{"id":2205,"date":"2024-09-25T18:18:45","date_gmt":"2024-09-25T10:18:45","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=2205"},"modified":"2025-08-11T18:22:07","modified_gmt":"2025-08-11T10:22:07","slug":"singapore-finalizes-issb-aligned-climate-reporting-rules-adjusts-scope-3-timeline","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2024\/09\/25\/singapore-finalizes-issb-aligned-climate-reporting-rules-adjusts-scope-3-timeline\/","title":{"rendered":"Singapore Finalizes ISSB-Aligned Climate Reporting Rules, Adjusts Scope 3 Timeline"},"content":{"rendered":"\n<p>Singapore Exchange Regulation (SGX RegCo) has confirmed the integration of the IFRS Sustainability Disclosure Standards (ISSB Standards) into its mandatory climate reporting framework for listed issuers. The decision follows a public consultation revealing strong market support but also significant challenges concerning Scope 3 greenhouse gas (GHG) emissions reporting.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key Decisions Announced<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Mandatory ISSB Adoption:<\/strong> SGX RegCo will proceed with incorporating the ISSB Standards S1 (General Requirements) and S2 (Climate-related Disclosures) into its Listing Rules. This mandates climate-related disclosures for all SGX-listed issuers, moving beyond initial proposals for sector-specific application.<\/li>\n\n\n\n<li><strong>Revised Scope 3 Implementation:<\/strong> Responding to industry feedback, SGX RegCo has abandoned its initial proposal for <em>mandatory<\/em> Scope 3 GHG emissions reporting for <em>all<\/em> issuers starting in 2026. Significant concerns, particularly from smaller issuers, were raised regarding the complexity, evolving methodologies, and data availability challenges associated with Scope 3 measurement.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Consultation Feedback Highlights<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Broad Support:<\/strong> Respondents overwhelmingly endorsed the move to mandatory climate disclosures based on the ISSB Standards across the entire market.<\/li>\n\n\n\n<li><strong>Scope 3 Challenges:<\/strong> Despite the ISSB Standards providing a one-year transition relief for Scope 3 disclosures, many respondents, especially smaller entities, highlighted the practical difficulties and potential costs involved. The lack of standardized methodologies and reliance on value chain data were cited as major hurdles.<\/li>\n\n\n\n<li><strong>Capacity Concerns:<\/strong> Smaller issuers expressed concerns about resource constraints and the need for more time and support to develop robust Scope 3 reporting capabilities.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Updated Implementation Plan<\/h3>\n\n\n\n<p>While mandatory Scope 3 reporting for all issuers in 2026 is off the table, SGX RegCo has outlined a revised expectation:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Large Issuers Lead:<\/strong> Large issuers (defined by market capitalization) will now be <em>expected<\/em> to commence reporting on their Scope 3 GHG emissions for financial years beginning on or after 1 January 2026.<\/li>\n\n\n\n<li><strong>Focus on Phasing:<\/strong> This revised approach indicates a phased implementation, prioritizing larger entities with presumably greater resources first, while allowing more time for smaller issuers and the market infrastructure (methodologies, data access) to mature.<\/li>\n<\/ul>\n\n\n\n<p>SGX RegCo will proceed with formal rule amendments to embed the ISSB Standards S1 and S2 into the SGX Listing Rules. Detailed implementation guidance, including the specific criteria defining &#8220;large issuers&#8221; for the Scope 3 expectation and effective timelines, is anticipated in the final rule amendments.<\/p>\n\n\n\n<p><strong>Source:<\/strong> SGX RegCo, 23 September 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore Exchange Regulation (SGX RegCo) has confirmed the integration of the IFRS Sustainability Disclosure Standards (ISSB Standards) into its mandatory climate reporting framework for listed issuers. The decision follows a public consultation revealing strong market support but also significant challenges concerning Scope 3 greenhouse gas (GHG) emissions reporting. Key Decisions Announced Consultation Feedback Highlights Updated [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,8,6],"tags":[],"class_list":["post-2205","post","type-post","status-publish","format-standard","hentry","category-accounting","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=2205"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2205\/revisions"}],"predecessor-version":[{"id":2206,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/2205\/revisions\/2206"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=2205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=2205"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=2205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}