Asia Pacific Capital Markets Hub 2024 - 2025

ESG Disclosure Standards in Asia Countries/Regions Are Becoming Aligned With International Standards

The International Sustainability Standards Board (ISSB) officially released the IFRS Sustainability Disclosure Standards No. 1 (IFRS S1) and No. 2 (IFRS S2) on June 26, 2023, marking the world's first unified sustainability disclosure standards. These standards have been recognized by the International Organization of Securities Commissions (IOSCO) as a globally applicable framework for companies to prepare sustainability-related financial information. Singapore, Japan, and Hong Kong (China) have all actively responded to the ISSB standards, accelerating their alignment with international practices.

Table 5: ESG Disclosure Standards in Major Asia Countries /Regions

Country/Region

Standards Related to ESG Disclosure

In September 2024, SGX RegCo announced that it would begin advancing the incorporation of ISSB standards into its sustainability reporting rules for climate-related disclosures.

Singapore

In March 2025, the Sustainability Standards Board of Japan (SSBJ) officially released its first set of sustainability disclosure standards, including three core components: General Sustainability Disclosure Standard—Application of Sustainability Disclosure Standards; Thematic Sustainability Disclosure Standard No. 1—General Disclosures; and Thematic Sustainability Disclosure Standard No. 2—Climate-related Disclosures. These were adapted based on ISSB standards to align with national contexts. In April 2024, the HKEX issued new climate regulations effective January 2025, closely aligning with the four core pillars of IFRS S2 (governance, strategy, risk management, metrics & targets). In December 2024, the Hong Kong Institute of Certified Public Accountants (HKICPA) released Hong Kong Financial Reporting Standard S1—General Requirements for Disclosure of Sustainability-related Financial Information (HKFRS S1); and Hong Kong Financial Reporting Standard S2—Climate-related Disclosures (HKFRS S2); fully aligning with ISSB standards.

Japan

Hong Kong (China)

Source: Compiled by Cushman & Wakefield based on publicly available information

32 Cushman & Wakefield