Businesses can influence their sectors to make green transition quickly: Grace Fu

BUSINESSES, particularly large ones, can play a pivotal role in Singapore’s transition to a greener economy by leveraging their sphere of influence to help their sector make this transition quickly, said Minister for Sustainability and the Environment Grace Fu on Thursday (Sep 8).

“Large businesses have the ability to rally their industry partners and suppliers to adopt greener practices,” she said at the 37th Singapore Business Awards, jointly organised by The Business Times and global logistics firm DHL.

Those that are further ahead on the sustainability journey can lead capability-building efforts for small and medium enterprises in their respective fields, Fu added. They can also introduce initiatives to engage their employees and customers on sustainability topics, thus generating awareness and sparking conversations about living sustainably.

All industries will be affected by climate change’s impact on the business environment, said Fu. Apart from extreme weather events, businesses are may be affected by new climate policies and growing investor and consumer demand for greener goods and services.

Fu identified 2 other ways that businesses can remain relevant and competitive in this green transition. One is to proactively integrate sustainability into their business decisions: “To see long-term success, businesses must similarly set concrete sustainability targets and decarbonise their operations and supply chains.”

She noted that the public sector is doing its part through the GreenGov.SG initiative, with the ambitious target of peaking its carbon emissions ahead of the national target at around 2025.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign Up

Sign Up

For example, national water agency PUB is investing in research and development to reduce the energy needs of water treatment while scaling up the use of solar energy in its water operations.

Fu noted that many companies are already starting to embrace green opportunities as they find more sustainable ways to operate. An example is SaladStop! Group, which has launched a net-zero store and is working with several companies to develop green solutions and provide carbon-neutral delivery services.

The second key move for businesses, said Fu, is to pursue innovative solutions for sustainability and invest in greener products and services.

SEE ALSO

SMEs should seize ‘window of opportunities’ in digital and green economies, supply chain movement: panel

She gave the example of aquaculture company Barramundi Group, which has adopted a superior seabass fish fry with faster growth rate and disease resistance. This was selectively bred by the Singapore Food Agency and Temasek Life Sciences Laboratory.

“Businesses that lead the way by providing greener products and services earlier can gain a competitive advantage, given the growing global demand in this area.” They must therefore continue to invest in innovation and research partnerships to harness new growth opportunities in sustainability, she added.

She urged businesses to transform their processes, embrace new opportunities and step up to play a leading role in Singapore’s green transition. “At the same time, the government will partner businesses to foster a stronger sense of shared ownership and responsibility for our environment.”