Singapore’s Sustainability Legal Services Market Poised for Significant Growth: PwC

SINGAPORE, April 2, 2025 — Singapore’s sustainability legal services market is set to triple in value over the next decade, reaching an estimated S$450 million to S$500 million by 2033, according to a new report by PwC Singapore. The Report on Sustainability-ready Singapore Lawyers, released today, forecasts a compound annual growth rate (CAGR) of 10% per annum from 2023 to 2033, underscoring the increasing demand for legal expertise in environmental, social, and governance (ESG) compliance and sustainable finance.

Commissioned by the Singapore Economic Development Board, Enterprise Singapore, and the Ministry of Law, the study examines emerging opportunities for Singapore-based lawyers in sustainability-linked sectors over the next five to ten years.

Key Growth Drivers

The report identifies six primary areas that will drive the expansion of sustainability legal services in Singapore:

Green finance: Legal services in green finance, including bond issuance, fund structuring, and due diligence, are projected to more than double, growing from an estimated S$128 million in 2023 to S$275 million by 2033.

Capital projects and infrastructure: Legal advisory services for sustainable infrastructure projects are expected to expand fivefold, from S$25 million in 2023 to S$131 million by 2033.

Green technology and digital innovation: The demand for legal expertise in intellectual property protection, licensing, and strategy in green tech is forecast to grow from S$8 million in 2023 to S$17 million by 2033.

Carbon markets: Legal advisory work in carbon trading, contract negotiations, and compliance monitoring is projected to increase from S$8 million to S$24 million over the same period.

Sustainability reporting and compliance: While expected to rise to S$16 million by 2028, this market segment is anticipated to contract to S$3 million by 2033 as regulatory requirements stabilise.

Sustainability disputes: Legal work related to dispute resolution in sustainability matters is forecast to grow from S$3 million in 2023 to S$19 million by 2033.

The report attributes this growth to the tightening of government regulations, mandatory sustainability targets, and market incentives aimed at enhancing corporate ESG performance.

Opportunities and Challenges for Law Firms

PwC Singapore emphasises that the most immediate opportunities for Singapore lawyers lie in green finance, infrastructure projects, and technology-related legal services, given the city-state’s role as a regional financial and innovation hub. However, the report also highlights several challenges that Singapore-based law firms must address to remain competitive in the evolving landscape.

Key hurdles include gaps in sustainability-related technical expertise, competition from international law firms with established ESG practices, and cost pressures influencing client decisions. To capitalise on the sector’s growth potential, Singapore law firms are encouraged to invest in:

Specialised sustainability legal expertise through training and upskilling.

Industry-specific sustainability knowledge to provide tailored legal solutions.

Cross-border legal capabilities to navigate international ESG regulations.

Reputation-building in sustainability law to enhance credibility and attract clients.

Singapore’s Position as a Regional Legal Hub

Fang Eu-Lin, Sustainability & Climate Change Practice Leader at PwC Singapore, noted that Singapore is well-placed to become a leading sustainability legal hub in the Asia-Pacific region.

“Singapore’s strategic position as a financial services and carbon markets hub, coupled with its reputation in dispute resolution, provides a strong foundation for growth in sustainability legal services,” she said.

With sustainability regulations continuing to evolve across the region, the report suggests that legal professionals who develop expertise in ESG compliance and sustainable finance will be well-positioned to benefit from this rapidly expanding market.