In March 2026, MAS issued three Guidelines on Environmental Risk Management - Transition Planning (TPG). These clarify MAS’ supervisory expectations for banks, insurers and asset managers respectively to proactively manage their climate change related transition and physical risks.

The TPG supports FIs in building effective climate-related risk assessment and management capabilities and eventually, greater climate resilience. Expectations include having financial institutions adopt a structured process to engage their customers or investee companies, on a risk-proportionate basis, to better understand the climate-related risks they face and whether appropriate risk management has been applied. Such understanding helps to avoid the indiscriminate withdrawal of credit, insurance coverage, or investments.

The TPG factored in feedback from earlier public consultation and industry engagement, and global climate-related developments. They will take effect from September 2027. 

MAS worked with the Singapore Exchange (SGX) to implement the climate-relevant provisions of the IFRS Sustainability Disclosure Standards through the SGX Listing Rules. All SGX-listed issuers are required to report Scope 1 and 2 greenhouse gas emissions. The requirements to disclose other IFRS-based climate-related disclosures will be phased in proportionately, having started with issuers that are constituents of the Straits Times Index from financial years commencing 1 January 2025. The phased approach took into account issuers’ varying levels of resources and readiness in climate reporting amid a challenging and uncertain global economic environment.

MAS has worked in close engagement with SGX to support listed issuers in building climate-related reporting capabilities. For example, several training workshops were conducted for SGX-listed issuers between April and November 2025, in conjunction with the Institute of Singapore Chartered Accountants (ISCA) and the Global Reporting Initiative (GRI).

Aligning disclosure requirements to internationally recognised standards, such as the IFRS Sustainability Disclosure Standards, will enhance the consistency and comparability of quality climate-related information. This in turn enhances market discipline, investor protection, and access to new business opportunities.

In June 2026, MAS updated its 2024 Information Paper on Good Disclosure Practices for Retail ESG Funds. The update incorporated observations from thematic inspections on selected managers of retail ESG funds as well as international developments.

The information paper aims to mitigate greenwashing risk and promote clear, substantiated disclosures that support investors’ understanding of a retail ESG fund’s key features and risks. To facilitate this, the paper sets out good disclosure practices that such funds may adopt in their adherence to MAS’ Retail ESG Funds Circular.

MAS continues to contribute to global and regional efforts on sustainable finance through our participation in, and leadership of, international committees and platforms, to build expertise and align understanding amongst financial authorities on how FIs are managing climate-related risks.

Network for Greening the Financial System (NGFS)

The NGFS contributes to the development of environment and climate risk management in the financial sector and mobilises mainstream finance to support the transition towards a sustainable economy. MAS is a Steering Committee member of the NGFS and continues to participate actively in various NGFS initiatives.

International Association of Insurance Supervisors (IAIS)

The IAIS is the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and other supporting material for the supervision of the insurance sector. MAS chaired the IAIS’ Climate Risk Steering Group (CRSG), which oversees the IAIS’ work on climate risks, from 2021 to 2025. In 2025, the IAIS published an Application Paper to support insurance supervisors in effectively integrating climate-related risks into their supervisory practices. MAS continues to participate actively in various CRSG initiatives. It is a member of the CRSG’s Data and Metrics Workstream, which focuses on implementing data elements to monitor climate-related risks within the global insurance sector, and developing a members-only report on decision-useful climate-related metrics

Sustainable Insurance Forum (SIF)

The SIF is a platform for international collaborative action on sustainability issues through a global network of insurance supervisors and regulators. They work together to strengthen their understanding of and responses to sustainability issues facing the insurance sector. MAS chaired the SIF from 2023 to 2025 and continues to participate actively as a member. In 2025, under MAS’ leadership of the SIF’s Capital and Supervisory Frameworks Working Group, the SIF published two reports on the integration of climate-related risks in insurance supervisory frameworks and insurance regulatory capital frameworks. The SIF also launched a webinar series on nature-related risks in the insurance sector for regulators and supervisors.

International Organisation of Securities Commissions (IOSCO)

The IOSCO is recognised as the global standard setter for financial markets regulation. MAS is an IOSCO member and has actively contributed to IOSCO’s sustainable finance-related initiatives. In 2025, MAS contributed to IOSCO STF reports on sustainable bonds and ESG benchmarks, which analysed the current landscape and set out considerations to enhance investor protection and address greenwashing vulnerabilities.

ASEAN Capital Markets Forum (ACMF)

MAS chairs the ASEAN Capital Markets Forum (ACMF) Disclosures Working Group, which is focused on promoting corporate sustainability disclosures. As chair, MAS continues to actively utilise the collaboration platform established with the ISSB to facilitate ongoing dialogue on the ISSB’s standards development and organise capacity building activities on the ISSB standards for stakeholders in the ASEAN sustainability reporting ecosystem.

ASEAN Working Committee on Capital Market Development (WC-CMD)

MAS co-chairs the ASEAN Working Committee on Capital Market Development (WC-CMD) with the Securities and Exchange Regulator of Cambodia. The WC-CMD comprises ASEAN capital market regulators, Central Banks and Ministries of Finance, and works with other ASEAN sectoral bodies such as the ACMF to implement initiatives that promote the development and integration of ASEAN capital markets and advance the sustainable finance agenda in the region. In the area of sustainability, key initiatives include enhancing the adoption of the ASEAN Taxonomy for Sustainable Finance and ASEAN Transition Finance Guidance, as well as the development of the mitigation co-benefit and Adaptation for Resilience (mARs) Guide.