Overview

ACRA has taken significant steps to advance sustainability reporting in Singapore, in line with the Singapore Green Plan and the global momentum towards consistent and comparable sustainability disclosures.

Sustainability Reporting Office Established

ACRA set up the Sustainability Reporting Office (SRO) to develop and implement a sustainability reporting and assurance roadmap for Singapore-incorporated companies. The SRO participates in international platforms and actively engages domestic stakeholders, including collaborating with other government agencies to advance sustainability reporting and assurance practices in Singapore. Its focus encompasses policy-making and standards-setting for both sustainability reporting and assurance, while also contributing to thought and practice leadership in the field. The SRO is also responsible for developing ACRA’s own sustainability plans. Through these efforts, the SRO exemplifies ACRA’s commitment to leading by example in this important space.

Singapore’s Climate Reporting and Assurance Roadmap

Following extensive stakeholder engagement and a public consultation in 2023, the Government finalised Singapore’s climate reporting and assurance roadmap in February 2024. The roadmap outlines a phased approach to mandatory climate reporting starting from FY2025, with assurance requirements to be gradually introduced from FY2027. It aims to align Singapore's practices with international standards. A summary of the roadmap is as follows:

We are committed to supporting companies in their climate reporting journey and will continue to engage our stakeholders as we work out legislative amendments to implement the climate reporting and assurance roadmap.

Supporting companies through thought leadership

In July 2024, ACRA collaborated with the Sustainable and Green Finance Institute (SGFIN) at the National University of Singapore to conduct a study on climate-related disclosures. The findings revealed that larger listed companies, particularly those in carbon-intensive sectors, are making good progress in climate reporting.

The study highlighted best practices in climate-related disclosures from local and overseas companies. It also recommended strategies on how companies can enhance their climate reporting, such as prioritising progress over perfection, making meaningful links to financial reporting, and working towards future-proofing their strategy and business model.

Read the full report: Unveiling Climate-related Disclosures in Singapore: Getting ready for the ISSB Standards.

Looking ahead

ACRA will continue to enhance climate reporting and assurance practices in Singapore, including by regularly reviewing standards and engaging with stakeholders so as to ensure our framework remains robust yet practical, aligned with international standards, and tailored to suit the local context.