Singapore's Climate Disclosure Rules: What You Need to Know

Singapore climate disclosure at a glance

Singapore's Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX RegCo) require every SGX-listed company to report Scope 1 and Scope 2 emissions from FY2025, with full IFRS S2-aligned disclosures phased in by market capitalisation and large non-listed companies joining from FY2030. On 27 July 2026, ACRA opened consultation on draft Singapore standards (SFRS S1 and SFRS S2) that will become the reporting basis for Singapore-incorporated companies; the consultation closes on 25 October 2026.

How Singapore got here: a decade of listing-rule reporting

Singapore built its climate reporting requirements in stages through the SGX Listing Rules, and each stage remains in force.

• 2016, sustainability reporting. Every listed issuer publishes an annual sustainability report on a comply-or-explain basis, from the financial year ending on or after 31 December 2017.

• 2022, TCFD climate reporting. Comply-or-explain for all issuers from FY2022; mandatory for financial, agriculture, food and forest products, and energy issuers from FY2023, and for materials and buildings and transportation from FY2024.

• 2025, IFRS S2 in the Listing Rules. Practice Note 7.6 rebuilt on the ISSB Standards, with Scope 1 and Scope 2 required from every issuer from FY2025. In August 2025 ACRA and SGX RegCo extended the later phases to the dates below.

• 2026, draft Singapore standards. Draft SFRS S1 and SFRS S2 published for consultation, ahead of legislation.

What Singapore's climate disclosure rules require

Listed issuers report climate-related disclosures in their annual sustainability report, applying IFRS S2 in full (other than Scope 3) once their tier's start date arrives, plus the climate-relevant provisions of IFRS S1.

• IFRS S2 (Climate-related Disclosures): climate-related risks and opportunities across governance, strategy, risk management, and metrics and targets. Scope 1 and Scope 2 emissions are required from FY2025 under paragraph 4.12(a) of the Practice Note; Scope 3 follows the tier timeline.

• IFRS S1 (General Requirements): the climate-relevant provisions apply: materiality, the reporting entity, connected information, judgements and uncertainties, and the timing and location of reporting. Sustainability disclosures beyond climate stay voluntary.

• The GHG Protocol as the measurement standard: Practice Note 7.6 paragraph 4.21, mirroring IFRS S2 paragraph 29(a)(ii), requires emissions to be measured under the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (2004), using the 15 Scope 3 categories of the Corporate Value Chain Standard to identify which apply.

Under Listing Rule 711A the sustainability report is issued within four months of the financial year end, or five months where it has been externally assured, and posted on SGXNet.

The draft SFRS S2 (proposed). The draft standards carry no effective date. ACRA states they are expected to apply to listed companies for financial years commencing on or after 1 January 2028 and to Large Non-Listed Companies from 1 January 2030, once legislation passes. Four adjustments from the ISSB text matter most for preparers: the climate-relevant parts of SFRS S1 move into an appendix of SFRS S2, so a mandatory reporter refers to one standard; the first-year relief that lets sustainability disclosures follow the financial statements is removed, so both are published together; the one-year Scope 3 relief becomes an ongoing relief for companies without a Scope 3 mandate; and an explicit statement of compliance with SFRS S2 is required. The draft also carries the ISSB's December 2025 amendments to IFRS S2.

Who is in scope

Every SGX-listed company is in scope now (Singapore-incorporated and overseas-incorporated issuers, business trusts and real estate investment trusts), and Large Non-Listed Companies join from FY2030. The tier, and so the start date for full disclosures, is fixed by market capitalisation on 30 June 2025.

Listed companies: three tiers

• Tier 1, STI constituents on 30 June 2025: all IFRS S2 disclosures from FY2025 and Scope 3 from FY2026, even if the issuer later leaves the index.

• Tier 2, non-STI issuers with a market capitalisation of S$1 billion or more on 30 June 2025, or on the listing date for later listings: full IFRS S2 disclosures from FY2028, or the first full financial year after listing if later, even if market capitalisation later falls below S$1 billion.

• Tier 3, all other listed issuers: full IFRS S2 disclosures from FY2030.

Large Non-Listed Companies

A Large Non-Listed Company is a Singapore-incorporated company limited by shares, unlisted on SGX, with annual revenue of at least S$1 billion and total assets of at least S$500 million. It reports ISSB-based climate disclosures, including Scope 1 and Scope 2, from FY2030. A company is exempt where its immediate, intermediate or ultimate parent (local or foreign) reports under the ISSB Standards or an equivalent framework and that public report covers the company's activities. The draft Singapore standards apply to Singapore-incorporated companies; overseas-incorporated SGX issuers continue under the Listing Rules.

Supply-chain reach (Terrascope analysis, not a regulatory requirement): STI constituents report Scope 3 from FY2026, so their data collection is already running. Suppliers, contract manufacturers, logistics providers and tenants across Singapore, Malaysia, Indonesia, Thailand and Vietnam receive emissions-data requests from these 30 companies well before any direct obligation reaches them.

Note on financial institutions: banks, insurers and asset managers regulated by the Monetary Authority of Singapore also follow its Guidelines on Environmental Risk Management, a separate regime that sits alongside the ACRA and SGX RegCo framework described here.

Key dates and milestones

Scope 3 is mandatory only for STI constituents. For every other company it remains voluntary until ACRA and SGX RegCo mandate it through legislation or Listing Rule amendments.

Why this matters beyond Singapore

1. Supply-chain ripple across ASEAN. STI constituents include the region's largest banks, property groups, agribusinesses and logistics operators. Their Scope 3 inventories draw on supplier data from across Southeast Asia, so a Malaysian packaging manufacturer or an Indonesian palm oil producer supplying an STI constituent is already inside a Singapore reporting cycle.

2. Regional ISSB convergence. Singapore joins Australia, Hong Kong, Malaysia and Japan in building climate reporting on IFRS S2. A group reporting in several of these markets can run one GHG inventory, one methodology and one audit trail, and map the outputs to each jurisdiction's standard.

3. A national standard on the way. The draft SFRS S2 shows how a jurisdiction adapts the ISSB baseline to a climate-first roadmap: same-time publication with the financial statements, an ongoing Scope 3 relief and a required statement of compliance. Other ASEAN regulators drafting their own standards are watching.

How companies should prepare

Whether your company reports directly or sits in an STI constituent's value chain, four moves hold regardless of how the consultation lands.

• Establish your GHG inventory. Scope 1 and Scope 2 are already mandatory for every listed company, measured under the GHG Protocol Corporate Accounting and Reporting Standard (2004). A complete inventory across all three scopes is the foundation every later disclosure rests on.

• Map your value-chain exposure to STI constituents. If your customers, landlords, lenders or suppliers include STI constituents, their Scope 3 data requests set the cadence and granularity you need to meet.

• Build assurance-ready processes early. From FY2029 an assurance provider will ask where each number came from, who reviewed it and which method produced it. Documentation and source-data traceability take years to embed, so start from the assurance standard and work backwards.

• Build on the frameworks you already use. TCFD-based reporting under the 2022 rules maps directly onto the four pillars of IFRS S2, and GHG Protocol, CDP and CSRD work transfers.

How Terrascope can help

Terrascope's AI-powered platform helps companies operating in Singapore and across APAC move from baseline emissions data to audit-ready disclosures, including Singapore-headquartered Banyan Group, which measured Scope 1, 2 and 3 emissions across 79 properties, 76 entities and 130,000 business activities in weeks rather than months.

• Scope 1, 2 and 3 emissions measurement (Corporate carbon footprinting). Emissions data flows in monthly from your ERP, utility and operational systems, measured under the GHG Protocol methods IFRS S2 requires.

• Audit-ready reporting. Every figure traces from source data to disclosure, with methodology documentation and viewer seats for your assurance provider, so the FY2029 engagement starts from evidence rather than reconstruction.

• Supply-chain intelligence (Supplier engagement). Collect primary data from suppliers across ASEAN and find the activities that drive most of your Scope 3 emissions, so engagement goes where it moves the total.

• Multi-framework alignment (Climate reporting). Report under IFRS S2, the draft SFRS S2, CSRD and CDP from one inventory, so a group listed in Singapore and operating in Australia or Hong Kong prepares one set of numbers.

Frequently asked questions

Speak to an expert

Are you ready to get ahead of Singapore's climate disclosure requirements? Speak to a Terrascope expert and see how we help companies move from baseline emissions data to audit-ready disclosures.