Singapore ahead of global average in survey on awareness of ESG issues

PEOPLE in Singapore have greater awareness and understanding of environmental, social and governance (ESG) issues than their global peers, a survey of over 10,000 participants in 10 countries found.

The inaugural ESG Monitor research report by global strategic communications group SEC Newgate published on Thursday (Oct 21) found that 72 per cent of respondents in Singapore expressed familiarity with the term ESG without being prompted, higher than the global average of 51 per cent.

Some 30 per cent of respondents also said they have a good understanding of ESG concepts, also higher than the global average of 17 per cent.

"The high level of awareness of ESG issues among Singaporeans reflects the frequent discussions that we all have on these concerns," said Terence Foo, managing partner of SEC Newgate Singapore. "Environmental blueprints such as the Singapore Green Plan 2030 have also galvanised interest in sustainability targets and efforts to achieve our long-term net-zero emissions goals."

Apart from Singapore, SEC Newgate surveyed Australia, China, Colombia, France, Germany, Italy, Japan, the UK and the US, with over 1,000 respondents in each country.

Respondents in Singapore ranked healthcare as the industry sector acting most responsibly on ESG issues, followed by education, finance and technology. Survey respondents were also asked which companies were doing well when it came to ESG issues, and top performing names in Singapore include DBS, NTUC, Temasek and Singtel.

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Sue Vercoe, managing director, social and market research, SEC Newgate, whose team conducted the study said: "It is interesting to observe that Singaporeans provide higher-than-average ratings of the ESG performance of their government, companies and non-profit organisations, as compared to other countries."

She added that Singaporeans are also far more likely to say that their country is headed in the right direction, with 85 per cent of respondents affirming this, higher than the global average of 54 per cent.

The survey found that more than 8 in 10 Singapore consumers were willing to bear increased costs for products and services in the food, technology and pharmaceutical sectors if they knew the provider had good ESG practices in place, higher than the global average.

The trend also extended to financial products like loans and insurance, where three quarters of Singapore respondents were willing to pay more, greater than the global average of 62 per cent.

The survey also found that participants across the globe advocated for companies to promote their ESG efforts more clearly, and to use a more consistent approach when reporting ESG performance.

SEC Newgate said it will continue with the ESG Monitor as an annual benchmarking index to measure global sentiment, so countries can track their performance year on year, as well as compare their ranking with peer countries around the world.