Singapore’s Climate Story: Turning Disclosure Into Impact.
- ayshasathar101
- Aug 5
- 4 min read
In the early days after independence, Singapore was a city with big dreams but limited land and natural resources.
As the world started discussing on climate change, Singapore’s leaders recognized that their nation's future depended on balancing rapid economic development with forward-looking policies.
Ambitious 10-year blueprints, like the Sustainable Singapore Blueprint were then brought in action.
This small city-state began with baby steps by investing in clean air, strict water management, and a commitment to urban greenery, even as industries boomed.
They confronted the physical constraints by investing in R&D for water recycling, solar panels, and vertical farming and even switched from oil to natural gas ,the cleanest fossil fuel for power generation, a move uncommon in the region.
As scientific warnings became urgent, Singapore sharpened its strategy:
2015 marked the pledge to reduce emissions intensity by 36% from 2005 levels by 2030 and peak emissions around 2030.
Then in 2022, a new goal was announced: Net-zero emissions by 2050, with emissions peaking earlier than planned.
Finally in 2025, Mandatory GHG emissions disclosure for listed companies, beginning with Scope 1 & 2, then expanding to Scope 3 by 2026.
It is in alignment with the IFRS S2 climate-related disclosure standard ,builds on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) that SGX RegCo (Singapore Exchange Regulation) has mandated in a phased approach since FY 2022.
The Crucial Numbers: What’s Changing in 2025
In a decisive move, Singapore requires all listed companies to begin reporting their GHG emissions from the 2025 financial year, following standards set by the International Sustainability Standards Board (ISSB)
Whole-Nation Approach
The Singapore Green Plan 2030 mobilises every sector, from city planners to schoolchildren to multinationals establishing sustainability as part of daily life and the nation’s brand.
Key transitions include:
Carbon transition: Reducing emissions in industry, transport, and waste.
Energy transition: Phasing out coal, investing in renewables, and importing green electricity.
Economic transition: Building a competitive green workforce and attracting global green investments.
Science-Led, Transparent Action :Mandatory GHG disclosure for companies ensures robust Scope 1, 2, and soon Scope 3 reporting
"We are starting to slowly and incrementally put into the consciousness of our corporate actors that they need to factor in carbon as part of their overall consideration for capital deployment, for their operations and things like that" -Fred Teo, chief executive of state climate investment platform.
What Must Companies Disclose?
The Three GHG Emissions Scopes
Scope 1: Direct emissions from sources controlled/owned by the company (e.g., onsite fuel use).
Scope 2: Indirect emissions from energy purchased (e.g., electricity used at headquarters, data centers).
Scope 3: All indirect emissions in a company’s value chain (e.g., supplier emissions, customer product use, employee commuting).
Who's Reporting and What to be Reported?
(The primary exchange in Singapore is the Singapore Exchange Limited (SGX).)
Listed issuers
Must report Scope 1 and 2 emissions from FY2025
Scope 3 reporting becomes mandatory from FY2026
Required to conduct limited assurance of emissions from FY2027
Large non-listed companies (NLCos)
Required to report Scope 1 and 2 emissions from FY2027
Scope 3 reporting may be required from FY2029
Limited assurance obligations begin in FY2029
To be considered “large,” a non-listed company must meet at least two of the following thresholds over two consecutive years:
Revenue of SGD 1 billion or more
Total assets of SGD 500 million or more
500 or more employees
Singapore aspires to reach net-zero emissions by 2050. To get there, it aims to reduce emissions to around 60 million tons of CO2 equivalent in 2030, having already peaked emissions earlier than expected.
Why This Matters
Forces transparency and accountability.
Unlocks new access to markets and green finance.
Prepares Singaporean firms for a low-carbon economy.
Inspires others across Southeast Asia to take climate reporting seriously
Peak Commitment: Ambitious Climate Targets
Real-Life Example: Singtel and the Power of Reporting
The Singtel Experience
Singtel, Southeast Asia’s largest telecom company and a Singapore-listed firm, shows the impact and process of transparent GHG disclosure.
Singtel began reporting on Scope 1 (fleet fuel), Scope 2 (electricity for networks/data centers), and key Scope 3 emissions and through the data collection, Singtel identified high electricity consumption as its main carbon driver and invested in green energy, solar installations, and retrofitting of network infrastructure.
By quantifying Scope 3 emissions (from purchased goods, supplier activities, business travel), Singtel was able to partner with suppliers to implement sustainability standards, thus reducing upstream emissions.
Its efforts earned Singtel an A List rating for climate leadership on the global Carbon Disclosure Project and made it a model for others preparing for Singapore’s new regulations.
Singtel's Real-World GHG Numbers (FY2024)
Total emissions: 2,962,121 tonnes CO₂e, a 30.75% reduction from FY2023.
Scope 1 and 2 emissions: 409,120 tonnes CO₂e, a 7.14% drop from the prior year, 25.86% down from 2015 baseline (551,785 tCO₂e).
Scope 3 emissions: 2,553,001 tCO₂e, with major reductions achieved through green procurement and supply chain engagement.
By leveraging data, Singapore is both holding itself accountable and creating a powerful capital market incentive for emissions reduction, Almost 96% of listed companies had already begun some form of climate reporting by the end of 2023.
In a small nation that dares to lead, mandatory GHG emission reporting is what powers meaningful and measurable climate action.
As always, let this be your reminder to know that climate knowledge isn’t reserved for experts. It belongs to you, too.
Concept Writer and Researcher: Aysha Abdul Sathar
Reviewer: Pratiksha More
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