Legal sector sees $500m opportunity in ESG work

The market is expected to grow between $450m and $500m by 2033.

Sustainability-related legal work in Singapore is fast becoming a major growth engine for the legal sector.

A government-commissioned report by PwC estimates the market was worth between $140m and $180m in 2023, with expectations it will grow to between $450m and $500m by 2033. That’s a compound annual growth rate of around 10% — nearly double the pace of the overall legal industry.

This emerging field includes two types of work: standalone sustainability legal services, such as carbon market contracts and greenwashing disputes, valued at $20m to $40m; and top-up work — sustainability clauses or due diligence added to existing contracts — worth an estimated $120m to $140m. The bulk of legal growth will come from the latter.

The report highlights green finance, capital projects and infrastructure, and technology as the most immediate legal opportunities.

Green finance alone — which includes fund structuring, sustainable bonds, and regulatory compliance — accounted for $128m in 2023 and is forecast to hit $275m by 2033.

Regulatory drivers such as MAS’s green finance rules, SGX-ACRA’s climate reporting roadmap, and tightening EU regulations are pushing companies to seek legal guidance.

Singapore’s leadership in Southeast Asia — particularly in financing, arbitration, and carbon services — further strengthens its role as a regional hub for sustainability legal work.