Singapore Proposes Sustainability Disclosure Standards with Mandatory Climate Reporting

• 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦’𝘴 𝘈𝘤𝘤𝘰𝘶𝘯𝘵𝘪𝘯𝘨 𝘢𝘯𝘥 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘦 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 (𝘈𝘊𝘙𝘈) 𝘩𝘢𝘴 𝘱𝘳𝘰𝘱𝘰𝘴𝘦𝘥 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦 𝘚𝘶𝘴𝘵𝘢𝘪𝘯𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘋𝘪𝘴𝘤𝘭𝘰𝘴𝘶𝘳𝘦 𝘚𝘵𝘢𝘯𝘥𝘢𝘳𝘥𝘴 𝘣𝘢𝘴𝘦𝘥 𝘰𝘯 𝘐𝘚𝘚𝘉 𝘚𝘵𝘢𝘯𝘥𝘢𝘳𝘥𝘴. • 𝘜𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘰𝘴𝘢𝘭, 𝘚𝘍𝘙𝘚 𝘚2 𝘰𝘯 𝘤𝘭𝘪𝘮𝘢𝘵𝘦-𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘥𝘪𝘴𝘤𝘭𝘰𝘴𝘶𝘳𝘦𝘴 𝘸𝘰𝘶𝘭𝘥 𝘣𝘦 𝘮𝘢𝘯𝘥𝘢𝘵𝘰𝘳𝘺, 𝘸𝘩𝘪𝘭𝘦 𝘚𝘍𝘙𝘚 𝘚1 𝘰𝘯 𝘣𝘳𝘰𝘢𝘥𝘦𝘳 𝘴𝘶𝘴𝘵𝘢𝘪𝘯𝘢𝘣𝘪𝘭𝘪𝘵𝘺-𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘸𝘰𝘶𝘭𝘥 𝘳𝘦𝘮𝘢𝘪𝘯 𝘷𝘰𝘭𝘶𝘯𝘵𝘢𝘳𝘺. • 𝘛𝘩𝘦 𝘥𝘳𝘢𝘧𝘵 𝘱𝘳𝘰𝘱𝘰𝘴𝘦𝘴 𝘦𝘹𝘵𝘦𝘯𝘥𝘦𝘥 𝘳𝘦𝘭𝘪𝘦𝘧 𝘧𝘳𝘰𝘮 𝘚𝘤𝘰𝘱𝘦 3 𝘦𝘮𝘪𝘴𝘴𝘪𝘰𝘯𝘴 𝘳𝘦𝘱𝘰𝘳𝘵𝘪𝘯𝘨 𝘧𝘰𝘳 𝘤𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴 𝘯𝘰𝘵 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘮𝘢𝘯𝘥𝘢𝘵𝘰𝘳𝘺 𝘚𝘤𝘰𝘱𝘦 3 𝘳𝘦𝘱𝘰𝘳𝘵𝘪𝘯𝘨. • 𝘊𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴 𝘸𝘰𝘶𝘭𝘥 𝘢𝘭𝘴𝘰 𝘣𝘦 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘥 𝘵𝘰 𝘮𝘢𝘬𝘦 𝘢𝘯 𝘦𝘹𝘱𝘭𝘪𝘤𝘪𝘵 𝘢𝘯𝘥 𝘶𝘯𝘳𝘦𝘴𝘦𝘳𝘷𝘦𝘥 𝘴𝘵𝘢𝘵𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘤𝘰𝘮𝘱𝘭𝘪𝘢𝘯𝘤𝘦 𝘸𝘪𝘵𝘩 𝘚𝘍𝘙𝘚 𝘚2 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘰𝘴𝘢𝘭. • 𝘛𝘩𝘦 𝘱𝘶𝘣𝘭𝘪𝘤 𝘤𝘰𝘯𝘴𝘶𝘭𝘵𝘢𝘵𝘪𝘰𝘯 𝘰𝘯 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘰𝘴𝘦𝘥 𝘴𝘵𝘢𝘯𝘥𝘢𝘳𝘥𝘴 𝘸𝘪𝘭𝘭 𝘳𝘶𝘯 𝘧𝘳𝘰𝘮 27 𝘑𝘶𝘭𝘺 𝘵𝘰 25 𝘖𝘤𝘵𝘰𝘣𝘦𝘳 2026.

Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has proposed the Singapore Sustainability Disclosure Standards, a local sustainability reporting framework based on the International Sustainability Standards Board (ISSB) Standards. The draft was developed by ACRA’s Interim Sustainability Standards Committee and is intended to reflect Singapore’s climate-first approach. ACRA launched a public consultation on the proposed standards on 27 July 2026.

The proposed framework comprises two standards: SFRS S1, covering broader sustainability-related financial disclosures, and SFRS S2, focused specifically on climate-related disclosures. Under the proposal, SFRS S2 would be mandatory, while SFRS S1 would remain voluntary.

The draft also includes Singapore-specific adjustments to certain ISSB requirements. Companies that are not required to report Scope 3 emissions would receive extended and ongoing relief from Scope 3 reporting beyond the first year. The proposed standards would also require companies to make an explicit and unreserved statement of compliance with SFRS S2.

The consultation comes as Singapore continues its phased implementation of climate reporting requirements. Listed companies are already required to make sustainability disclosures aligned with ISSB standards, with implementation timelines varying according to company type and market capitalisation. STI constituents began reporting under ISSB-aligned requirements from FY2025, while other listed companies are subject to later implementation dates.

The public consultation on the proposed Singapore Sustainability Disclosure Standards will remain open until 25 October 2026. ACRA is also developing guidance on sustainability assurance to support the development of assurance capabilities and training programmes aligned with global standards.

For businesses operating in Singapore, the proposed standards could shape future sustainability reporting processes, climate-related data requirements and governance practices. Cognitud can help organizations assess their sustainability reporting readiness, map ISSB and SFRS S1/S2 requirements, identify data and disclosure gaps, strengthen Scope 1, 2 and 3 emissions reporting, and establish reporting processes aligned with Singapore’s evolving sustainability disclosure requirements.