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

Singapore is phasing in mandatory ISSB-aligned climate disclosure for SGX-listed issuers from FY2025. Large non-listed companies become subject from FY2030. SGX extended several timelines on 25 August 2025.

Enforcement

Mandatory

Effective date

SGX listed: Scope 1+2 from FY2025; Scope 3 mandatory for STI constituents from FY2026. Large non-listed: Scope 1+2 from FY2030.

Covered entities

All SGX-listed issuers (phased by market cap and STI status); large non-listed companies meeting ACRA thresholds.

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 published 27 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 organisation, financial or non-financial, that chooses to adopt the framework. Over 500 organisations have committed as TNFD Adopters

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 developing incremental nature-related disclosure requirements that will supplement IFRS S1 and IFRS S2, drawing on the TNFD Recommendations. The Board is targeting an Exposure Draft before CBD COP17 in October 2026.

Enforcement

Voluntary until adopted by jurisdictions

Effective date

Exposure Draft expected 2026; final standard to follow

Covered entities

Companies applying IFRS Sustainability Disclosure Standards; scope to be defined in the Exposure Draft