英文【莱坊】新加坡房地产投资信托基金的气候准备：从披露到资产2025

Singapore REITs’ Climate Readiness: From Disclosure to Asset ImplementationOctober 2025Review of ESG Practices in Real Estate3About Singapore-listed REITs and Property Trusts4Executive Summary5Key Drivers of Climate Relevance for REITs7Tracking Climate Resilience and Adaptation Efforts in S-REITs13The Way Forward: What’s Next for S-REITs?20Content3Review of ESG Practice in Real EstateAs ESG considerations continue to shape global investment and regulatory landscapes, Real Estate Investment Trusts (REITs) face growing expectations to demonstrate both transparency in reporting and tangible progress in sustainability practices. In Singapore, this momentum is fuelled by a combination of both regulatory requirements and cross-jurisdictional investor expectations.In addition to the Singapore Exchange’s (SGX) mandatory requirement for all listed issuers to publish annual sustainability reports, SGX has phased in Task Force on Climate-related Financial Disclosures (TCFD) requirements since FY2022, with the Materials and Buildings industry coming under scope from FY2024. From FY Commencing (FYC) 2025 onwards, STI constituents, listed non-STI constituents and non-listed companies will have different milestones to align International Sustainability Standards Board-based (ISSB-based) climate-related disclosures (CRD) by phases. This provides a sufficiently long transition period for companies to build the necessary capabilities and prepare for full compliance.Separately, the Monetary Authority of Singapore (MAS) has issued Guidelines on Environmental Risk Management for Asset Managers, applicable to REIT managers licensed for fund management. These guidelines set clear expectations for embedding environmental risk considerations into In the real estate sector, ESG is not a checkbox exercise for regulatory reporting compliance. It represents a strategic opportunity to build long-term resilience by embedding sustainability into every stage of the asset lifecycle. Through asset-level implementation and alignment with evolving global standards, ESG practices help real estate companies future-proof their portfolios. By integrating climate-related and ESG considerations into both asset management and investment strategies, organisations not only enhance operational efficiency and bolster risk management but also strengthen transparency and accountability to key stakeholders that include investors, tenants, and regulators. This proactive approach also reduces the risk of asset obsolescence amid tightening national net-zero targets and shifting market expectations, ultimately supporting long-term value creation and sustainable growth.Jackie CheungDirector ESGAsia-Pacific & Singapore Knight Frank Nupur JoshiChief Executive OfficerREIT Association of Singapore(REITAS) “The S-REIT industry, has made tremendous progress in sustainability reporting. We therefore felt it was an opportune time to ask a more practical question, and get some answers, on what is actually being