This question was posed to me on the first day of a sustainability innovation programme in end-2021 and — I’ll be honest — stumped me.
The truth is that sustainability sells, but consumers are more sceptical than ever about brands’ eco-friendly claims. When it comes to businesses’ attempts at tackling climate change, it’s about being realistic and clear when setting targets. Moving towards a net-zero future is non-negotiable — and while it’s important to take steps towards being more eco-friendly, it’s challenging to implement long-term change.
Companies with non-sustainable practices will be negatively impacted by our ever-evolving ESG regulations; one example of this is through our rapidly rising carbon tax. This includes switching to a 100 per cent-renewable energy power supply for two of its subsidiaries, using lithium battery-operated forklifts where needed for all projects, and retrofitting our warehouse with energy-efficient lightings.
It can be confusing to know where to begin seeking information, but events such as Enterprise Singapore’s Enterprise Sustainability Programme and the Singapore FinTech Festival are ongoing and available to SMEs to help them learn and seek available funding options.