed optimism in working out an arrangement once in office. 'We have a golden share, which I control,' said Trump, although it was unclear what he meant by suggesting that the federal government would determine what U.S. Steel does as a company. Trump added that he was 'a little concerned' about what presidents other than him would do with their golden share, 'but that gives you total control.' Still, Nippon Steel has never said it was backing off its bid to buy and control U.S. Steel as a wholly owned subsidiary. The proposed merger had been under review by the Committee on Foreign Investment in the United States, or CFIUS, during the Trump and Biden administrations. The order signed Friday by Trump said the CFIUS review provided 'credible evidence' that Nippon Steel 'might take action that threatens to impair the national security of the United States,' but such risks might be 'adequately mitigated' by approving the proposed national security agreement. The order doesn't detail the perceived national security risk and only provides a timeline for the national security agreement. The White House declined to provide details on the terms of the agreement. The order said the draft agreement was submitted to U.S. Steel and Nippon Steel on Friday. The two companies must successfully execute the agreement as decided by the Treasury Department and other federal agencies that are part CFIUS by the closing date of the transaction. Trump reserves the authority to issue further actions regarding the investment as part of the order he signed on Friday. Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
