Singapore urges businesses to act as climate rules tighten

Singapore’s Ambassador for Climate Action has advised businesses to accelerate their climate transition efforts in light of tightening regulatory requirements and increased market demand for sustainability. The country is targeting net-zero emissions by 2050 and plans to raise the carbon tax while importing low-carbon electricity to cover one-third of its energy needs by 2035. New rules will compel listed companies to report under International Sustainability Standards Board guidelines starting in 2025, with larger firms required to report Scope 3 emissions from 2026. In 2023, nearly 6,000 firms disclosed climate transition strategies, a figure expected to grow as sustainability becomes paramount.