Japan, Thailand and Brazil have announced measures to improve sustainability-related information for investors through expanded datasets, disclosure requirements and regulatory consultations. Targeting different parts of the reporting ecosystem, all three aim to support its availability, comparability or usefulness as markets assess its role in investment decisions.

The announcements suggest regulators remain focused on how market participants collect, disclose and access sustainability-related information, despite debate over mandatory requirements, voluntary reporting and data accessibility. Rather than signalling a single implementation model, the developments reflect efforts to strengthen investor information through various policy tools.

Japan integrates climate data into global utility

Japan's Financial Services Agency (FSA) and the Climate Disclosure Standards Committee (CDSC) have partnered to integrate Japanese corporate climate disclosures into the Climate Data Utility, a publicly accessible global database of company-level climate information, increasing international access to sustainability-related information reported by Japanese companies.

Under the arrangement, greenhouse gas emissions and climate-target information disclosed by more than 800 Japanese companies through Electronic Disclosure for Investors' NETwork (EDINET) will enter the Utility, bringing its global coverage close to 22,000 companies.

The partnership will also support future incorporation of information reported under Sustainability Standards Board of Japan (SSBJ) standards, ahead of phased mandatory SSBJ-based disclosures for certain Prime Market-listed companies from the fiscal year ending March 2027. The SSBJ standards are functionally aligned with the ISSB global baseline.

"The integration of sustainability-related information disclosed through EDINET into the Climate Data Utility marks an important milestone in building a truly global and interoperable sustainability data infrastructure," said Toshiyuki Miyoshi, Vice Minister for International Affairs at the FSA.

The initiative highlights efforts to improve corporate reporting and access to reported information. By making Japanese climate disclosures available globally, the partnership aims to support broader use and comparability of sustainability-related data across markets.

Thailand begins phased ISSB reporting rollout

Thailand's Securities and Exchange Commission (SEC) has introduced rules requiring companies listed on the Stock Exchange of Thailand (SET) to disclose sustainability information in line with ISSB standards.

The rollout will begin with SET50 companies, with reporting beginning for FY2027. Following a review planned for December 2027, reporting will expand to include SET100 for FY2028. The frameworks ongoing expansion will later bring all SET and Market for Alternative Investment companies, infrastructure funds and trusts, property funds, real estate investment trusts, and future IPOs into scope.

The SEC's transition measures include temporary exemptions from comparative climate-data disclosures and Scope 3 emissions reporting, flexible reporting timelines and alternative emissions-calculation methodologies. Companies must nevertheless obtain independent assurance of greenhouse gas data.

Phased implementation and transitional relief suggest the SEC seeks to expand the availability and consistency of sustainability-related disclosures while managing issuers' implementation challenges. If successful, the approach could increase ISSB-aligned information available to investors over time.

Brazil consults on the future of sustainability reporting

Brazil's Comissão de Valores Mobiliários (CVM) has launched a public call for data, studies and stakeholder views on preparing and disclosing sustainability-related financial information in line with ISSB standards.

The consultation seeks to determine whether voluntary reporting provides information that is sufficiently comparable and credible for investors and whether mandatory disclosures would deliver benefits that outweigh compliance costs.

The exercise follows the CVM's decision earlier this year to replace a general mandatory requirement for ISSB-aligned sustainability disclosures with voluntary reporting under specified regulatory circumstances.

Companies choosing not to report will be required to publicly explain that decision when filing annual financial statements in 2027. Those opting in must apply the Brazilian Sustainability Pronouncements Committee standards, which are based on IFRS S1 and IFRS S2, and commit to at least three consecutive years of reporting.

The consultation considers how sustainability-reporting frameworks can generate information investors regard as credible, comparable and decision-useful. Beyond implementation, the CVM is examining whether different reporting approaches are likely to achieve those aims.

Shared objective, different mechanisms

Together, the announcements by Japan, Thailand and Brazil illustrate the variety of mechanisms under consideration for the improvement of sustainability disclosures and data availability around the globe. Japan is making reported information more accessible through data infrastructure, Thailand is implementing a phased expansion of ISSB-aligned disclosures, and Brazil is assessing whether voluntary reporting can deliver sufficiently comparable and reliable information.

The developments come amid wider debate about how sustainability-reporting frameworks should evolve. Earlier this year, the UK Financial Conduct Authority (FCA) dropped mandatory climate-related disclosure plans for listed companies, opting instead for a comply-or-explain approach based on proposed UK Sustainability Reporting Standards. This highlights regulators' divisions over how far mandatory reporting requirements should extend.

This debate is also reflected in the International Sustainability Standards Board (ISSB)'s ongoing consultation on proposed nature-related disclosure requirements, including whether they should be mandatory. The consultation is scheduled to close on 19 February 2027.