One small step in climate reporting, one big leap towards climate action
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THE recently concluded public consultation by the Accounting and Corporate Regulatory Authority and Singapore Exchange Regulation (SGX RegCo) on the recommendations by the Sustainability Reporting Advisory Committee (SRAC) stirred much interest as it marks a significant step in advancing climate reporting in Singapore.
If the SRAC recommendations are adopted, climate-related disclosures (CRDs) will be made mandatory for all SGX-listed issuers from FY2025. More significantly, this will extend to large non-listed companies with annual revenue of at least S$1 billion from FY2027. For other non-listed companies with annual revenue equal to or more than S$100 million but below S$1 billion, a review will be conducted in FY2027, with the view to require reporting by around FY2030.
In addition, CRDs should be reported using local prescribed standards that mirror the requirements in the International Sustainability Standards Board (ISSB) standards.
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