Singapore Company Registration Tip: From the 2025 financial year, listed and large unlisted companies in Singapore will be required to disclose climate-related information-FOZL

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Singapore Company Registration Tip: From the 2025 financial year, listed and large unlisted companies in Singapore will be required to disclose climate-related information

February 28, 2024, Singapore's Minister for Transport and Second Minister for Finance, Mr. Chee Hong Tat announced that, from Fiscal Year 2025 onwards, all Singapore-listed companies will be required to disclose climate-related information and report according to standards set by the International Sustainability Standards Board (ISSB). This includes information on the company's Scope 1 and Scope 2 greenhouse gas emissions. From Fiscal Year 2027 onwards, non-listed companies with annual revenue of at least S$1 billion and total assets of at least S$500 million will also be required to disclose climate-related information.

In addition, Singapore-listed companies will be required to disclose Scope 3 greenhouse gas emissions from Fiscal Year 2026, and will also need to have their Scope 1 and 2 greenhouse gas emission reports externally limited assured from Fiscal Year 2027, while large non-listed companies will follow suit from Fiscal Year 2029. The fiscal year referred to in the new regulations is based on the company's fiscal year.

In 2023, the Accounting and Corporate Regulatory Authority (ACRA) launched a public consultation on the recommendations of the Sustainability Reporting Advisory Committee regarding corporate disclosure of climate-related information. The agency will review in 2027 whether to implement the same regulations for small non-listed companies.

Greenhouse gas emissions are internationally categorized into three scopes: Scope 1 refers to direct greenhouse gas emissions produced by a company, such as emissions from company vehicles, boilers, or production lines in operation; Scope 2 refers to indirect emissions produced by a company, such as emissions from the purchase of electricity for heating, cooling, and other operations; Scope 3 includes all other indirect emissions generated in the company's value chain.