Singapore, 10 March 2025 –A Singapore Exchange Regulation (SGX RegCo) and the NUS Business School’s Centre for Governance and Sustainability (CGS) review has found that most listed issuers have made initial steps towards climate reporting.

Of the 529 issuers whose sustainability reports were reviewed, 97% carried out climate reporting, namely by having at least one disclosure based on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. This compared to 73% in the previous review in 2023.
However, only 28% of all issuers provided all 11 disclosures that the TCFD recommends. On average, each issuer produced eight TCFD disclosures. Disclosures on climate scenario analysis, integration of risk management processes and climate targets were among the most lacking across the review

Other key findings of the review are:

  • Disclosure of Scope 1 and Scope 2 greenhouse gas (GHG) emissions was high at 80% and 87% respectively of all issuers. However, only 29% of issuers disclosed Scope 3 emissions.
  • Large issuers were far ahead of smaller ones in terms of reporting Scope 3 emissions. The bulk of issuers (64%) with large market capitalisation of over S$1 billion reported Scope 3 emissions while just 22% of companies with small market capitalisation of less than S$300 million did so.
  • All issuers in the mandated industries1 for FY2023 produced TCFD disclosures but only 36% met the SGX RegCo requirement of providing all 11 required disclosures.

“Our previous review showed that the quality of climate disclosures was lagging that of other sustainability-related disclosures. This latest survey focused on climate-related disclosures shows that while issuers progressed, they need more help in adapting to the TCFD recommendations. This is necessary if companies are to smoothly and successfully transition to the latest International Sustainability Standards Board standards. We will be studying the findings and gathering feedback as we explore how we can continue to support issuers including through capacity-building initiatives,” said Tan Boon Gin, CEO of SGX RegCo.

Professor Lawrence Loh, Director, Centre for Governance and Sustainability, NUS Business School, said, “The review underscores that while issuers have made meaningful progress in climate reporting, significant gaps remain in achieving comprehensive and high-quality disclosures. Beyond compliance, strong climate reporting helps businesses manage risks, seize opportunities, and build stakeholder trust. As expectations evolve, deeper integration of climate considerations will be crucial for long-term resilience and competitiveness in the transition to a low-carbon economy. We look forward to supporting companies in strengthening their climate disclosures and advancing sustainability practices.”

The full review report is found here.

1. SGX RegCo requires that from the financial year commencing 1 January 2023 (FY2023), TCFD disclosures be mandatory for issuers in the financial industry, agriculture, food and forest products industry and the energy industry.

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About Singapore Exchange Regulation (SGX RegCo)
Singapore Exchange Regulation (SGX RegCo) is the independent Singapore Exchange subsidiary undertaking all frontline regulatory functions including as securities market regulator. Our activities include the admission and supervision of issuers, intermediaries and Catalist sponsors, the surveillance of trading and issuers’ disclosures, and the formulation and improvement of policies and products, guided by market feedback. We also have the Whistleblowing Office to look into allegations of issuers’ regulatory shortfalls and the Sustainable Development Office to house ESG-related regulatory efforts. Regulation Asia has named us Exchange of the Year five times in recognition of efforts to uphold the integrity and development of our markets. Find out more at https://regco.sgx.com/.

About NUS Business School
The National University of Singapore (NUS) Business School is known for providing management thought leadership from an Asian perspective, enabling its students and corporate partners to leverage global knowledge and Asian insights.

The school has consistently ranked first in Asia by independent publications and agencies, such as The Financial Times, and Quacquarelli Symonds, in recognition of the quality of its programmes, faculty research and graduates.

The school is accredited by AACSB International (Association to Advance Collegiate Schools of Business) and EQUIS (European Quality Improvement System), endorsements that the school has met the highest standards for business education.

Established in 2010, the Centre for Governance and Sustainability (CGS) is part of the NUS Business School. Its mission is to spearhead high-impact research on corporate governance and sustainability in Singapore and the Asia-Pacific and serves as the national assessor for the corporate sustainability and governance performance of listed companies in Singapore.

In tandem with growing demands from consumers and investors that financial returns are achieved with integrity, backed with environmental and social considerations, CGS has a slew of research focusing on sustainability reporting in Asia Pacific, sustainable banking, nature reporting, and climate reporting in ASEAN.

More information about CGS can be accessed at https://bschool.nus.edu.sg/cgs/.

Media contacts

Carolyn Lim
Marketing & Communications
SGX Group
+65 91716648
Carolyn.lim@sgx.com

Frank Chua
Assistant Senior Manager, Corporate Communications
NUS Business School
+65 6601 2469
frank.c@nus.edu.sg

Natalie Law
Assistant Manager, Corporate Communications
NUS Business School
+65 6601 1206
natalielaw@nus.edu.sg