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BY
AnhNguyen
- September 24, 2024
Singapore has taken a major step toward achieving its 2050 net-zero target by mandating corporate climate risk disclosures. These requirements are designed to drive climate-aligned investment and decision-making across businesses, particularly listed companies and financial institutions. The mandate helps ensure that companies assess and disclose the climate-related risks they face, pushing for more sustainable corporate strategies.
Starting in 2017, the Singapore Exchange (SGX) introduced a “comply or explain” framework for issuers, covering environmental, social, and governance (ESG) factors. Building on this, Singapore adopted a phased approach in 2023, requiring mandatory climate-related disclosures based on the Task Force on Climate-related Financial Disclosures (TCFD) guidelines. This phased implementation will align with the standards set by the International Sustainability Standards Board (ISSB), with listed issuers being required to comply from FY2025, and large non-listed companies from FY2027.
Moreover, Singapore’s Monetary Authority (MAS) has issued guidelines to enhance environmental risk management for financial institutions. This includes requiring asset managers, banks, and insurers to integrate environmental risks into their decision-making processes and disclose such risks according to TCFD guidelines.
These comprehensive measures aim to mobilize private climate finance, ensure businesses are prepared for climate-related threats, and seize the opportunities presented by a green economy.
Sources:
https://www.iasplus.com/en/news/2024/09/sgx
https://beamstart.com/news/singapore-regulator-drops-2026-timeline-1727054608
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