Singapore’s sustainability legal services market is set for rapid expansion, with a projected value of up to S$500 million by 2033, according to a new PwC study. Driven by environmental, social, and governance (ESG) trends and carbon neutral strategy adoption, the market is expected to grow at a 10% compound annual growth rate—twice the pace of the broader legal industry. 

The report, commissioned by the Economic Development Board, Enterprise Singapore, and the Ministry of Law, highlights how ESG-driven legal workstreams are reshaping the legal landscape. Legal advisory services tied to carbon markets and sustainability disputes are forecast to increase from S$20–40 million in 2023 to S$110–130 million by 2033. Simultaneously, sustainability-focused enhancements to existing legal functions, such as integrating ESG clauses into contracts, are expected to grow from S$120–140 million to S$330–350 million over the same period. 

PwC identified six core areas of legal growth: green finance, capital projects and infrastructure, carbon markets, sustainability disputes, green technologies and digital innovation, and sustainability reporting and compliance. Green finance and infrastructure projects represent the largest legal opportunities in the short term, covering areas such as bond issuance, fund structuring, regulatory compliance, and risk management. Carbon markets and sustainability disputes are poised for mid-to-long-term growth, focusing on climate litigation, carbon tax advisory, and due diligence. 

The study emphasized Singapore’s strong sustainability record and regional legal influence as key growth enablers. Legal professionals in Singapore are uniquely positioned to lead ESG efforts across Southeast Asia. 

As global and regional ESG mandates tighten, Singapore’s legal sector is rapidly evolving to meet demand, reinforcing the city-state’s position as a key hub for sustainability law and green finance. This expansion directly supports the nation’s broader carbon neutral strategy and green economy ambitions. 

Sumber: 

https://www.businesstimes.com.sg/esg/sustainable-finance/singapores-sustainability-legal-services-market-treble-least-s450-million-2033-pwc-study 

https://ground.news/article/singapores-sustainability-legal-services-market-to-treble-to-at-least-s450-million-by-2033-pwc-study