Mandatory Climate Disclosures (ISSB aligned)

Mandatory climate disclosures for large businesses and financial institutions aligned with the International Sustainability Standards Board (ISSB) framework will require companies to report climate-related financial risks and opportunities providing investors with greater transparency.

CSA Pending Climate Disclosures (paused from April 2025)

The Canadian Securities Administrators (CSA) announced (in April 2025) that they have paused their work on the development of a new mandatory climate-related disclosure rule. Although the disclosure development has been paused, the CSA has also indicated that the Canadian Sustainability Standards Board’s standards that were finalized in December 2024 serve as a useful voluntary framework to use for disclosure of sustainability and climate-related risks.

CSRD using ESRS

The Corporate Sustainability Report Directive (CSRD) is an EU directive which requires large and listed companies to disclose detailed sustainability reporting in accordance with the European Sustainability Reporting Standards (ESRS).

SFDR

The Sustainable Finance Disclosure Regulation (SFDR) is a transparency framework which mandates how financial market participants disclose sustainability information to investors.

EU Taxonomy

The EU taxonomy is a classification system that defines the criteria for economic activities that are aligned with the EU’s environmental goals, including net-zero, with the purpose of directing investment toward sustainable projects and activities.

HKEX ESG Code

The HKEX ESG Code requires listed companies on the Hong Kong Stock Exchange to report their sustainability practices, such as the disclosure of scope 1 and scope 2 greenhouse gas (GHG) emissions.

Mandatory TCFD-Aligned Climate Disclosure by 2025

The Hong Kong Monetary Authority (HKMA) mandate that companies in banking, asset management, insurance and pensions funds report in accordance with the TCFD framework (see UK) by 2025.

BRSR

The Business Responsibility and Sustainability Reporting (BRSR) reporting is a mandatory framework by the Securities and Exchange Board of India (SEBI) requiring the top 1,000 listed companies to disclose their sustainability performance.

TCFD-Aligned Reporting for Prime Listed companies

Companies listed on the Prime Market in Japan are required to report on climate change related risks and earning opportunities based on the TCFD framework (see UK).

SGX ESG Reporting

The Singapore Exchange (SGX) mandates all listed companies disclose sustainability factors, including risks and opportunities. While currently closely aligned with the TCFD framework, Singapore is transitioning towards the International Sustainability Standards Board (ISSB) framework for these disclosures, effective 2025.

TCFD-Aligned Climate Disclosures

The Task Force on Climate-Related Financial Disclosures (TCFD) framework focuses on governance, strategy, risk management and metrics/targets to help public companies and other organizations disclose climate-related risks and opportunities.

Transition Plan Taskforce’s Disclosure Framework

The Transition Plan Taskforce’s Disclosure Framework provides guidance for companies to develop credible plans for achieving net-zero emissions with actionable steps, milestones and accountability measures.

California Climate Bill: SB 253 (Climate Corporate Accountability Act)

Senate Bill 253 mandates large companies with over US$1 billion in revenue doing business in California to disclose their scope 1, scope 2, and scope 3 greenhouse gas emissions annually to increase transparency and accountability in corporate climate impact reporting.

California Climate Bill: SB 261 (Climate Risk)

Senate Bill 261 requires companies with over US$500 million in revenue doing business in California to biennially prepare a public, climate-related financial risk report. This report must disclose:

• Its climate-related financial risk, in accordance with the Final Report of Recommendations of the Task Force on Climate-related Financial Disclosures (June 2017) published by the Task Force on Climate-related Financial Disclosures (TCFD), or any successor to the TCFD, or any successor to the TCFD, or pursuant to equivalent reporting requirements (e.g., International Financial Reporting Standards Sustainability Disclosure Standards, as issued by the International Sustainability Standards Board).
• Its measures adopted to reduce and adapt to the climate-related financial risk disclosed.

California Climate Bill: SB 219

Senate Bill 219 was approved in September 2024 and amends certain climate requirements in SB 253 and SB 261, such as an extension to regulatory deadlines for the California Air Resources Board.