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UN
and International Regulation

​Regulations in Other Jurisdiction:

  • Australia, Singapore, Switzerland, Scandinavian Countries, and Canada: Each of these regions/countries has its own set of regulations, disclosures, frameworks, and standards concerning sustainable finance and ESG disclosures. They might have their own classification systems, disclosure requirements, and regulatory bodies overseeing sustainable finance and ESG practices.

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  • Australia:

    • Proposed climate and sustainability reporting standards based on six key principles outlined by the Treasury, making disclosures mandatory for large, listed businesses and financial institutions.

    • Development of IFRS Sustainability Disclosure Standards to create a global baseline for investor-focused sustainability reporting​​.

    • Internationally, the draft ASRS 1 and draft ASRS 2 in Australia align with IFRS S1 and IFRS S2, building on the global baseline for investor-focused sustainability

    • reporting, albeit with minor differences to fit the Australian context and regulations.

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  • Singapore:

    • Introduction of sustainability reporting on a ‘comply-or-explain’ basis by the Singapore Exchange (SGX) in June 2016, alongside several initiatives to accelerate green finance through improving disclosures and fostering green solutions​.

    • New disclosure and reporting requirements for ESG funds introduced by the Monetary Authority of Singapore (MAS), entering into force on 1 January 2023​.

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  • Switzerland:

    • Plans to tighten rules on environmentally friendly investments to combat greenwashing, moving from self-regulation to "principles-based regulation" to ensure a clear understanding of when a financial product or service can be offered as sustainable​.

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  • Scandinavian Countries:

    • In Sweden, sustainability reporting is mandatory for companies meeting certain conditions, according to the Annual Accounts Act​.

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  • UK

The UK Stewardship Code sets out principles for institutional investors and asset managers to promote effective stewardship of investments. It emphasizes the integration of material ESG factors into investment decisions and engagement with investee companies. The UK Listing Rules have also been updated to require mandatory TCFD-aligned climate-related disclosures for premium-listed companies.

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