Singapore’s top listed firms face climate data gaps a year into mandatory reporting

Résumé détaillé

The first year of reports under Singapore’s new sustainability rules are cautious and uneven. With consultation on the proposed changes now closed, practitioners hope the final rules will push companies to act on climate risk.

A year into mandatory climate reporting, many Straits Times Index companies have yet to put a financial value on climate risks or have their emissions independently checked, an Eco-Business review has found. Regulators want a formal statement of compliance from 2028.

Singapore’s largest listed companies are still grappling with gaps in climate data a year into tougher reporting rules, an Eco-Business review found, as regulators propose stricter compliance requirements from 2028.

Many of the 24 Straits Times Index companies whose first reports Eco-Business reviewed did not quantify the financial impact of climate risks, while some had yet to obtain independent verification of their emissions. The other six STI companies are not included: three have September financial year-ends, so their first reports under the new rules are not due until early 2027, while three are secondary listings broadly exempt from SGX’s sustainability reporting rules.

Under changes proposed by the Accounting and Corporate Regulatory Authority (ACRA) would require listed companies to declare full compliance with the climate reporting standard from the 2028 financial year and publish sustainability reports alongside their financial statements. Public consultation closed on 25 October. Independent checks on companies’ own emissions are due to begin a year later under an existing timetable.

Consultants, assurance providers and company representatives interviewed by Eco-Business called for clearer guidance on compliance, more time to improve data and a practical approach to reporting supply-chain emissions. Disclosures, said these industry stakeholders, should help shape business planning and investment.

Sixteen of the 24 companies published their climate disclosures with their annual reports, while at least five released them weeks later, as the rules allow.

Independent verification on emissions figures, known as assurance, are voluntary until FY2029, and approaches varied in the first year of…

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