Singapore regulators are currently seeking public input on the proposed implementation of mandatory climate-related financial information disclosure for both listed and large non-listed companies.
Under the proposed regulations, listed issuers will be required to report climate-related disclosures (CRDs) in accordance with the International Sustainability Standards Board (ISSB), starting from the financial year 2025 (FY2025). Similarly, large non-listed companies with annual revenue of at least $1 billion will be expected to comply by FY2027. The regulators involved include The Accounting and Corporate Regulatory Authority (ACRA) and Singapore Exchange Regulation (SGX).
To gather insights and opinions, a public consultation period will be held from July 6th to September 30th, 2023.
Sustainability has been a talking point in the data center industry in Singapore. The Singapore government had previously imposed a “moratorium” on the building of new data centres. The moratorium was lifted in 2022 with strict regulations such as a 60MW limit and new data centers must have a power usage effectiveness (PUE) of 1.3 or lower.
Data centers have been taking steps to drive sustainability. Data center operator Digital Realty installed solar panels at its SIN11 data center in Singapore. This is part of Digital Realty’s plan to reduce Scope 1 and 2 emissions by 68% and Scope 3 emissions by 24% by 2030.
In other parts of the region, Princeton Digital Group (PDG) had announced in February that it has procured Renewable Energy Certificates (RECs) for three of its data centers in Jakarta, Bandung and Pekanbaru in Indonesia. Earlier this year, ST Telemedia Global Data Centres India Private Limited (STT GDC India) and O2 Renewable Energy (IV) Private Limited, a subsidiary of O2 Energy SG Pte. Ltd., joined together to acquire renewable energy through a captive structure.
