Singapore’s next economic reform – a green transformation

LAST week, several small and medium-sized enterprises (SMEs) told The Business Times that they see “no urgency” to tap a new Chief Sustainability Officer-as-a-Service programme by the Singapore Manufacturing Federation to help them reduce emissions. They cited resource constraints and the fact that their multinational clients had not asked them to report their carbon emissions.

It is clear that companies, left to their own devices, are not likely to make the extra effort to become more sustainable, and this may not entirely be their fault. A study by DBS last March found that only 37 per cent of SMEs have a clear road map on how to achieve their environmental, social and governance (ESG) goals, even if an overwhelming majority have some kind of “idea”, or perhaps intention, in mind.

Companies’ languid attitude towards sustainability brings to mind the early days of Singapore’s digitalisation drive, when many were hesitant or had no inkling of how to transform their businesses. But, there is a marked difference: a further delay to become more sustainable will invariably worsen the existential crisis of our day around unremitting emissions and climate change.