Business leaders to discuss navigating to net zero in a fast-changing world
EXECUTIVES from the banking, tourism and energy sectors will discuss how Singapore and businesses can benefit from achieving net zero at a panel discussion on Tuesday (May 23).
The event – titled Navigating to net zero in a fast-changing world – is organised by The Business Times (BT) and presented by Schneider Electric.
The panellists are OCBC Bank’s chief executive officer Helen Wong; Sentosa Development Corporation chief executive officer Thien Kwee Eng; and Schneider Electric’s cluster president of Singapore, Malaysia and Brunei Yoon Young Kim.
The session, which will be moderated by BT correspondent Janice Lim, will discuss findings from a recent survey conducted by Schneider Electric, which found that linking executive remuneration to decarbonisation progress could drive companies’ green plans.
“In fact, 99 per cent of respondents would support linking decarbonisation progress to their pay – showcasing their eagerness for more accountability,” said the French multinational.
Although 41 per cent of respondents believe their organisations’ decarbonisation strategy is “highly achievable”, they noted that obstacles such as slow adoption of technology and a weak regulatory environment could set back decarbonisation plans.
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Other barriers to decarbonisation for local organisations include high costs, inadequate access to useful data, a lack of technical skills and a lack of investment in technology.
Singapore’s C-suites were also found to be willing to take accountability for decarbonisation, but only 33 per cent of leadership teams have a “high level of knowledge” around decarbonisation.
“This has therefore contributed to only one in four having a high degree of confidence in their ability to achieve their organisations’ decarbonisation plans,” said Schneider.
As part of the study, Schneider surveyed 212 senior business leaders at organisations in Singapore that have decarbonisation plans in place. The field work for this study took place between March and May this year.
To overcome these challenges, business leaders need to be equipped with a range of skills such as knowledge on environment, social and governance, and sustainability, said Schneider.
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