シンガポールにおけるISSB準拠報告：要件、タイムライン、その他

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
• 気候関連リスクに対する役員会および経営陣による監督が明確に文書化されていることを確認する
• 記述的開示と裏付けとなるデータおよび分析を整合させ、一貫性を確保する

この整合性により、規制遵守が強化されるとともに、意思決定に役立つ情報に対する投資家の期待に応えることができます。 

シンガポールにおけるISSB準拠の気候関連開示への準備

最近の遅延にもかかわらず、シンガポールの上場企業はすべて気候関連開示規制の対象となっており、スコープ1および2排出量の報告が進行中です。国内最大手企業の場合、スコープ3の報告は2026年から開始されます。開示に備え、また急速に迫る保証の期限に間に合わせるため、組織はデータが監査可能で透明性があることを保証するシステムを今すぐ導入する必要があります。信頼性の高い炭素会計は、SGX上場要件のためだけでなく、世界的なISSB採用の波に対応するためにも不可欠です。 

よくある質問：シンガポールにおけるISSBと気候関連報告

シンガポールではISSBは義務ですか？
いいえ。シンガポールはIFRS S1またはIFRS S2を直接法制化していません。しかし、SGX RegCoの気候関連開示要件はIFRS S2に整合しており、ISSBは対象企業にとって非常に重要です。

シンガポールでは、誰がISSB準拠の報告を遵守する必要がありますか？
SGX上場企業はすべて、スコープ1およびスコープ2排出量を開示しなければなりません。追加要件は時価総額に基づいて適用され、Straits Times Index (STI)構成銘柄は最も広範な義務の対象となります。

シンガポールでは、スコープ3報告はいつ義務付けられますか？
スコープ3排出量報告は、2026年からSTI構成銘柄にのみ義務付けられます。その他の上場企業および非上場企業の場合、スコープ3開示は引き続き任意です。

非上場企業は気候データの報告を義務付けられていますか？
はい。ACRAが定義する大規模非上場企業は、2030年にスコープ1および2の報告を開始しなければならず、2032年からは限定的保証が義務付けられます。

シンガポールの気候関連開示には、どのような保証が義務付けられていますか？
スコープ1およびスコープ2排出量に対する外部限定的保証は、上場企業には2029年から、大規模非上場企業には2032年から義務付けられます。

シンガポールはIFRS S1サステナビリティ開示を義務付けていますか？
いいえ。現時点では、シンガポールにおいてIFRS S1に基づく非気候関連サステナビリティ開示は推奨されていますが、義務ではありません。

Persefoniがシンガポールの気候関連開示への準備をどのように支援できるかについて、詳細をご覧ください。