Only 36% of mandated issuers met SGX climate disclosure requirements

Larger companies are better able to comply with Scope 3 emissions reporting.

All issuers in the mandated industries for FY2023 produced Task Force on Climate-related Financial Disclosures (TCFD), but only 36% met the SGX RegCo requirement of providing all 11 required disclosures.

This was released in the results of the Climate Reporting Review 2024 by the Singapore Exchange Regulation (SGX RegCo) and the NUS Business School’s Centre for Governance and Sustainability (CGS).

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.

Tan Boon Gin, CEO of SGX RegCo, said that these results show that while issuers progressed, they need more help in adapting to the TCFD recommendations.

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.

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 $1b reported Scope 3 emissions, whilst just 22% of companies with small market capitalisation of less than $300m did so.

Tan said they will be studying the findings and gathering feedback as they explore how they can continue to support issuers, including through capacity-building initiatives.

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