SINGAPORE – Doing well by doing good – that is the philosophy of the companies that bagged awards for being sustainable at a ceremony on Tuesday (Dec 7).<\/p>\n
The desire to make a difference to society and the environment led these firms to put in place green initiatives, such as reducing carbon emissions and being more efficient in energy and water usage.<\/p>\n
Technology firm Palo IT Singapore engaged external professionals to set up carbon emission key performance indicators, with metrics and data stored and monitored on an app called Toovalu.<\/p>\n
Meanwhile, City Developments Limited (CDL) became the first real estate conglomerate in South-east Asia to sign a global net-zero carbon buildings commitment this year.<\/p>\n
For their efforts, both firms were named the overall winners for the small and medium-sized enterprises and large corporation categories of the Sustainable Business Awards this year. In total, 24 firms clinched awards.<\/p>\n
The ceremony was held at Suntec City Convention and Exhibition Centre and organised by Singapore firm Global Initiatives Communications, which uses data science to help firms be more sustainable.<\/p>\n
Palo IT managing director Vincent Desclaux said: “We make it our mission to be a tech-for-good company.<\/p>\n
“Being sustainable is one major step to accomplish this as sustainability is here to stay.”<\/p>\n
CDL chief sustainability officer Esther An said: “With the building and construction sector accounting for about 40 per cent of global carbon emissions, the real estate sector is in a prime position to move the needle in the race to net zero.<\/p>\n
“In this decade of urgent and decisive action, CDL leverages partnerships and engagements to align and grow our climate ambition and accelerate towards a sustainable future.”<\/p>\n
About 100 firms applied to be considered for the awards this year, up from 87 in the last edition in 2019.<\/p>\n
The awards were started in 2012 and are held in five countries – Singapore, Malaysia, Indonesia, the Philippines and Thailand.<\/p>\n
Indeed, the emerging green economy provides opportunities for growth, said Minister for Sustainability and the Environment Grace Fu at the ceremony.<\/p>\n
“Under the Green Plan, we are working to develop a green economy in an inclusive way, leveraging green growth opportunities to create new jobs, seek new investments, transform Singapore’s industries, and harness sustainability as a competitive advantage to grow our economy,” she said.<\/p>\n
This will be done through transforming the economy’s key sectors to be more energy- and carbon-efficient, she added, by putting in place schemes, such as grants and funds to help firms be more energy efficient, adopt sustainability standards and create new green products.<\/p>\n
“We aim to make our energy and chemicals sector the best in class globally in energy and carbon efficiency,” she said, noting that Jurong Island will be transformed into a sustainable manufacturing park by 2030.<\/p>\n
In addition, as a financing hub, Singapore will encourage the development of green financing schemes such as sustainable bonds and loans.<\/p>\n
“This will facilitate the transition towards green assets and projects as well as redirect financing flows to more sustainable business models,” she said.<\/p>\n
Meanwhile, Singapore is also growing new sectors in the green economy.<\/p>\n
“We aspire to be a carbon services hub, and a marketplace for origination and trading of high-quality carbon offsets,” Ms Fu added.<\/p>\n
Carbon markets can help create the right pricing incentive for companies to reduce carbon emissions.<\/p>\n
In this vein, having a carbon tax also stimulates the development of Singapore’s green economy, she said.<\/p>\n
“An appropriate carbon tax level will send the price signal for carbon emission and incentivise companies to invest in decarbonisation technologies for long-term competitiveness, harness green growth opportunities through research and development, and develop green products and services.”<\/p>\n
It is the private sector that is well-placed to create new opportunities for climate action, she added.<\/p>\n
Partnerships are also needed to develop new technologies, value chains and business models.<\/p>\n
More firms, including smaller ones, have started to focus their efforts on sustainability and environmental, social and governance goals, said Global Initiatives executive director and chief operating officer Shefali Chaddha.<\/p>\n
Large corporations are also continuing to advance towards sustainability targets.<\/p>\n
“While most large corporations have adapted to more sustainable operations, others are starting to transition their business models to account for sustainability related risks,” she added.<\/p>\n
“But overall the winners of today are an inspiration to others. After all, we all need to play our part to make the world a better place – and I think we are on our way.”<\/p>\n
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