Sustainability must be top-led and embedded across organisation, say panellists at BT’s inaugural Sustainability Impact Dialogue

[SINGAPORE] Sustainability should remain a core business strategy despite geopolitical uncertainty, but it needs to be led from the top and embedded across the organisation, said panellists at a dialogue with corporate C-suite leaders on Tuesday (Jul 22).

And those that fail to adapt risk losing market access and falling behind on competitiveness, they warned at the inaugural Sustainability Impact Dialogue jointly organised by The Business Times and UOB.

The speakers were Dr Amy Khor, former senior minister of state for sustainability and the environment, and Eric Lim, chief sustainability officer at UOB. The closed-door event was moderated by BT editor Chen Huifen.

Held at SPH Media’s Studio+65 and themed “Navigating Sustainability Forward: A Growth Agenda for Enterprises”, the session explored how businesses are moving beyond compliance to position sustainability as a driver of innovation, resilience and brand value. 

About the Sustainability Impact Dialogue

Tuesday’s session was the first in a four-part Sustainability Impact Dialogue series, an extension of the Sustainability Impact Awards (SI Awards) chaired by Dr Khor, who leads the awards’ judging panel.

The series seeks to turn ideas into action by spotlighting emerging sustainability trends, encouraging the exchange of best practices and fostering cross-sector collaboration. 

It complements the SI Awards, which launched in 2023 to recognise individuals and businesses in Singapore that have made significant contributions to environmental and social sustainability. The Centre for Governance and Sustainability at the NUS Business School is the knowledge partner for the awards.

Winners will be announced at the SI Awards 2025 Dinner in late September across three categories: large enterprises, small and medium-sized enterprises (SMEs), and individuals.

The next dialogue will take place on Aug 21 and will explore trends, challenges and opportunities in energy transition and what companies are doing, or can do, to adapt and lead.

The session will be moderated by Melissa Moi, head of sustainable business at UOB. Joining the discussion are Kim Yoon Young, cluster president for Singapore and Brunei at Schneider Electric, and Nat Bullard, co-founder and chief strategy officer of energy data platform Halcyon.

Two more sessions are scheduled for September and November.

Those interested in attending future sessions may register at bt.sg/siinterest. 

More information on the SI Awards is available at https://bt.sg/siawards.

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Commitment and competitiveness

Dr Khor acknowledged that there has been “some faltering, some rolling back” of decarbonisation efforts globally. Still, she stressed that Singapore remains committed to its net-zero goal by 2050.

“Climate action really is not an option, but a necessity for us – particularly when we are so vulnerable,” she said, citing Singapore’s exposure to rising sea levels.

Around 30 per cent of the country’s land sits less than 5 m above sea level. The Third National Climate Change Study projects that sea levels could rise by up to 1.15 m by 2100, and as much as 2 m by 2150.

Beyond being an existential issue, Dr Khor noted an economic imperative: an “irreversible” global shift towards low-carbon economies.

She said companies must decarbonise to remain export-competitive, especially in markets such as the European Union, where reducing and disclosing carbon emissions data are becoming prerequisites.

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When asked why some firms view sustainability as a catalyst for innovation and competitive advantage, UOB’s Lim cited two factors: strong alignment from board to management on integrating sustainability into business strategy, and access to mature, scalable decarbonisation technologies such as renewables, energy efficiency and electrification.

These enable credible, large-scale action, he said, but companies should not wait to be pushed into it.

“You don’t want to only respond to a sustainability demand from your clients at the point you are being asked, because you will be behind the curve. Your peers or competitors who put in the work, they will pull ahead and dominate that market share,” said Lim.

Both he and Dr Khor also noted that chief financial officers (CFOs) often see sustainability through the lens of upfront cost, but said such investments should be viewed as long-term value enablers, not mere compliance expenses.

Though returns may be hard to quantify at first, cost savings and efficiencies can emerge, as shown by a contribution from the floor.

Jeffery Tan, chief sustainability officer of Jardine Cycle & Carriage, shared how early water tracking at the company uncovered usage four times higher than expected. The culprit was an underground leak, which, once fixed, delivered significant cost savings.

“When we made the connection, the CFO got it, the ops manager got it, and suddenly (the business value of sustainability) became real to them – as opposed to just a concept being pushed down,” he said.

In response, Dr Khor said companies whose core business is not sustainability often overlook waste and resource use.

“But when you start looking into these areas – energy flow, materials waste – you may uncover new revenue streams. Even if it’s not a revenue stream, it’s cost savings and that is really important.”

Lim also underscored the need to simplify sustainability messaging, moving away from jargon-heavy or overly abstract language, such as “Scope 3 emissions”. This refers to indirect emissions that occur outside a company’s direct operations and may not resonate with business owners.

“Being able to convert the language of sustainability away from that non-human language and into real, operational business language – I think it’s a great idea,” he said.

Support for getting started

To companies that are unsure of where or how to begin, both speakers stressed the importance of just taking the first step, no matter how small. 

Dr Khor said SMEs can start with measures such as switching to energy-efficient equipment, which qualifies for up to 70 per cent support under the National Environment Agency’s Energy Efficiency Grant.

She also highlighted other government schemes, such as the Economic Development Board’s Resource Efficiency Grant for Emissions, which supports emissions reduction projects at manufacturing facilities and data centres, and the Monetary Authority of Singapore’s Gprnt initiative, which helps businesses automatically convert their operational data into environmental, social and governance disclosures for free.

“There is a very rich ecosystem of sustainability support (offered by the government) in terms of grants and incentives… so much that SMEs tell us that there’s too much,” said Dr Khor.

To help navigate this, she encouraged companies to tap Enterprise Singapore’s SME Sustainability Hub, a one-stop platform for resources, training and support.

Lim similarly urged SMEs not to go it alone. Banks and government agencies, he said, can help companies assess where they are and connect them to solution providers.

He noted that UOB’s ecosystem platforms – such as U-Solar and U-Energy – bundle technology partners, financing and advisory support to ease adoption.

“(SMEs) simply talk to the bank, the bank connects them within the ecosystem, and they can access financing at the same time,” he said.

Beyond top-down directives, bottom-up initiatives were also spotlighted during the dialogue. Audience members, including representatives from industry groups and social enterprises, shared ideas such as developing simplified sustainability indices or certifications to help SMEs get started. 

In response, both Dr Khor and Lim welcomed such ground-up efforts, noting that these can complement government support schemes – and, if endorsed or recognised by the government, potentially gain greater traction through procurement requirements or green finance channels.

Asean synergy

In addition to offering practical guidance for businesses starting their sustainability journey, both panellists highlighted the importance of more coordinated efforts, within Singapore and across South-east Asia, to accelerate the region’s green transition.

Dr Khor noted that Singapore has already made bold moves, including implementing carbon pricing and mandating climate-related disclosures. But she added that more needs to be done from all players, including businesses. 

“For companies, the bold move is to – if you’re not on – please get on. It doesn’t cost you anything,” she said, referring to tools such as Gprnt.  

Lim called for stronger regional collaboration amid shifting global dynamics. 

Rather than pursue individual decarbonisation paths, Asean countries should leverage their respective strengths, he said. 

“Indonesia has a lot of the minerals we need for the green transition. Thailand has manufacturing capabilities. Malaysia has renewable energy opportunities. Singapore has banking capabilities... If we can pull the region together to be strong as Asean, rather than pursue our own individual paths, that’s where I think we have a real opportunity (to lead the global green transition),” said Lim.

Dr Khor added that a coordinated Asean approach could make the green transition “faster, cheaper and more effective”, especially with initiatives such as the Asean Power Grid and a potential regional carbon market. 

“We all need to collaborate…(as) it will lift the gross domestic product of countries in the region, as well as create thousands of jobs and business opportunities,” she said.

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