Challenges and Opportunities in Building a Sustainable Future
A recent study highlights that only one-third of businesses in Singapore are significantly aligned with the Green Plan 2030, with fewer than half operating sustainably. Challenges such as limited funding, cultural inertia, and pandemic-induced economic constraints are key barriers to progress.
Sustainability Gaps and Technology Adoption
According to Schneider Electric’s Building a Greener Singapore study, which surveyed over 500 businesses and consumers, only 43% of companies consider their operations sustainable. Moreover, just 27% are leveraging technology to achieve sustainability goals. Businesses most commonly use technology to enhance energy efficiency, reduce their carbon footprint, and transition to renewable energy.
Barriers to Green Transition
Funding emerges as the primary challenge, particularly amid financial uncertainty caused by the pandemic. Additionally, companies report difficulties in transforming green strategies into actionable initiatives and fostering a company-wide culture that prioritises sustainability.
Drivers for Change
Despite these hurdles, government regulations, climate-related risks, and pressure from financial markets are motivating companies to decarbonise. The study recommends businesses embed sustainability into their core practices, set clear climate action targets, enhance staff knowledge on sustainability, and utilise government grants for support.
Consumer Expectations and Climate Awareness
Consumers in Singapore appear to hold businesses to high standards, with over two-thirds believing environmental concerns should take precedence over profits. However, only a quarter feel that corporations are making tangible progress toward sustainability.
On a personal level, 96% of respondents report being directly or indirectly affected by climate change, with 33% expressing extreme concern. While 90% support moving away from fossil fuels, only about half are willing to pay higher prices for cleaner energy.
Hesitancy Toward Green Living
Although 53% of consumers advocate for every building to meet green standards, only 26% are willing to endure higher costs or inconveniences associated with such living arrangements. Similarly, while 65% are open to reducing transport emissions, convenience remains a decisive factor. Electric vehicle adoption also lags, with just over half planning to own one, and 37% firmly against it.
Growing Awareness of Climate Crisis
The study reveals that 72% of Singaporeans are aware of the UN’s Sixth Assessment Report, with 59% expressing concern about its findings. The report underscores the accelerating impact of human activity on climate change, citing rising global temperatures and an increase in destructive natural disasters.
For Singapore to meet its sustainability goals, bridging the gap between business readiness, consumer expectations, and actionable climate strategies will be critical.
