MAS Guidelines on Environmental Risk Management (Banks, Insurers, Asset Managers)

Singapore requires SGX-listed issuers to make climate disclosures based on IFRS S2 and the climate-related parts of IFRS S1, phased from FY2025: Scope 1 and 2 emissions for all issuers and full climate reporting for STI constituents first, with Scope 3 for STI constituents from FY2026. SGX RegCo and ACRA extended most timelines on 25 August 2025. On 27 July 2026 ACRA's Interim Sustainability Standards Committee opened consultation on draft SFRS S1 and SFRS S2, proposing that only SFRS S2 be mandatory.

Enforcement

Mandatory

Effective date

Listed issuers, FY starting on or after: 1 January 2025 – Scope 1 and 2 GHG emissions for all listed issuers, plus other ISSB-based climate disclosures for STI constituents; 1 January 2026 – Scope 3 for STI constituents; 1 January 2028 – other ISSB-based climate disclosures for non-STI issuers with market cap of S$1 billion or more (as at 30 June 2025); 1 January 2030 – other ISSB-based climate disclosures for non-STI issuers below S$1 billion. Large non-listed companies: ISSB-based climate disclosures including Scope 1 and 2 from FY2030. External limited assurance on Scope 1 and 2: listed issuers from FY2029, large non-listed companies from FY2032.

Covered entities

All SGX-listed issuers, phased by STI membership and market capitalization. Large non-listed companies with annual revenue of at least S$1 billion and total assets of at least S$500 million (from FY2030, to be set in legislation). Scope 3 stays voluntary for non-STI issuers and large non-listed companies until further notice.

Singapore's Resource Sustainability Act covers e-waste, packaging and food waste. NEA has run a regulated e-waste EPR scheme since July 2021, and the Beverage Container Return Scheme, run by the NEA-licensed, producer-led BCRS Ltd., started on 1 April 2026 with a 10-cent deposit on plastic and metal beverage containers. Companies with turnover above SGD 10 million must report packaging data and 3R plans each year.

Enforcement

Mandatory

Effective date

Passed 4 September 2019; partially commenced 1 January 2020; regulated e-waste EPR scheme operational from 1 July 2021; food-waste segregation duties from 2024; Beverage Container Return Scheme commenced 1 April 2026, with a transition period to 30 September 2026, after which only containers bearing the Deposit Mark may be sold

Covered entities

Producers (manufacturers and importers) of regulated electrical and electronic products and their retailers; producers of pre-packaged beverages in plastic and metal containers of 150 ml to 3 L (Beverage Container Return Scheme); companies supplying regulated goods with annual turnover above SGD 10 million (mandatory packaging reporting); large food-waste generators

Article 29 requires French financial institutions to publish annual reports on how they integrate environmental, social and governance criteria, including a dedicated section on biodiversity-related risks and impacts under a double-materiality approach. Reports must be filed with ADEME and the AMF within six months of year-end.

Enforcement

Mandatory

Effective date

Decree 2021-663 of 27 May 2021, published in JORF n°0122 of 28 May 2021 and in force the day after publication (Art. D. 533-16-1 CMF in force 29 May 2021); first reports due 30 June 2022 covering FY2021

Covered entities

French banks, insurers, asset managers and other financial market participants. Full disclosure obligations apply to entities and funds with assets or assets under management above EUR 500 million; lighter regime below the threshold

The TNFD Recommendations set out 14 disclosure recommendations covering governance, strategy, risk and impact management, and metrics and targets for nature-related risks and opportunities, structured to align with the TCFD and ISSB. Adoption is voluntary, with the LEAP approach offered as the assessment method.

Enforcement

Voluntary

Effective date

18 September 2023

Covered entities

Any organization, financial or non-financial, that chooses to adopt the framework. 802 organizations, including financial institutions with USD 26.6 trillion in AUM, had committed as TNFD Adopters, and more than 1,000 organizations across 56 countries or areas had published TNFD-aligned disclosures (TNFD 2026 Status Report, 21 September 2026)

The Act sets up a national voluntary market for biodiversity certificates, with each certificate carrying standardised information on the area, project type, threatened species and duration of the work. Participants must follow biodiversity integrity standards and notify the regulator of significant reversals.

Enforcement

Voluntary participation, mandatory rules for participants

Effective date

15 December 2023

Covered entities

Landholders, Indigenous land managers and proponents who choose to register biodiversity projects and issue Biodiversity Certificates; buyers in the voluntary market

The ISSB is proposing nature-related disclosure requirements as an IFRS Practice Statement that would sit alongside IFRS S1 and IFRS S2 and draw on the TNFD framework. Application would be optional unless a jurisdiction requires it, and an entity that applies it would state compliance with it. The Board cleared the Exposure Draft for balloting in July 2026 with a 120-day comment period and is targeting publication in October 2026.

Enforcement

Voluntary (non-mandatory Practice Statement) unless a jurisdiction requires it

Effective date

Exposure Draft targeted for October 2026 with a 120-day comment period (deadline set on publication); the final Practice Statement would be available for application from its date of issuance, with no comparative information required in the first reporting period

Covered entities

Entities applying IFRS S1 and IFRS S2 that choose to apply the Practice Statement or are required to by their jurisdiction