SGX review finds 64% of issuers fail to provide full climate disclosures

Only 36% of local issuers provided all 11 recommended disclosures in the latest annual review.

Climate reporting amongst Singapore-listed issuers improved in 2025, but scenario analysis, Scope 3 emissions and the integration of climate risks into broader risk management frameworks remained weak spots, according to SGX’s latest review.

The Climate Reporting Review 2025 found that issuers disclosed an average of nine recommended disclosures under the Task Force on Climate-related Financial Disclosures (TCFD) framework, up from eight in 2024. More than half, or 62%, reported at least 10 disclosures, whilst 36% provided all 11, up from 28% a year earlier.

Governance, and metrics and targets were the strongest areas, with 98% of issuers providing at least one disclosure under each pillar. Strategy showed the fastest improvement, rising to 92% from 78% in 2024.

But deeper, decision-useful disclosures were less consistent. Only 62% of issuers described how climate-related risk processes were integrated into overall risk management, whilst 56% undertook scenario analysis.

Only half defined time horizons for climate scenarios, and 25% disclosed the resilience of their strategy under those scenarios.

Emissions reporting also remained uneven. Scope 1 and Scope 2 emissions were disclosed by 87% and 93% of issuers, respectively, but Scope 3 disclosure lagged at 37%, highlighting continuing challenges in value-chain data collection.

The report also showed uneven readiness for tighter rules ahead. About 69% of issuers published sustainability reports at the same time as annual reports, 63% of STI constituent issuers had begun incorporating ISSB Standards, and 70% had sought external assurance, compared with 34% for non-STI issuers with market capitalisation of at least $1b and 1% for those below that threshold.