Lack of expertise and financial constraints hinder the adoption of sustainability goals
Despite recognising the importance of sustainability, many Singapore businesses are struggling to implement effective sustainability strategies due to challenges such as insufficient budget and a shortage of specialised talent. According to a new report by NTUC LearningHub, 41% of business leaders cited these two factors as the main reasons for not setting sustainability goals.
Additionally, 30% of respondents pointed to a lack of knowledge and difficulty in integrating sustainability into their overall business strategy as barriers to progress. Around 26% of those surveyed indicated that having sustainability goals had no discernible impact on business outcomes.
The report highlighted a persistent gap between intention and action, with over 90% of business leaders agreeing on the importance of integrating sustainability practices, yet only 28% having begun implementing concrete goals and strategies. A further 31% are still in the early planning stages, while only 24% have initiated sustainability efforts within their organisations.
Despite the slow pace of adoption, 77% of employers plan to hire sustainability-related talent in the next two years, with key skills in demand including environmental and social governance, carbon footprint management, and sustainable business strategies. Many businesses are also open to sending their employees for sustainability training, though over half (56%) require assistance in equipping staff with the relevant skills.
NTUC LearningHub’s director of technical skills, Tay Ee Learn, noted that sustainability is still a relatively new concept for many companies, and they will need talent capable of helping them develop sustainable products or integrate new technologies to support their initiatives. The report is based on a survey of 200 business leaders across various industries in Singapore.
