Singapore Exchange (SGX:S68) will improve its sustainability reporting framework by incorporating IFRS Sustainability Disclosure Standards starting in the financial year 2025, according to a Monday filing on the Singapore Exchange.
All issuers must report Scope 1 and Scope 2 greenhouse gas (GHG) emissions.
The move follows broad support from a public consultation, despite challenges for smaller companies regarding Scope 3 emissions reporting. A one-year transition relief for Scope 3 disclosures is in place.
"Disclosure of Scope 1 and Scope 2 GHG emissions is crucial for enabling larger issuers to report Scope 3 emissions," said Tan Boon Gin, CEO of SGX RegCo.
While climate reporting begins in FY25, other sustainability report components will be mandated from FY26. Issuers without external assurance must issue sustainability reports with their annual reports from FY26.
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