Singapore Delays Climate Reporting Requirements for Large Non-Listed Companies

Singapore has announced a three-year extension for mandatory climate-related disclosures by large non-listed companies, giving many multinational firms especially those based in the United States additional time to build their reporting capabilities.

 

New Timeline for US-Based Multinationals Operating in Singapore

 

Originally scheduled to begin in fiscal year 2027, the climate reporting requirements will now take effect in fiscal year 2030. The revised timeline provides more runway for large non-listed companies (referred to as Large NLCos) to prepare for compliance. These companies include subsidiaries and operations of major multinationals with a significant presence in Singapore.

 

Who Is Affected?

 

Under Singapore’s criteria, Large NLCos are defined as companies with annual revenue of at least S$1 billion (approximately US$780 million) and total assets of at least S$500 million (roughly US$390 million). These thresholds capture a broad swath of multinational corporations with regional headquarters or substantial business operations in the country.

 

Read more: U.S. State Attorneys General Launch Legal Challenge Against Climate Finance Alliance

 

Scope 1 and 2 Reporting Requirements Postponed

 

The revised rules will now require ISSB-aligned disclosures including Scope 1 and Scope 2 greenhouse gas (GHG) emissions starting in fiscal year 2030 instead of 2027. This change was announced by Singapore’s Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation to give companies more time to develop internal systems and processes for climate reporting.

 

In addition to delaying disclosures, the requirement for external limited assurance of Scope 1 and 2 data has also been pushed back. Companies will now need to begin external assurance starting with fiscal year 2032 rather than 2029.

 

Scope 3 Emissions Remain Voluntary

 

For now, Scope 3 emissions reporting remains optional. ACRA had previously stated that companies would not be expected to report Scope 3 emissions before fiscal year 2029 and that businesses would receive at least two years’ advance notice before such requirements are enforced.

 

This decision aligns with broader global concerns around the complexity and evolving methodologies of Scope 3 emissions tracking, especially for companies with global supply chains.

 

Singapore Continues to Align with Global Standards

 

Despite the delay, Singapore remains committed to aligning with the International Sustainability Standards Board (ISSB) framework. Listed companies in Singapore are still required to begin climate-related disclosures from fiscal year 2025, though those rules are not affected by this announcement.

 

Explore OneStop ESG Marketplace: ESG reporting

 

By adjusting its implementation schedule for non-listed entities, Singapore aims to balance climate accountability with realistic timelines for compliance and assurance readiness.

 

What’s Next for Companies?

 

For affected multinationals, the extended deadline offers breathing room to invest in the right technology, partnerships, and expertise needed for robust ESG reporting. While the compliance date has shifted, the expectation remains clear: companies should begin preparing now to ensure full readiness by 2030.

 

Explore ESG Solutions on our marketplace - OneStop ESG Marketplace.

 

Keep abreast of the top ESG Events on OneStop ESG Events.

 

OneStop ESG Educate: Your go-to source for top ESG courses and training programs tailored to your needs.

 

Stay informed with the latest insights on OneStop ESG News.

 

Discover meaningful career opportunities on OneStop ESG Jobs.