Commentary: Delayed climate reporting requirements threaten Singapore’s sustainability leadership

KTC Civil Engineering & Construction, known for projects like Marina Bay Sands and Tampines Central Station, began tracking its emissions two years ago. “At first, we did yearly tracking, but now we have developed monthly tracking capabilities which allow us to act faster,” Chun Huan Liaw, KTC’s Chief Financial Officer told us. “The focus has shifted from reporting numbers to learning from the data and having more meaningful discussions.”

STI firms, which were not affected by the announcement, also saw a positive response of 1.3 per cent. This likely reflects investor confidence in their readiness – many of these large firms already publish detailed climate reports and track emissions, even voluntarily.

But small-cap companies, which make up about 70 per cent of SGX-listed firms, saw their stock prices fall by over 1 per cent. Even though these companies benefit from the delay, the market reaction suggests something else: Investors may be concerned that these firms lack the capability or motivation to engage seriously with sustainability. For long-term investors, that’s a red flag.