新加坡房地产投资信托基金的气候准备：从披露到资产2025

From Disclosureto Asset Implementation Content Review of ESG Practices in Real Estate3 About Singapore-listed REITs and Property Trusts4 Executive Summary5 Key Drivers of Climate Relevance for REITs7 Tracking Climate Resilience and Adaptation Efforts in S-REITs13 The Way Forward: What’s Next for S-REITs?20 Review of ESGPractice in Real Estate As ESG considerations continue to shape globalinvestmentand regulatory landscapes,RealEstateInvestment Trusts(REITs)face growingexpectations to demonstrate both transparency inreporting and tangible progress in sustainabilitypractices. In Singapore, this momentum is fuelledby a combination of both regulatory requirementsand cross-jurisdictional investor expectations. governance,risk management,and investmentdecisions,making them directly relevant toSingapore-listed REIT managers. Singapore-listedREITs and Property Trusts(S-REITs) with international portfoliosmust alsonavigate cross-border ESG expectations, includingalignmentwith frameworks like SustainableFinanceDisclosure Regulation(SFDR)andtaxonomies,particularly when engaging globalcapital markets. At the asset level, certificationshave become a basic screening criterion, whileclimateriskassessmentsareplayinganincreasinglymaterial role in investment andmanagement decisions. This reflects the growingurgencyto decarbonise property portfolios andmanage transition risks, due to carbon-intensiveoperationsor insufficient climate resilience,aconcern heightened by the global push toward netzero and the rise in extreme climate events. Assuch, understanding how REITs are respondingthroughbothdisclosureandon-the-groundimplementationis essential to evaluating thesector’sclimate resilience maturity and futurereadiness. In addition to theSingapore Exchange’s (SGX)mandatoryrequirement for all listed issuers topublishannual sustainability reports,SGX hasphased in Task Force on Climate-related FinancialDisclosures (TCFD) requirements since FY2022,withthe Materials and Buildings industrycoming under scope from FY2024.From FYCommencing(FYC)2025onwards,STIconstituents,listed non-STI constituents andnon-listed companies will have different milestonesto alignInternational Sustainability StandardsBoard-based(ISSB-based)climate-relateddisclosures (CRD) by phases.This provides asufficiently long transition period for companies tobuild the necessary capabilities and prepare for fullcompliance. This report is a collaborative effort between theREIT Associationof Singapore(REITAS)andKnightFrank,offering a detailed review ofsustainabilitydisclosures and implementationpractices among S-REITs, with a particular focusonclimate readiness and resilience. Separately, theMonetary Authority of Singapore(MAS)has issued Guidelines on EnvironmentalRisk Management for Asset Managers, applicableto REIT managers licensed for fund management.Theseguidelines set clear expectations forembedding environmental risk considerations into The S-REIT industry, has made tremendous progress insustainabilityreporting.We therefore felt it was anopportune time to ask a more practical question,and getsome answers,on what is actually being implemented ontheground.This report—the first of its kind inSingapore—does just that, combining a survey of our REITmanagers with an analysis of their published disclosures. In the real estate sector, ESG is not a checkbox exercise forregulatory reporting compliance. Itrepresents a strategic opportunity to build long-termresilience by embedding sustainability into every stage ofthe asset lifecycle. Through asset-level implementation andalignment with evolving global standards, ESG practiceshelp real estate companies future-proof their portfolios. The findings provide a clear picture of where we stand onclimate readiness: the progress achieved, the challengesthat remain, and the opportunities to accelerate action. Theyalso highlight what more must be done if we are to deliver onthe ambitious sustainability goals many of our REITs haveset. By integrating climate-related and ESG considerations intobothasset management and investment strategies,organisations not only enhance operational efficiency andbolster risk management but also strengthen transparencyandaccountability to key stakeholders that includeinvestors, tenants, and regulators.“ Asstewards of a S$100 billion market,S-REITs areaccountableto investors and otherstakeholderswhile contributing toSingapore’sposition as a leadingsustainable finance hub and helpingachieve the targets of the SingaporeGreen Plan. By strengthening climatereadiness at the asset level, we affirmourroleasresponsiblestewards—committedtomitigatingclimate risks, adapting to them, andpositioning our industry for long-termresilience.“ This proactive approach also reducesthe risk of asset obsolescence amidtightening national net-zero targets andshifting market expectations, ultimatelysupportinglong-term value creationand sustainable growth. Jackie CheungDirector ESGAsia-Pacific & SingaporeKnight F