Recently, a study by Schneider Electric revealed worrying statistics: only a third of Singapore companies say they are “strongly aligned” with the Singapore Green Plan 2030, while less than half are operating sustainably (only a third of companies strongly aligned with the Green Plan: study, October 13).

The main problems cited by the companies interviewed for the study are the lack of funding, made worse by the fallout from the pandemic, as well as the difficulties in changing the corporate culture.

While I understand the hurdles businesses face, sustainability becomes imperative for long-term growth.

Electricity prices in Singapore have increased. Therefore, there is a greater incentive to invest in sustainable solutions to reduce the risks of being affected by volatility in global energy prices.

Businesses stand to gain from a reliable source of energy with lower operating costs, although the upfront costs can be high.

In addition, consumers and investors, who are important players in corporate finance, are becoming increasingly demanding when it comes to ethical consumption, choosing to invest their money only in companies or products that minimize damage. environmental.

To encourage more businesses to adopt sustainable practices, businesses could establish a sustainability committee, made up of environmental experts independent of the business, who will provide unbiased advice on business sustainability.

To alleviate any financial burden on the business, the sustainability committee could oversee grant applications under the business sustainability program.

The committee could also spearhead environmental initiatives within the company to instill a more sustainable corporate culture.

It could, for example, organize events on the topic of sustainable development, such as potlucks of dishes created from leftovers or ask employees to bring their own containers.

He could also rank daily activities in the workplace according to their sustainability and organize friendly competitions in the company.

Companies should start taking active steps to become more sustainable, and setting up a committee is a good start.

Lang Si Han