January 2, 2023
How to Make Your Company Stand Out in Singapore: Taking Advantage of Sustainability
Do you want your company to become successful in Singapore, Asia, and beyond? One of the MUST-have tools in your management arsenal is sustainability. Today, over 90% of CEOs strongly believe that their focus on sustainability in their operations helps them to stand out and become more successful. As more stakeholders demand responsible and ethical corporate actions, there is no way out when it comes to sustainability. Your business cannot be left out because a positive environmental, social, and governance (ESG) rating comes with so many benefits. One of the most outstanding of these benefits is that it can help your company stand out in Singapore and across the globe. For most organizations, this is the biggest force they need for a unique brand, to win more clients, and race ahead of competitors. Now, this is your turn to transform sustainability into that crucial stepping stone to take your enterprise to the next level.
What is Sustainability?
Although the term can be traced back to the 1990s, it is considered an emerging one. This is because it is only recently that it has received greater emphasis, especially at the policy level. Indeed, there are some managers and leaders who are still green about the idea of sustainability. So, what exactly is it?
Sustainability is focused on protecting the planet, including countering climate change and promoting social development without negatively impacting life on earth. This means that the current generation gets the opportunity to address its needs without hindering the ability of the latter ones to address theirs too. To achieve this goal, the concept of sustainability is broken down into three core areas/ pillars:
- Environment: This pillar focuses on how a company impacts the environment. It includes things such as waste management, energy use, and greenhouse emissions.
- Social: For any development to yield results and have a positive impact, it has to touch on society. From a company's perspective, this involves how the business works with people, such as employees, the community in the neighborhood, and interest groups.
- Governance: When crafting the definition of sustainability, one of the things given a lot of weight is corporate management and leadership. Therefore, your organization should have good governance to be considered sustainable. This is critical because it is the governance that develops sustainability strategies, allocates resources, and implements ESG plans.
These Brands are Already Using Sustainability to Shine
Before looking at how your company can shine, let’s go back to the beginning. What is the sustainability situation in Singapore? Are there brands using sustainability to stand out?
- The Dire Need for Sustainability in Singapore
Singapore, a country largely driven by manufacturing, is at a crossroads. It is a revered business hub, but its location in Southeast Asia has made it more vulnerable to the threats of global warming. For example, the rising sea level could risk the existence of the island. This is why more effort is directed at pushing corporates, institutions, and individuals to adopt sustainability in their operations.
Leading by example, the Singapore administration set the ball rolling by targeting cutting down carbon emissions by 36% by 2030. It is an ambitious plan but a vital one if we are to save the planet. Remember that a warning shot has already been fired by Antonio Guterres, the Secretary General of the UN, who said that we are on the highway to climate hell with the foot hard on the accelerator pedal. It is time to embrace sustainability, and everyone has to be involved!
- Companies Using Sustainability to Stand Out
It is true that sustainability comes at a cost, but we must say the long-term benefits outweigh them by a huge margin. Indeed, companies are already leveraging sustainability to stand out. Their impressive ESG strategies and sustainability rating have raised their status not just in Singapore but across the globe. Here is a highlight of some of them:
- Nike and Adidas have won global admiration not just because of their innovative products but success stories in sustainability. They have adopted advanced strategies for reducing waste, energy use, and cutting down carbon footprint. By 2025, Adidas targets to ensure 9 out of 10 of its articles will be made using sustainable materials.
- Unilever and Nestle: These are two other top brands that have risen through the ranks for their efforts in promoting positive environmental, social and governance (ESG) impacts. While one of the goals of the UN Agreement of 2016 is to help the planet reach net-zero status by 2050, Unilever has raced ahead and installed elaborate measures to reach net-zero carbon emissions by 2039. On its part, Nestle targets to be using 100% recyclable materials for packaging by 2025.
This list can go on and on, but the good thing is that you also have an opportunity to shine. Again, you have to remember that sustainability is a journey, implying that no matter the current status, whether in greenhouse gasses (GHG) emissions or ESG rating, you can work your way up.
How to Make Your Company Stand Out Using Sustainability
In the world of business, it is a competition where every brand tries to outdo the other. Now, sustainability has opened a new area that impacts all the other parts of a company's management. So, your company in Singapore will spring to the top because of its focus on sustainability by using the following strategies:
ESG Reporting to Stakeholders
The core goal of using sustainability strategies, from cutting down carbon footprint to reducing waste, is to help make the planet a better place for all. To get more from the efforts, you need to tell the story to the targeted stakeholders. This is where ESG reporting comes into play.
ESG reporting is a conscious process of evaluating, planning, and executing ESG policies to achieve specific goals. ESG reporting can help your company to stand out because it connects it to stakeholders. For example, SGX now requires all the listed companies to produce ESG reports for stakeholders every year. The reports tell investors, customers, staff, and partners that "we are working extra hard to make the planet a better place, and you can join us."
So, it is time to race ahead and make sure your company stands out through ESG reporting. Remember to follow ESG reporting principles, including accuracy and traceability, to avoid greenwashing.
High Sustainability Rating
Whether you are looking for new investors, customers, following, or partners, one of the things they want to see is your ESG score. It is the bottom line in modern business management. Adopting sustainability helps to increase the rating and uniqueness of the company. Here are some useful tips for growing your ESG rating.
- Make your ESG reporting accurate and easy to read.
- Work with the best ESG frameworks to give your work credibility. Good examples include the Task-force for Climate-related Financial Disclosures (TCFD) and Global Reporting Initiative (GRI). If your company is in real estate, consider the Global Real Estate Sustainability Benchmark (GRESB).
- Involve the community and report the impact. There is nothing that touches the stakeholders and catapults ESG rating of a company like impacting the community positively. You can do this by identifying the local communities, cultures, or their economic activities and supporting them.
Remember to make all the actions progressive and emphasize the long-term objectives. This way, more stakeholders will want to be associated with the company, which is crucial in raising its profile both locally in Singapore and across the globe.
Partnership with International Brands for Sustainability Coaching
We must say that the journey to sustainability is never easy for many companies. Often, the concept can become challenging to implement because almost every part of a company will be involved. For example, if you want to reduce the carbon footprint, the strategy has to touch on every department. To get it right, you should partner with an international firm for sustainability coaching.
One of these firms is Climate Fresk. The firm works with the latest research findings on sustainability and its experts will walk with you to help in the identification and implementation of the best strategies. Professionals at Climate Fresk will help your team to see sustainability in a different way. For example, you will be able to draw better decisions, allocate resources to the right areas, and craft decisions to reach preset targets.
Cut Down Carbon Footprint by Reducing Energy Use
The biggest challenge facing the planet today is global warming, and your company can stand out by showing others the way through a steady reduction of carbon footprint. Already, the Paris Agreement, which Singapore signed in 2016, has called on countries to target reaching net–zero carbon emissions by 2050. You have the opportunity to stand out by racing ahead in the journey of cutting down your carbon footprint.
As more companies get stranded on where to start or are unsure of what to do, we have the secret to help you race ahead: install CONTINEWM to cut down energy use and slash carbon footprint by a huge margin. CONTINEWM is an innovative device installed on the front part of the heat exchanger, and it helps to cut down energy use by improving efficiency. With CONTINEWM, you can cut down energy use by the HVAC system by up to 50%.
To cut down more carbon footprint with a higher margin, installing CONTINENWM should be accompanied by more strategies, such as using smart energy management systems. Switching off machines when not in use and cutting down waste would also come in handy.
Your effort and journey to stand out, increase profitability, prop your brand, and expand faster will work more effectively with positive sustainability impacts. Using the strategies we have highlighted above, you are sure of not only standing out but genuinely helping the planet to become a better place for all. So, do not wait any longer: the time to get started is now.