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 part of a growing group of jurisdictions incorporating the International Sustainability Standards Board (ISSB) framework into local climate disclosure requirements. Rather than directly adopting IFRS S1 and IFRS S2 into law, Singapore has taken an ISSB-informed, climate-first approach, embedding key elements of IFRS S2 into the SGX Listing Rules through a phased implementation roadmap jointly developed by Singapore Exchange Regulation (SGX RegCo) and the Accounting and Corporate Regulatory Authority (ACRA).
Mandatory Scope 1 and Scope 2 emissions reporting for listed companies began phasing in during 2025. For the country’s largest listed companies—Straits Times Index (STI) constituents—mandatory Scope 3 disclosure begins in 2026. At this stage, broader non-climate sustainability disclosures aligned with IFRS S1 are encouraged but not required.
In this article, we provide a comprehensive overview of Singapore’s ISSB-informed climate disclosure framework: what is required, who must comply, when reporting and assurance obligations apply, what is still evolving, and how companies should prepare.
Background: What are the ISSB Standards?
Two standards, IFRS S1 and IFRS S2, were designed to create a global baseline for climate disclosure.
Two standards—IFRS S1 and IFRS S2—were designed to create a global baseline for sustainability-related financial disclosures.
Since the ISSB finalized these standards in 2023, more than 30 jurisdictions around the world have fully or partially incorporated them into regulatory or listing-rule frameworks. IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) are designed to ensure that sustainability information provided to capital markets is consistent, comparable, and decision-useful.
The standards build on the framework established by the Task Force on Climate-Related Financial Disclosures (TCFD) and draw from other established initiatives, including the Climate Disclosure Standards Board (CDSB) and the Sustainability Accounting Standards Board (SASB). They also allow companies to leverage disclosures prepared under other regimes, such as the European Sustainability Reporting Standards (ESRS) and the Global Reporting Initiative (GRI), provided those disclosures meet investor-focused objectives.
The ISSB itself does not mandate reporting. Instead, it provides a global baseline that jurisdictions can adopt, adapt, or reference when designing their own disclosure requirements.
Why Singapore Is Aligning With ISSB
Singapore’s approach to sustainability reporting reflects its role as a global financial hub and its emphasis on maintaining credibility, comparability, and investor confidence in capital markets.
Key drivers include:
- Global investor expectations. Asset managers and lenders increasingly expect climate disclosures aligned with internationally recognized frameworks, particularly ISSB.
- Capital markets competitiveness. As a regional and global listing venue, Singapore aims to ensure its disclosure regime is aligned with international norms without imposing unnecessary complexity.
- Policy alignment. Singapore’s climate disclosure roadmap supports broader national initiatives, including the Singapore Green Plan 2030 and its green finance strategy.
- Pragmatic implementation. By focusing first on climate disclosures (IFRS S2) and phasing requirements over time, Singapore has sought to balance regulatory ambition with operational feasibility for issuers.
Rather than adopting ISSB wholesale, Singapore has chosen a jurisdiction-specific, ISSB-informed approach, allowing regulators to tailor scope, timing, and assurance requirements to local market conditions.
How is Singapore incorporating ISSB Standards into the SGX Listing Rules?
Climate-first, ISSB-informed implementation.
Beginning in January 2025, SGX Listing Rules began requiring all listed issuers to apply the climate-related requirements (IFRS S2) in the ISSB standards, with a focus on Scope 1 and Scope 2 emissions.
Under this approach:
- IFRS S2 (Climate-related Disclosures) forms the backbone of required reporting
- IFRS S1 (non-climate sustainability disclosures) is encouraged but not mandatory
- Scope and assurance requirements are phased by company category
In August 2025, SGX RegCo announced updates to the implementation roadmap. These updates retained mandatory Scope 3 disclosure only for STI constituents starting in 2026, while Scope 3 remains voluntary for other listed companies. In addition to emissions metrics, SGX requires qualitative climate disclosures aligned with IFRS S2, including governance, strategy, and risk management, phased in starting with the largest listed companies.
This approach reflects Singapore’s intent to stay closely aligned with the ISSB climate baseline while maintaining flexibility over scope and timing.
Who do Singapore’s climate disclosure rules apply to, and when?
An updated timeline phases in reporting for companies by category.
Singapore has adopted a phased approach to ISSB-aligned climate disclosure, with reporting obligations introduced gradually based on company size and listing status. Following industry feedback, regulators revised the original implementation plan in August 2025, resulting in an updated timeline that prioritizes climate disclosures while allowing companies additional time to prepare.
Listed companies
Under the revised roadmap, SGX-listed companies are grouped into three categories based on market capitalization:
- Category 1: Straits Times Index (STI) constituents, representing the top 30 SGX-listed companies by market capitalization
- Category 2: Non-STI listed companies with market capitalization of at least $1B USD
- Category 3: Listed companies with market capitalization below $1B USD
All listed companies are required to disclose Scope 1 and Scope 2 emissions beginning in 2025. This requirement applies uniformly across categories and was not affected by the timeline revisions.
Scope 3 disclosure, however, is mandatory only for STI constituents, who must begin reporting Scope 3 emissions in 2026. For all other listed companies, Scope 3 disclosure remains voluntary under the current framework.
Non-listed companies
Singapore’s climate disclosure regime also extends to certain large non-listed entities. Companies defined by ACRA as having:
- Annual revenue greater than $1B USD, and
- Total assets exceeding $0.5B USD
must begin Scope 1 and Scope 2 emissions reporting in 2030, with external limited assurance required from 2032. For these non-listed companies, Scope 3 disclosure remains voluntary at this stage.
By maintaining early requirements for Scope 1 and Scope 2 while deferring broader obligations for smaller and non-listed companies, Singapore’s framework reflects a proportional, climate-first implementation strategy. Companies should expect climate disclosure expectations to continue expanding over time and plan accordingly, particularly where Scope 3 data and assurance readiness are concerned.
SGX Climate Reporting Deadlines
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.
