Singapore Delays ISSB Climate Reporting Timelines for Smaller Listed Companies

Singapore's ACRA and SGX RegCo have announced significant delays to mandatory climate reporting for most listed and non-listed companies, pushing ISSB-based disclosures back by up to five years for smaller firms while maintaining mandatory Scope 1 and 2 reporting from FY2025 for all listed companies. The revision follows surveys showing only 4% of small and mid-cap companies felt confident about meeting the original timeline.

Under the revised framework, all listed companies retain the FY2025 start date for mandatory Scope 1 and 2 GHG disclosures, and Straits Times Index constituents — the top 30 companies by market capitalisation — face no changes to their reporting obligations. However, for non-STI companies with market capitalisation above $1 billion, other ISSB-based climate reporting requirements now begin in FY2028, up from FY2025. For companies with market cap below $1 billion, these requirements are delayed to FY2030. Scope 3 reporting remains voluntary for non-STI companies until further notice.

For large non-listed companies, Scope 1 and 2 emissions reporting is pushed out to FY2030 from FY2027, Scope 3 reporting remains voluntary, and external assurance requirements are delayed to FY2032 from FY2029. Regulators cited uncertain global economic conditions and feedback from smaller companies lacking the time and resources to build robust data collection and reporting capabilities. Small and mid-cap companies account for 84% of SGX listings, meaning the delays affect the vast majority of the market.

The delay mirrors similar moves in the EU's Omnibus initiative and other jurisdictions reconsidering sustainability reporting timelines. Singapore's tiered approach — maintaining higher standards for its largest companies while giving smaller firms more time — is being watched as a model for phased implementation in other Asian markets. India's BRSR framework similarly uses a tiered approach, with enhanced disclosures required from the top 150 listed companies before broader roll-out, making Singapore's experience directly relevant to SEBI's ongoing calibration of domestic climate disclosure requirements.

Key figure — Only 4% of Singapore's small and mid-cap companies felt confident about meeting the original timeline