According to the press release, the requirements will be introduced in a phased approach:

• From FY2025, all listed entities will be required to report and file annual climate-related disclosures, using requirements aligned with the ISSB standards, except for information on Scope 3 GHG emissions.
• From FY2026, all listed entities will be required to report information on Scope 3 GHG emissions in addition to the existing requirements.
• From FY2027, large non-listed entities, defined as those with annual revenue of at least SG$1 billion and total assets of at least SG$500 million, will be required to report and file annual climate-related disclosures, except for information on Scope 3 GHG emissions, using the same requirements as listed companies.
• From FY2029 (at the earliest), large non-listed entities will be required to report information on Scope 3 GHG emissions in addition to the existing requirements.

External limited assurance will be required on Scope 1 and 2 GHG emissions from FY2027 for listed entities and from FY2029 for large non-listed entities.

Large non-listed entities whose parent company already reports climate-related disclosures using ISSB-aligned local reporting standards or equivalent standards (e.g. European Sustainability Reporting Standards) will be exempted from reporting and filing climate-related disclosures, subject to certain conditions.

A transitional relief will be provided for large non-listed entities whose parent company reports climate-related disclosures using other international standards and frameworks (e.g. Global Reporting Initiative (GRI) Standards, or the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)).

More information is available in the press release on the ACRA website.