It is getting harder for the private sector to deny the effects of climate change, as challenges from disrupted supply chains to rising insurances costs, to labor challenges, continually put business owners under pressure. As a country highly reliant on global trade, Singapore is not insulated from climate change. For instance, extreme weather events may lead to volatile global food prices and disruptions to business supply chains, impacting food imports and business activities.
For businesses, it is no longer a question of why action is needed. Now, it is an urgent matter of how they can devise strategies to reduce climate related risks and find competitive advantage in a warming, carbon-constrained world. A 2020 ENGIE Impact survey found that 60 per cent of companies in the Asia-Pacific still do not have decarbonization targets, and those that do face a range of obstacles in meeting them.
Navigating the journey to meet decarbonization objectives can be complex with a dynamic environment to circumnavigate. The Singapore Green Plan 2030 provides a broad framework for companies to align their actions and targets. Among organizations rising to the call, the National University of Singapore (NUS), a leading global university, is using its knowledge and expertise to illustrate the various levers organizations can use to achieve their decarbonization goals.