Singapore’s business leaders are steadfast in their commitment to sustainability, even as they navigate geopolitical and economic challenges, according to a report by Schneider Electric and United Nations Global Compact Network Singapore (UNGCNS). The survey, involving 1,000 business leaders, found that 91% prioritise sustainability, with 49% marking it as a “high priority”.
Energy security concerns are a significant driver, prompting 62% of respondents to increase sustainability expenditure. Companies are focusing on digitisation, green solutions, and supply chain sustainability. Notably, 93% are leveraging or planning to use artificial intelligence (AI) for sustainability, particularly in energy optimisation and predictive maintenance.
Yoon Young Kim of Schneider Electric highlighted the “glocal” approach, combining global strategies with local adaptations, as key to Singapore’s leadership in sustainability. Dr Bicky Bhangu of UNGCNS noted the alignment between corporate actions and national priorities, emphasising the potential for Singapore to lead in shaping a sustainable future.
Despite the commitment, there is caution, with only 33% of leaders publicly disclosing targets, down from 58% in 2023. Many have delayed targets by one to two years. However, engagement with government frameworks like the Singapore Green Plan 2030 has increased, with 83% of executives reporting heightened involvement.
The report underscores Singapore’s potential to lead regional sustainability efforts, with nearly three-quarters of respondents seeing the nation as a significant player in promoting cooperation.
