Singapore’s top 100 companies have made significant progress in sustainability reporting for 2024, surpassing global averages across six of twelve key indicators.
Singapore is one of only seven countries globally where all top 100 companies report on sustainability, compared to a global average of 79%.
KPMG’s 2024 Survey of Sustainability Reporting found that 76% of Singapore’s top 100 companies now recognize climate change as a financial risk to their business, a rise from 49% in 2022.
The proportion of companies with a board or leadership representative responsible for sustainability governance rose to 55% in 2024, indicating an enhanced commitment to embedding sustainability principles within corporate leadership.
Additionally, 84% of Singapore companies now integrate Environmental, Social, and Governance (ESG) information into their annual reports, a significant increase from 68% in 2022.
This achievement is driven by the strong alignment between public and private sector initiatives, such as the adoption of International Sustainability Standards Board (ISSB) standards in 2025.
However, challenges in quantifying climate risks, obtaining third-party assurance, and linking sustainability metrics to executive remuneration present opportunities for improvement. Singapore must pivot challenges into strengths, leveraging innovation, collaboration, and cultural transformation to embed sustainability at the core of business strategies.
| SPOTLIGHT |
| Singapore is one of only seven countries globally where all top 100 companies report on sustainability, surpassing the global average of 79 percent. |
| Singapore’s top 100 companies outperformed global benchmarks in six of 12 key sustainability reporting indicators, including board-level accountability, ESG integration and climate risk recognition. |
| 76 percent of Singapore companies now recognise climate change as a financial risk, well above the global average of 55 percent and up from 49 percent in 2022. |
| However, the percentage of Singapore companies seeking assurance for their sustainability information (37 percent) remains below the global average of 54 percent. |
| Source: KPMG International |
According to KPMG, sustainability reporting and carbon targets are now common practices for most global companies, including the G250 and N100 groups.
Some companies have already transitioned to mandatory reporting under the EU’s CSRD, with some European-headquartered companies already preparing for the directive, using the EU Taxonomy for disclosures.
Double materiality, a requirement under CSRD, is now used by half of the largest companies, with nearly four-fifths of both G250 and N100 groups using materiality assessments. This is a cornerstone of EU’s CSRD compliance.
Despite mandatory reporting, voluntary guidelines and standards remain widely-used, with GRI being the most popular standard. Increases in SASB and stock exchange guidelines have also been observed.
Biodiversity reporting is increasing, with half of G250 and N100 groups reporting on it, but adoption rates have slowed. Climate change (TCFD) recommendations are also increasing, with three-quarters of G250 companies reporting climate risks in line with TCFD. Addressing ESG priorities is crucial, with some companies weakening or abandoning commitments.
Thought leadership:
John McCalla-Leacy, Head, Global ESG, KPMG International, said, “2025 is slated to be a milestone year for sustainability reporting. The Survey of Sustainability Reporting shows that companies are addressing the challenges and getting ahead of the new rules and regulatory frameworks. We are making noticeable progress with ESG reporting in a way that supports short-term and long-term business objectives. With years of analysis on the books, we are building an evidence base which shows how a robust sustainability reporting ecosystem helps businesses not only measure progress on executing their ESG strategy, but also drives value while mobilising capital markets to help support the development of ever-increasing much-needed solutions to the many environmental and societal issues we face. The business world is making progress. Let’s keep going.”
Jan-Hendrik Gnändiger, Head, Global ESG Advisory, KPMG International, said, “Our research shows that sustainability reporting has become part of business as usual for almost all of the world’s largest 250 companies and a large majority of the top 100 companies in each country, territory or jurisdiction. The last two years have also seen significant increases in the proportion of companies publishing carbon reduction targets to levels equivalent to those for sustainability reporting. The proportion of companies reporting on biodiversity remains lower but has similarly increased since 2022. While next year will see some companies having to report on sustainability, our research shows that many others are commencing or increasing their work in this area voluntarily. There are excellent reasons to do so, whether to prepare for mandatory requirements or to offer better information to investors, customers, employees, regulators or other stakeholders.”
Kudos to Singapore and its government for their exemplary progress in sustainability reporting. Achieving such high benchmarks, including the recognition of climate risks, ESG integration, and board-level accountability, reflects a strong alignment between public and private sectors. The increase in companies embedding sustainability into leadership and governance is inspiring.
That said, this raises a critical question for India: How can we adopt similar frameworks or strategies from Singapore to strengthen our sustainability reporting and make it robust enough to eliminate greenwashing? While voluntary and mandatory guidelines in India have driven some progress, the challenge remains in ensuring transparency, third-party assurance, and accountability in ESG metrics. Can initiatives like ISSB standards or better regulatory oversight help India achieve a more credible sustainability ecosystem?
Looking forward to insights and examples of best practices that could guide me. I am just started learning on sustainability reporting.
Apologies if my question seems too simplistic; I didn’t intend to approach it that way. I’m genuinely curious and seeking insights
Deepali, Singapore surely sets the benchmark globally. The fact that the country has outperformed many global benchmarks in sustainability reporting is a case study for those nations keen to up their ESG and sustainability ante.
India is keen to comply with the domestic as well as global sustainability mandates and the corporate segment is going full throttle. We have some encouraging reports of compliance by some large and mid-segment companies. That being said, India’s demography and its business dynamics vary from any other country in the world. Non-governed enterprises are keen to comply and have voiced their concerns. ESGNews.earth believes that ESG in India is a work in progress. We have the fundamentals in place. We have the drive. Now, we need to oil the machinery and set the wheels in motion.