The Sustainability Imperative: From Compliance to Competitive Edge

Industry leaders and sustainability experts gathered at the inaugural sustainability event themed: Navigating Change Together: Partnering for a sustainable future held on April 3 to share insights and strategies on how businesses can integrate environmental, social, and governance (ESG) practices into their business operations. 

In recent years, there has been increasing demand from both consumers and large-scale corporate buyers for sustainable practices and products. In particular, the government and large corporations are beginning to impose environmental sustainability criteria on major contracts, especially for large construction projects. 

This shift is part of a global trend towards integrating ESG factors into the core strategy of businesses, thereby future proofing them against regulatory and market changes. Companies can also reap financial benefits of sustainable practices, such as cost savings that can be obtained by optimising resource use.

However, there is no one-size-fits-all solution to becoming sustainable, and different industries will require different approaches to doing so. Beyond going green, companies must also ensure that the costs of adopting ESG practices do not result in substantial losses, as this is not financially sustainable in the long term.

Get ESG Ready with DBS 

Participants at the event witnessed the official launch of the ESG Ready Programme a partnership between DBS and Enterprise Singapore designed to help local businesses adopt sustainable practices. The programme offers foundational training, advisory support, and preferential financing rates to offset costs associated with implementing sustainable business models.

“The ESG Ready Programme aims to help companies remove the guesswork on how to become sustainable by laying out a comprehensive roadmap with clear steps and relevant solutions, making it easier for them to take action. This is one way DBS goes beyond banking services, to bridge the gap and support companies in a holistic manner,” said Koh Kar Siong, Group Head of Corporate and SME Banking at DBS.

Sharing Success Stories

A key highlight of the event was the panel session moderated by Chen Ze Ling, Head of Corporate Banking Singapore (Mid-Cap) at DBS, which featured representatives from local companies bbp, Ghim Li Group, and Pan-United Concrete, where they discussed the opportunities, challenges and diverse approaches that their organisations have taken on their respective sustainability journeys. 

For instance, bbp, an energy efficiency company headquartered in Singapore, is leveraging on technology to help its clients reap energy savings by enhancing energy efficiency across buildings in Singapore and Europe. According to bbp’s CEO Hoe Boon Chye, the firm’s technology has delivered around US$70 million worth of energy savings to its clients.

Felicia Gan, CEO of vertically-integrated fashion group Ghim Li, discussed the complexities of obtaining sustainability certification. The company’s strategy focuses on ensuring their products meet stringent sustainability standards, reflecting the fashion industry’s significant environmental impact. Ms Gan emphasised the importance of identifying “low-hanging fruit” that can lead to meaningful improvements without overwhelming capital expenditures. 

With a mission to decarbonise the construction sector through their concrete production, Pan-United Concrete’s Deputy Director of Sustainability, Lim Koon Min, highlighted the substantial environmental impact of concrete products. To help the industry reduce their carbon footprint, the company aims to offer only low-carbon concrete by 2030.

By sharing their experiences, these three firms not only highlighted the importance of tailored sustainability efforts, but also demonstrated the collective impact that these initiatives can have on global environmental goals.

 Equipping businesses for the transition 

The second half of the event featured a workshop designed to help businesses focus on the practical applications of sustainability within their businesses.

Attendees gained insights into key sustainability topics across the workshop such as the latest ESG regulations, strategies for decarbonising their operations, green financing, sustainability certifications and upskilling.

Under the topic of ESG regulations, for instance, experts advised participants on how to meet requirements under Scope 3 emissions standards, while the decarbonisation group discussed the challenge of collecting the data needed to measure emissions. 

Businesses also learnt how financing solutions and certifications can be used to unlock new opportunities and achieve their ESG goals. Finally, they were given insights into the importance of developing the relevant skillsets of their employees to advance on their green pathways.

Through initiatives like this event as well as the newly launched ESG Ready Programme, DBS is helping businesses kickstart their sustainability efforts to achieve many of the goals and strategies discussed at the session. The programme is part of the bank’s broader effort to build an ecosystem of partners to equip businesses with the necessary tools, knowledge, and financial support for integrating sustainability into their core operations. 

For the businesses in attendance, the inaugural Navigating Change Together event was a promising first step towards starting or accelerating their sustainability journeys.

For more information on the ESG Ready Programme and to register interest, please visit here.