ACRA Opens Public Consultation on Singapore's Draft Climate Standards

The Accounting and Corporate Regulatory Authority (ACRA) of Singapore has initiated a public consultation on draft sustainability disclosure standards. This move is a significant step towards implementing the city-state's mandatory climate reporting regime.

  • Consultation Period: 27 July to 26 August 2023
  • Purpose: To gather feedback on the draft standards, which will form the basis of Singapore's upcoming mandatory climate-related disclosures.
  • Impact: The consultation outcomes will influence the final standards, affecting how businesses report their climate-related risks and opportunities.

ACRA, in collaboration with the Monetary Authority of Singapore and the Ministry of Sustainability and the Environment, is developing these standards to enhance the quality and comparability of sustainability disclosures. The draft standards align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and the Sustainability Accounting Standards Board (SASB) Materiality Framework.

Businesses operating in Singapore are encouraged to participate in the consultation to ensure their perspectives are considered in shaping the final standards. The public consultation paper and response form can be found on ACRA's website.