Best Sustainability Reporting and Management Software

Best Sustainability Reporting and Management Software 2021

Looking for best sustainability reporting and management software which you can use for your business?

If yes, then this is the best article where you can find out the 10 best sustainability reporting and management software.

Companies use sustainability software to manage the use of resources, reduce emission of harmful products and reduce the cost of operations. This software is helpful in cutting down the costs, building brand reputation, complying with regulations, identifying issues, and so on.

By identifying the causes of waste, the companies can manage the usage rate, reduce the cost associated with them and plan the sustainability strategy accordingly.

The sustainability reporting software works to derive accurate data by integrating with important infrastructure and already existing IT management systems. Such type of software must be able to keep a track of the resource usage and carbon emission and create data-driven reports.

Also Read: What are Sustainability Reporting Requirements in Singapore?

Features of Sustainability Reporting Software

Features of Sustainability Reporting Software

1. Compliance Management

These software helps the businesses to meet the regulations framed for waste reduction, carbon emission and usage of energy. External and internal audits are made by this software to keep a check on compliance.

2. Performance Management

There are various features in the sustainability software that compares the performance of the organization against other companies and established guidelines.

3. Collects Data

These software can retrieve the data with various methods like by monitoring the carbon emission, connecting to energy meters, integrating with already existing business systems and importing the bills from utility.

4. Reporting

The sustainability software prepares the report on the basis of energy usage and identifies the trends and inefficiencies.

Must Read: Sustainability Issues in Financial and Banking Industry

Below Mentioned Are Some Best Sustainability Reporting and Management Software

1. ETQ Reliance

Many strong brands use ETQ Reliance as their trusted sustainability reporting software. Companies from various industries such as electronics, food & beverages, medical, and many others use this software to enhance profitability and increase brand reputation and customer loyalty. It easily solves environment, health and safety problems.

Whether the user needs are simple or requires complete configuration, it is available for all.

The solutions offered by this software are environmental management, health and safety monitoring, complaints management for life sciences, supply chain quality, enterprise risk management, and nonconformance handling.

2. Donesafe

It is amazing sustainability management software as it connects everyone from the management system right from workers to executives in the boardroom. It can work both online and offline. This software aligns with the requirements of the company with the help of built-in templates.

It takes care of the safety requirements in the company creating a safe environment for the employees.

It offers great benefits such as smart forms, quick set-up, report builder, 24-7 support system, reporting admin control, easy to use dashboards, and drag-and-drop workflow.

3. Mapistry

It is the best sustainability reporting software that manages compliance for SPCC, storm water and other hazardous materials. This cloud-based platform tracks everything efficiently from a single dashboard.

The companies can reduce the risk through this software.


This software publishes real time water information. There are different versions of this software.  AQUARIUS Time-Series helps the companies in managing the water resources. If the companies want quality control data, get better rating curves and report in real-time, this is ideal software.

  • AQUARIUS Sample makes sample management easy. It saves time by streamlining the sample collected from the environmental lab and field.
  • AQUARIUS Web Portal is very helpful in providing customised dashboard, live reports, statistics, maps and alerts for the stakeholders.
  • AQUARIUS Forecast helps in creating simpler workflows.


This software is effective in air quality analysis. The analysis is done according to the Gaussian air dispersion model. It makes it easy for the companies to address the regulatory issues and perform academic research.

6. Cority

It is reliable EHSQ software. This company has more than 30 years of experience. It provides different solutions such as environmental management, occupational health solution, ergonomics, industrial hygiene, safety management and quality management.

7. BreezoMeter

This software provides information about real-time and street-level air quality. It reports the data related to air pollution, active fires and pollen. Individuals can also use its Android and iOS app for free.

8. IntegrityNext

This software allows the companies to monitor their supplier in terms of sustainability and regulatory compliance. It provides services in over 130 countries.

IntegrityNext also monitors all the self-assessments and certificates of the suppliers. It offers a wide range of solutions such as environmental protection, data protection, anti-corruption, quality management, trading partner security, supply chain responsibility, etc.


This software offers data collation solutions for both desktop and mobile platforms. It is great in data compartmentalization. Drag and drop interface is available with customized forms. It has customizable dashboard and makes everything easy to access with a cloud-based system.

10. Intelex

This software specializes in environmental, health & safety and business performance management. It collects, tracks and reports the data in real-time. Users of this software can improve the operational efficiency, manage the risks and comply with all the requirements.

It is very helpful in waste management, water quality management, and permits management. This software is used by various industries such as automotive, aerospace, education, food & beverages, and many others.


Sustainability reporting and management software is essential for every organization as it provides various benefits like increasing the profits, delivering the competitive advantages, enhancing the business reputation and minimizing the costs. The above-mentioned list includes major software that have been popular among the top companies.

All have different features and purposes. The software can be selected as per the needs of the companies. So, get one of the software and make sustainability reporting easier and more accurate.

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GRI Sustainability Reporting Standards

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GRI Sustainability Reporting Standards

GRI Sustainability Reporting Standards

Choosing the right sustainability reporting framework for your company is a critical decision. While there are many others to choose from, the most widely used sustainability reporting standards are those set by the Global Reporting Initiative (GRI).

Prevailing since 1997, GRI is an international, multi-stakeholder, independent non-profit organization which promotes environmental and social sustainability. GRI generates free sustainability reporting guidelines to allow companies to report their economic, social as well as environmental performance.

GRI reporting allows companies to identify and report the full business impact of their activities holistically on issues related to sustainability and climate change. GRI is the independent standards organisation that helps companies and governments organisations to objectively list and communicate these business impacts.

For long term business success, GRI standards assist businesses in improving their sustainability reports.

Do Read About: What is Sustainability Management?

Structure of GRI Standards

Structure of GRI Sustainability Reporting Standards

The structure of GRI sustainability reporting standards is basically divided into two modules which are interrelated and can be used together.

  • One set is the universal standards.
  • Second set is the topic-specific standards.

Both of these standards provide guidance for sustainability reporting. Universal standards include management approach as well as general disclosures. Codes of this module apply to every business preparing a sustainability report.

Topic-specific standards include economic, environmental and social disclosures to report on material topics. These topics analyze the social and economic impacts of the business and also influence the decisions of the stakeholders. Also, the GRI standards clearly state what a company has to do to satisfy a certain standard and what is just a recommendation to make things even better.

This ensures that all the companies are preparing dedicated and authentic reports.

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GRI Framework

GRI Framework

GRI is the most widely used sustainability reporting framework because of its obvious benefits. GRI reporting sustainability finds a common language to communicate with the stakeholders and organizations about the significant impacts on the environment and society. These standards not only enable businesses to take accountability for their actions but also help in creating transparency.

Moreover, sustainable reporting of a company should be a balance of both positive as well as negative impact to achieve the goal of sustainable development. GRI standards enhance comparability as they promote the usage of common indicators.  They also urge businesses to evaluate their operations and strategies.

From internal control to external comparison, GRI’s framework helps organisations in identifying, gathering and then reporting the appropriate information in a transparent manner. Since the process and topics are updated and relevant all the time, GRI’s structure proves to be an extremely useful tool for preparing a sustainability report.

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Relevance and Approach

While using the GRI standards, companies can make use of the standards that are material (or specific) to their line of business. This materiality principle depends on two things: the impact on the stakeholders which is the external impact and the impact on the business also known as internal impact.

In preparing the sustainability report, the company has to take all the factors into account to evaluate the positive as well as negative impact of its business operations on the economy and society.

Additionally, the GRI standards summary requires the report’s management to lay out all the factors clearly in an accessible manner. Further details like targets, commitments and other material topics should also be presented concisely in the report. Since this modular structure is uniform along both the dimensions of materiality, it helps in keeping a single management approach to cover several topics.

Moreover, in order to improve the reporting, organizations have to answer questions about using the GRI standards and indicators. Businesses can also use the GRI framework to measure their own performance, goals and encourage the employees to accomplish better results.

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GRI Standards To Prepare A Sustainability Report

A sustainability report is based on reporting principles and stresses on material topics. Composing an ESG report with GRI standards delivers the big picture of that particular organisation’s material topics, its impacts along with the steps taken for the impacts.

Furthermore, businesses can use specific GRI standards summary or even a part of them to report particular information by referencing those guidelines. The framework offers some flexibility depending on the company, whether it uses all the guidelines or some of them.

The existence of performance indicators and the indicator protocols for each of them, provide compilation guidance to the companies. Technical protocols assist the report writers in setting report boundary. All of these interrelated elements help in creating a sustainable report.

 Companies can also incorporate the GRI content index in their Sustainability Report to increase the usability of their report. The content index, as the name suggests, is an index of the contents presented in a user-friendly manner. It helps companies to provide a snapshot of the main points in their Sustainability Report.

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GRI Guidelines Series

Starting with the 100 series, it contains three universal standards:

GRI 101, GRI 102 and GRI 103. GRI 101 lays reporting principles, includes requirements to prepare a sustainable report with GRI guidelines and also explains how guidelines can be referenced. Whereas GRI 102 and 103 are for the general disclosure and management approach respectively.

Furthermore, the 200,300 and 400 series include topic-specific standards. This includes impacts which are associated with economic, environmental and social topics. The latest guidelines under the 400 series includes employment, non-discrimination, human rights assessment, training and education and others.

GRI standards are created by keeping in mind the international labour practices along with environmental impacts. Also, GRI sustainability reporting framework sets these guidelines after conducting multiple surveys. While these standards provide a standardized approach, following the guidelines of GRI may be difficult for small businesses.

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Benefits of Using GRI standards

It is obvious that GRI standards offer disclosure of information that impacts the environment and other factors. Main benefits of following the GRI standards are:

  • GRI standards are widely used standards that have evolved over the years.
  • These have been extensively used by companies, government agencies and non-profit organizations across the world.
  • The standards offer a universally accepted methodology to report a company’s sustainable business practices.
  • The clear and modular approach allows comparability of the company’s performance against industry peers.
  • The framework enables companies to set their goals along their unique materiality principle.
  • It improves sustainability performance, risk management, investor communications and engagement with stakeholders.
  • GRI sustainability reporting standards enable businesses to better engage all their stakeholders.
  • They help companies to motivate the employees to improve your sustainability strategies along with your targets and goals.


Sustainable businesses are the need if the hour. Create a sustainable report to use greener business strategies for the greater good. If you are looking to create a Sustainability Report using the GRI sustainability reporting standards, get it touch with us here.

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The Current Landscape for Sustainability

More and more companies across the globe embrace and incorporate sustainability principles into their value creation. They are doing so by enacting various changes into their supply chain—from improving efficiency in energy consumption and resource extraction, developing eco-friendly products to enhancing employee retention and morale through better corporate engagement.

There are numerous reasons as to why business sustainability has become increasingly relevant in the corporate world. From what was once perceived solely as a means to safeguard brand reputation in the form of short-term corporate social responsibilities (CSR), sustainability management has evolved to address various concerns inhibiting business growth.

With a much better understanding of the concept, companies actively seek to employ various sustainability plans to achieve longevity and recalibrate their value creation for better returns on investment.

Such a shift in paradigm is reflected by how the top executives have viewed the significance of sustainability in their corporate strategies over the years. Although reputational and risk management remains as the primary driver for sustainability efforts at 61 per cent today—according to the annual survey by GlobeScan and BSR in 2019—other factors have quickly caught up to become equally important points of interest.

For instance, customer demand and investor interest have joined the ranks of the top-three drivers for sustainability at 43 and 41 per cent respectively, with the latter experiencing a significant jump from only 25 per cent in the previous year.

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The Low Uptake of Internal Sustainability in Corporate Strategy

As the survey above has shown, business sustainability has increasingly played a larger role in corporate success. With growing awareness of how their activities impact their surroundings, companies in droves initiate myriad sustainability efforts to address global challenges, such as climate change, social inequality, and resource scarcity in hopes of creating a resilient and regenerative business model.

While such progress laudably merits recognition, the holistic integration of sustainability into the business model surprisingly stays relatively low.

For instance, it has been found that in 2019 only 16 per cent of companies say that sustainability is exceptionally well-integrated into their organisations, a paltry three per cent growth from the same survey in 2016.

Such low figures indicate that while most companies strive to align their corporate goals with their sustainability initiatives, nevertheless, only very few have imbued their core strategies with substantial social and environmental values.

In other words, for most companies, sustainability is still seen as an accelerator of growth for short-term value gains rather than an integral part of strategic planning to help weather through risks and take on opportunities for the future.

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The survey results above indicate the uptake of each sustainability initiative that every surveyed company had undertaken in 2011.

As a result, we have witnessed the cultivation of corporate culture that sells the premise of sustainability, but disregards the importance of internal sustainable endeavours to obtain operational and growth-oriented benefits. McKinsey corroborates this supposition—showing that areas such as employee engagement and internal communications have insofar received inadequate attention from companies.

Only 53 per cent of respondents say that corporate sustainability efforts are critical to attract and retain employees. When it comes to the implementation of sustainable activities to improve employee retention and motivations, that number is further diminished to only 26 per cent.

The underutilisation of corporate engagement as a key area of sustainability is such a missed opportunity, considering that 48 per cent of companies have reportedly experienced better performance in value creation against their competitors by making this adjustment.

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Why Employee Engagement is Critical to Successful Sustainability

Employee engagement is essential to assist a business in transforming its sustainable concepts into attainable goals. Instilling workforce with sustainable values helps a company better communicate its strategic planning across all levels of management.

By engaging its employees in every sustainable endeavour, from the top to the bottom of the hierarchy, a company can synergise its different functions to pursue a sound business decision. In the same breath, it can also eliminate organisational silos and competing objectives among departments that arise from the lack of communication.

It is important to note, however, that sustainable value creation differs significantly across industries. Some industries prioritise growth, while others concern more about capital returns or risk management.

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Nevertheless, there are three common, necessary steps that a company can take to engage employees better in sustainability, and they are as follows:

1. Materiality Assessment

Materiality Assessment

Incorporating environmental and social considerations into a business strategy is a complicated endeavour, especially for companies with no prior knowledge and experience in sustainability. This is where the concept of sustainable materiality comes into the picture. Materiality assessment is a set of activities that enables companies to analyse the most relevant issues that may affect the supply chain of the business. Companies that regularly exercise an assessment of material concerns of their business activities have better chances to create a more efficient strategy to meet not only their financial goals but also the social and environmental obligations set upon by their stakeholders, from customers and community to investors and employees.

Sustainability – an international consultancy and think-tank—opines that the lack of proper planning in advocating specific sustainability issues becomes one of the pitfalls that a company often commits. It further explains that most companies ambitiously embed multiple sustainable issues into their activities without conceptualising a holistic masterplan beforehand—resulting in improper executions and lack of measurable traction on any of their initiatives. A company can easily alleviate this problem by simply creating a plan that subsumes all areas of business, from workforce management, product development to corporate strategy.

2. Establish Clear Internal Communication

Establish Clear Internal Communication

After formulating the key sustainability issues that will become its main focus, a company must then create a clear channel where all the relevant parties can communicate and share ideas on how to conceptualise plans to tackle these issues.

This step is highly crucial in helping a company fully adopt a sustainable business model as it mandates that everyone in the company is involved and well-informed of the expectations and objectives that they concomitantly strive to attain.

Every managerial role must, thus, assume the responsibility of conveying the vision of the company clearly so sustainability values can be consistently applied and embedded in every decision-making process.

Let’s take a look at how PITT Ohio, the US-based transportation solutions provider, has managed to bolster its position in the post-recession market by delivering an added value through sustainability initiatives. While other freight service companies are competing in providing reliable shipment on a competitive price, PITT Ohio has taken one step further and introduced an avenue where customers can be better informed of their emissions activities.

In 2011, realising the growing concern for carbon emissions caused by the freight operational activities, the company launched a carbon calculator, which enables customers to track their carbon footprints when using the company’s service.

The initiative has shown positive results, raising awareness of carbon emissions in transportation for around 25 per cent to 50 per cent of its target market. The company also succeeded in reducing three per cent of carbon emissions from utility usage at their facilities and freight fleet in the first year of tracking.

This initiative would not have been successful without clear communication between the company’s Operations, Vehicle Maintenance, and Building Maintenance departments, all of which produced the highest emissions. But PITT Ohio did not intend to stop there.

The company continued to synergise its workforce to expand the areas of sustainability in its value creation, which also encompassed the rollout of the Sustainability Steering Committee in 2012.

Also See: GRI Sustainability Reporting Standards

3. Fostering Professional Environment with Embedded Sustainable Values

Fostering Professional Environment with Embedded Sustainable Values

Simply communicating your sustainability plan and target goals is not enough to truly drive sustainability into the core of your business strategy. Pollman and Bhattarchaya highlight that companies must know how to “link employees’ personal values and support for sustainability with the employees’ daily work and the company’s operations”.

In other words, companies must show they are willing to accommodate employees’ commitment to implementing sustainability values in their day-to-day tasks.

To foster such a supportive atmosphere, a company must bridge the gap between personal and corporate values in three dimensions: formal, psychological, and social. These dimensions – defined by Strebel as personal compacts – underpin the professional and social contracts that both parties, a company and an employee, must fulfil. In the formal dimension, a company must show that sustainability values are expected of the employees through job descriptions, training requirements, and performance benchmarks.

In the psychological dimension, on the other hand, a company must show in every managerial activity that a sustainability initiative is rewarded and highly encouraged.

Lastly, in the social dimension, a company must demonstrate to its employees that it strives to establish an environment where sustainability culture and values can thrive.

These three steps serve as guideposts for every company that seeks to embed sustainable values deep into its corporate culture—creating behavioural and attitudinal changes from the grassroots level.

Moreover, implementing this concept into the workplace also benefits the employees as it also seeks to satisfy their professional fulfilment.

While indeed driving sustainability through corporate engagement requires careful planning and time, however, the successful integration of sustainability into the core business model will help mould a highly efficient productive workforce who can simultaneously bring value to the company, while simultaneously empowering the community and the environment.

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How To Choose The Right Sustainability Reporting Framework

How To Choose The Right Sustainability Reporting Framework

Increase in the concern of businesses towards the environment, society and governance has made it important for the companies to maintain the sustainability report.  There are different frameworks available for this reporting.

Before you prepare to understand what is the right framework for your company and how you should begin?

Let’s have a look at certain guidelines that can be helpful in choosing the right sustainability reporting framework.

Determine What You Need To Report

The very first things you must identify are the key points that need to be included in the report. You must analyse the operational activities of the company and then determine the impact on all the environmental, social and governance aspects.

  • Hazardous waste, greenhouse gas emission, risk and opportunities, resource depletion, and energy efficiency are some of the environmental issues that can be evaluated.
  • Issues related to social aspects may include occupational health and safety, human rights, working conditions, child labour, local communities, diversity, etc.
  • In the Governance category, you may evaluate aspects like board independence, policies of the company, anti-corruption, and supply chain management.

There are some concerns that are always up on the priority list of the companies such as impact of climate change, the safety of workers, water and waste management, and lack of natural resources.

Apart from these major issues, employee relations, labour practices, political contribution, and talent management also holds importance in sustainability reporting of any company.

Identify Your Audience

You must know the audience before writing the sustainability report. The structure, information and language must be according to the audience. The message from the company must be communicated to a wide range of audience.

The reporting is done for people such as stakeholders, investors, general public, media, partners, distributors, suppliers, non-governmental organizations, etc. Whatever framework you choose, it must be according to the people you want to report.

Ensure Corporate Transparency

The sustainability reporting framework must be chosen by keeping the corporate transparency into consideration. To gain the trust of the internal and external stakeholders, it is essential for the companies to provide all the information related to operations with full transparency.

The best sustainability reporting framework is the one that makes it easy for the stakeholders to make their decisions.

Choose A Sustainability Reporting Framework

There are different frameworks that can be selected according to the reporting needs.

1. Sustainability Accounting Standards Board (SASB)

In 2011, this non-profit organization was founded. It has issued some sustainability accounting framework. The public corporations use their guidelines to disclose the material information in the through the report. This framework makes it easy for the investors to make their decisions. The corporations may follow this industry-specific framework to align with the reporting standards and requirements. Peer performance in the industry can be compared through this framework.

This framework is used to prepare a report for the investors. The reporting is done through SEC form 10-k, 20-F filings.

Information reported with this framework is:

  • Environmental

Impact of corporate activities on the environment.

  • Social Capital

It includes the protection of vulnerable groups, customer privacy, quality of the products, and affordability.

  • Human Capital

It includes issues related to employee productivity.

  • Business Model and Innovation

It addresses the sustainability issues that impacts business model and innovation.

  • Leadership and Governance

It includes the issues that may conflict the interests of stakeholder groups.

2. CDP

This reporting framework is perfect for the companies that focus on issues related to forests, water, GHG emissions and supply chain. This framework is apt for communicating the right information to investors, buyers and other stakeholders. The reporting is done at CDP’s online reporting platform.

This framework enables you to include:

  • Climate Change

Risks and opportunities related to carbon emission.

  • Forests

It determines the usage of natural resources for the production in the company.

  • Water Security

It explains the usage, management and stewardship of water resources.

  • Supply Chain

It addresses the issues related with all the above factors in supply chain management.

3. Global Reporting Initiative

It was launched in 1997. Companies can find this framework helpful while reporting economic, environmental and social impacts. With this framework, the organizations have to file corporate sustainability report for a broad set of stakeholders.

The report may include:

  • General Disclosures

The profile, governance, ethics and stakeholder engagement practices come under this disclosure.

  • Economic

It includes financial performance, anti-corruption behaviour and procurement practices.

  • Environment

Under this head, all the issues are related to biodiversity, water and effluents, environmental compliance is addressed.

  • Social

It evaluates different aspects such as health and safety, non-discrimination, opportunities, child labour, etc.

4. Integrated Reporting

This framework helps companies to produce integrated reports. In this framework, the organizations can communicate the information to the investors through a stand-alone integrated report. It allows the measurement of a company’s performance based on six components (financial, human, manufacturing, intellectual, social and relationship).

Different aspects covered in this reporting framework are organizational overview, Governance structure, business model, risks and opportunities, strategy, performance, outlook and basis of presentation.

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5. Sustainable Development Goals

This framework was launched by the United States. This framework has set of 17 goals that are supposed to be achieved by 2030. Many global issues are included in this reporting framework. The goals are inter-dependent on each other so, the companies can analzse that and incur the efforts and focus according to that.

6. Task Force on Climate Related Financial Disclosures

This sustainability reporting framework is ideal for the financial sector. Financial risks that are related to climatic changes can be communicated to the investors through this reporting framework. This framework has 11 recommended disclosures. It is easy as compared to some other frameworks.

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Till now you must be clear about the steps you must follow before making a sustainability reporting framework. Different companies from various sectors choose different frameworks as per what they want to report and whom they want to report. Though there are many globally accepted reporting frameworks, the major ones are explained above.

Do your research well before preparing the report as it helps in the decision making of stakeholders and building a reputation.

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What are Sustainability Reporting Requirements in Singapore?

If you are looking for the sustainability reporting requirements to prepare and submit a sustainability report then you are reading the correct article. Here in this article you will get to know about what are sustainability repoting requirements and some tips for sustainability report writing.

All listed companies on the Singapore Stock Exchange (SGX) are required to prepare and submit a Sustainability Report on a ‘comply or explain’ basis. This means that the companies who fail to present a complete sustainability report to the public and various stakeholders must explain why it cannot incorporate sustainable business practices.

As per the rules and guidelines, the companies must prepare the sustainability report so that the industry and stakeholders easily understand it. While many large companies have been voluntarily following sustainability reporting in Singapore, others must follow suit now. 

In a sustainability report, the company considers the ESG factors and makes everything transparent in front of the stakeholders. It is an excellent way of building a reputation in the industry and gaining the trust of stakeholders.

Requirements of Sustainability Reporting in Singapore

The sustainability report must contain 5 primary components:

1. Material ESG Factors

Environmental, social, and governance factors must be considered while preparing the report. The impact on the business model, strategy, and stakeholders must be identified. The interaction of the business activities on the environment and community must be stated in the report.

The company is supposed to disclose the internal operational activities, supply chain management details, and outsourced service concerning these ESG factors. This reporting is beneficial in identifying the potential risks and challenges that a company may face.

The report must convey the following information as it affects the decision of investors:

  • How these factors are valuable for the company?
  • What are the activities that impact the physical environment and social community?
  • What is being done to reduce harm to the environment?

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2. Policies, Practices, and Performance

After all the ESG factors are identified, it is important to explain the company’s policies and performance in a descriptive and quantitative way. The policies and practices followed by the business build trust among the internal and external stakeholders. If the performance during the reporting period is good, it positively influences investor’s decisions.

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3. Targets


Companies must disclose their targets for the forthcoming years. It can be short term, long term, qualitative or quantitative. The performance of the company can be measured according to the set targets.

4. Sustainability Reporting Framework

The company must choose a framework for reporting according to the business model or industry. To expand the business globally, it is advisable to select a reporting framework that is accepted globally. The issuer of the report must be careful while preparing the report in case some other reporting framework is selected.

When the company follows a particular framework for years, it gets immense knowledge and understanding about that reporting framework. It becomes easy for the company to communicate the information to the stakeholders. Though with changing times, the relevancy of the frameworks must be examined.

5. Board Statement

The statement from the board must be included in the report. The perspective of the board on strategy formulation considering the sustainability issues must be clear through the statement.

On 2 May 2012, the Code of Corporate Governance issued that the board has the collective responsibility for the long term success of a company (issuer). The board provides direction to the business strategies. The board must see that everything is managed and monitored by the management as per their vision and mission.

The interaction between the board and management is a deciding factor for the success of the company.

Ultimately, the board is responsible for sustainability reporting and must be answerable to any questions raised regarding the issuer.

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Tips for Sustainability Report Writing in Singapore

If you are writing the sustainability report for the first time, then just remember it should be simple. Once you gain expertise, you can move to a comprehensive level. Always remember that the perception of the investors and customers is based on this reporting. While preparing the sustainability report, you can follow these steps:

1. Do Some Preparation

Firstly, determine your purpose of reporting. You must be clear about the content and the message that has to be conveyed.

2. Connect With Stakeholders

You must understand the needs of both external and internal stakeholders. The involvement of internal stakeholders makes your reporting more accurate.

3. Identify The Issues

Topics related to the material issues must be included on priority in the sustainability report. When these issues are openly discussed and analyzed, the company can do proper planning that leads to long-term success.

4. Collect The Data

Start collecting the data related to the key performance indicators. You can collect relevant data from the concerned departments.

5. Start Writing And Designing

Now, it’s time to develop a report that is capable enough of conveying the message clearly to all the stakeholders. It must have some graphics, images, and other visuals that make the report more engaging.

6. Share The Report

The report must be shared with all on different platforms such as the website of the company, social media channels, newsletters, and so on. Feedback from the stakeholders can be very helpful in improvement, so do keep track of that.

Also Read: International Accounting Standards Board (IASB)


Sustainability reporting is important for companies to plan their business strategies and investors to make their investment decisions. Sustainable report writing plays an essential role in conveying key messages to the stakeholders. The above given are some requirements that must are important to make the sustainability reporting system in Singapore more trustworthy and transparent.

The primary components are mentioned in Listing Rule 711B and in paragraph 4.1 of the ‘comply or explain’ based guide. If the issuer is not able to comply with these requirements, then the issuer must state the reason for not doing so.

Looking at the importance of this report, it has become must make this report in order to have a better assessment of financial prospects and management quality of the issuer.

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Sustainability Issues in Financial and Banking Industry

Sustainability Issues in Financial and Banking Industry

If you are looking for information on sustainability issues in financial and banking industry then you are at the right place as this article will give you all the required and updated information which you want to read about all the sustainability issues in financial and banking industry.

In 2010, The Royal Bank of Scotland (RBS) was under fire for its questionable investments in various unsustainable projects. Campaigners and leading ethical investment experts pointed out that the move to more environmentally and socially sustainable management became ever more crucial for RBS as it had been suffering from over 90% fall in market value over the last five years.

Experts further noted that as one of the banks providing bailouts, RBS needed to consider long-term social and environmental ramifications of its lending practices, especially considering that the UK taxpayers owned over 84% of its market shares. The public viewed that RBS was duty-bound to their needs for better social and environmental policies.

The massive hit to the bank’s reputation was a major wake-up call. Fast forward to 2018, RBS announced that it would no longer fund Arctic oil projects and pledged to slash lending to firms profiting from fossil fuels.

The example above is one of the myriad stories of how sustainability is no longer an option for financial institutions. The eco-apartheid mindset where humans are ecologically disparate from nature has rapidly been phased out with new, enlightened thinking that the balance between the human ecosystem and nature plays a major role in business profitability.

The global financial crisis in the late 2000s was the major turning point for banks and financial regulators to engage in more holistic community building and sustainable developments on national and international scales.

However, new challenges crop up.

The uptake of sustainability is not evenly observed across the financial industry.

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There are three significant challenges that prevent banks and other institutions from attaining sustainable finance.

1. Irresponsible Lending Practices

The lack of oversight in sustainable lending practices is one of the critical issues plaguing the financial sector. While many players in the industry have shown interest in sustainable corporate strategy, the commitment doesn’t fully translate to how and whom they provide their financial products and services.

For example, some banks are still financing and investing in activities that contribute to environmental destruction, such as off-shore oil extraction, palm oil operation, and gold mining.

Mitigating this problem requires a concerted effort from the government and financial regulators to create a legal framework to push banks to take more responsible lending decisions.

On the flip side, banks must also establish a rigorous loan review process to filter out questionable lending portfolios.

This can be proven beneficial to banks as a more thorough lending process decreases the chances for reputational damage and future financial losses due to liabilities.

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2. Failing To Address Public Expectations On Better Sustainability Practices

In the age of seamless connectivity, financial institutions are now dealing with a new breed of investors and customers who are well-versed in environmental and social issues. To bolster their brand value, financial institutions must aptly demonstrate and communicate their sustainability policy.

However, some financial institutions fail to meet their sustainability commitments due to improper planning and misalignment between their core business models and sustainability strategies. Such a failure in corporate governance may lead to loss of trust by stakeholders and regulators.

Therefore, it is essential for financial institutions to establish beforehand the key objectives of what long-term sustainability initiatives that they can feasibly and consistently undertake with their existing instruments and capitals. Financial institutions must also be aware of the customers and business partners, with which they are affiliated so that their business decisions are always in tune with their sustainability planning.

Inconsistencies in narratives will also lead to public distrust and suspicion.

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3. Bribery and Corruption

Bribery and Corruption

Fund misappropriation undermines the effective implementation of sustainable development. Corruption and bribery prevent vulnerable communities from receiving proper access to better infrastructure, increase wealth inequality, and hamper economic growth.

UNDP (United Nations Development Programme) reported that approximately US$1 trillion are paid in bribery annually and US$1.8 trillion in illicit financial transactions flowing from Africa in the span of almost four decades since 1970.

Although in most scenarios, banks are just collateral instruments in such a crime, the inadequate anti-bribery and corruption measures in the financial sector, especially in the emerging markets, may unknowingly let a plethora of such transactions go under the radar. But emerging markets aren’t the only markets where this transpires.

The Financial Services Authority (FSA) of the UK in 2012 found out that almost half of the 15 banks it visited for spot inspections had an insufficient anti-bribery and anti-corruption risk assessment.

The FSA also reported that some senior managers possessed inadequate knowledge in corruption law.

To clamp down the number of illicit transactions, banks must perform regular due diligence on their anti-bribery and anti-corruption measures. On enhancing corporate transparency, banks must also conduct sustainability reporting that outlines their endeavours in combating racketeering and fund mismanagement through measurable and scalable social metrics.

Do Check: Things To Know About International Integrated Reporting Council (IIRC)

The Next Step

Integrating sustainability practices in a bank’s corporate structure is not an unassailable quest. Nevertheless, there are proper steps that must be followed. PwC in its report on sustainability for banks had formulated the following steps:

The first important step is to define what sustainability means to the financial institution, which includes assessing the materiality of all sustainability areas from the environmental impacts to corporate governance.

The next step is to engage stakeholders with the sustainability plan. This part allows the company to align its sustainability strategy with its core business and helps understand the expectations of the stakeholders of what the company can achieve.

On the third step, the company can now start setting up its key objectives and goals. At this step, the company must take into consideration how a newly introduced set of sustainability values can affect the entire process and outcomes of its value creation.

The fourth step follows shortly after. This particular step is all about establishing the systems and processes that can help the company plan in greater details the sustainability initiatives it can handle, which also include the KPIs and benchmarks. Internal and external collaborations are strongly encouraged to guarantee the success of its sustainability efforts.

The last and final step is to measure and gauge the success rate of each initiative. This step allows the company to track the progress of its sustainability practices and recalibrate areas that need improvements based on the KPIs and benchmarks created in the previous step. The company also needs to communicate its actions with stakeholders to find out whether its endeavours have met their expectations.

This whole process can be repeated, be it to introduce a new strategy or to adjust to the changing market.

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What is Sustainability Management

What is Sustainability Management?

What is Meant By Sustainability Management?

‘Resources are finite’ sustainability operates on this assumption. The impact of business activities on society, economy and environment cannot be overlooked. Sustainability Management is an integration of the concepts of both sustainability and management. People, planet and profit are three parameters on which companies focus in order to become successful in future.

If a firm wants to sustain for the long term, then it must practice sustainability through adopting the ways of sustainable management. This is a preventive method that ensures the overall growth of a company.

Various industries such as agriculture, insurance, automobile, healthcare, and many others are incorporating sustainability management in their working. Right from top-notch companies like GE, Kohl’s Corporation and Land’s End to many local organisations, everyone is pursuing sustainable management.

Different practices followed under sustainability management may include investment in fair-trade products, improvement in human working conditions and reduction of packaging materials. Sustainability management requires proper planning. It takes time to analyse and implement the strategies. To get great results, skilled professionals are needed by businesses.

History of Sustainability Management

No change is adapted overnight. There has been a series of incidents that resulted in the requirement of sustainability management. Let’s have a look at the history of sustainable ways:

How there was a need for sustainability management and what changes took place?

1. Environment

Due to advancement in technology, increase in waste production and rapid increase in pollution, our planet earth experienced various changes and disasters. Not only nature but human well-being was also affected by human activities. In the past, many nature distorting incidents took place such as the nuclear power accident of Chernobyl, Oil spill at Deepwater Horizon and Union Cyanide gas leak.

Both humans and wildlife were hugely affected by these disasters. After looking at the consequences of human activities, there was a need for sustainability management for businesses.

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2. Society

Earlier there were no regulations related to human and labour welfare. After the implementation of sustainable management, companies ensure good working conditions, employment rate and easy exit policies.

3. Businesses

Before the concept of sustainability was introduced, the businesses were focused on profits. By overlooking their social and environmental responsibility, they did not understand the long-term disadvantages. Today to maintain long-term viability, corporate management is trying to amalgamate both business strategies and sustainable management ideas.

Responsibilities of Sustainable Managers

Sustainable managers are professionals that are responsible for creating sustainability strategies for companies. Their vision, implemented changes and long-term thinking guides a company to the path of growth. These managers can come from different backgrounds such as economics, environmental science, etc.

In various firms, different titles can be given to sustainable managers such as:

  • Chief Sustainability Officer.
  • Head of Sustainability.
  • Global Director of Social and Environmental Affairs.
  • Environmental Program Manager.
  • VP of Corporate Responsibility.

The roles and responsibilities of sustainable managers may differ as per the size and requirements.

Let’s have a look at their tasks:

  • They make sure that the organisation is complying with environmental regulations.
  • They are responsible for setting performance goals.
  • Sustainable managers build awareness in the company about the sustainability programs.
  • Right from proposing the sustainability initiatives to measuring and reporting the effectiveness, they manage it all.
  • A sustainable management manager leads a team and ensures the achievement of goals.
  • The manager must have the ability to make difficult decisions.

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Steps followed by Sustainability Managers

1. Goal Setting

Sustainability manager tries to set a goal that is actionable and measurable. It is not possible to get the desired results if the goal is unrealistic and without any deadlines. With measurable goals, a manager can lead a team in a specific direction to achieve the goal.

Examples of sustainability goals can be a reduction in carbon footprint. Yes, this goal can be achieved by proper strategic planning and implementation.

2. Using Different Tools

There are different tools available that can be used to get data and solutions. Right from profit and ROI to data related to society and environment can also be collected with these tools. When it comes to the social dimension, unemployment rate and median household income can be calculated. Measurements related to the environment may include fossil fuel consumption and greenhouse gas emission.

3. Learning Continuously

Sustainability managers have great knowledge in different fields and industries but while executing their planning, they may face difficulties. In such scenarios, they have to make tough decisions and analyse the loopholes and correct them for the future.

It is very important to analyse the results at each step as in this way certain changes can be implemented at an early stage that can be helpful in fulfilling the goal.

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Advantages of Becoming a Sustainability Business

1. Increased Brand Awareness

When a company is mindful about its activities and impact on the environment and society, the consumers are more likely to associate themselves with such a company. The purchasing behaviour is influenced through sustainable management initiatives taken by a company.

2. Increased Competitive Advantage

Companies that support fair trade and labour practices, promote health and safety, and manufacture energy-efficient products would surely have a competitive edge over other companies.

3. Increased Productivity

When a company considers sustainability as a part of its business planning, then the operational efficiency increases. Conservation and better use of resources ultimately result in a reduction in costs.

4. Carbon Risk is minimized

When a business is determined to go green, the carbon output reduces and energy efficiency increases.

5. More Financial Opportunities

Companies that are more responsible in sustainable management terms and utilize the resources properly can get more investment and financial opportunities.

6. Increase in Employee Retention

Businesses that ensure employee welfare have a high retention rate. The companies that actively participate in social and corporate environmental programs are preferred by everyone. Hence, the recruitment process also becomes easy.


Sustainability management in companies has resulted in an overall improvement in different aspects like environment, society and economy. Companies are following these practices and complying with the regulations to grow in long term.

Sustainability management is essential as it also influences consumer purchasing decisions and builds trust among stakeholders.

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Balancing Sustainability and Profits For Your Business

Balancing Sustainability and Profits For Your Business

Climate change is a global phenomenon that affects communities around the world.  With a deluge of news articles, images, and documentaries revealing the ramifications of irresponsible business activities, among which are marine pollution, ecosystem losses, prolonged drought, and rising sea levels, climate change becomes a hot-button issue that companies must address immediately.

Thanks to stricter government policies and more importantly, a new breed of socially conscious consumers, workers, and investors, board room meetings across the globe start discussing ways to devise environmentally and socially responsible corporate strategies.

While there has been growing consciousness across industries to conduct sustainable business operations, some companies are unsure if sustainability practices can yield positive financial results. Unfortunately, sustainability is still mistakenly associated with unaffordability and high risk, since the most widely-discussed, successful sustainability projects are shown to require quite costly preliminary investments to kick-start.

However, being sustainable doesn’t have to come at the expense of profitability. A recent study conducted by non-profit CDP has found a link between business leadership on climate change and a company’s profitability. The study finds that corporations actively managing and preparing for climate change are able to secure an 18 per cent higher return on investment (ROI) as compared to those that aren’t—and 67 per cent higher than companies declining to disclose their carbon footprints.

But the question remains: if sustainability does not undermine profitability, how then can a company strike a balance between the two?

Being an Ambidextrous Organisation

According to Wenyu, Shan Ling, and Meiyun in their journal article on corporate sustainability, the key to balancing profitability and sustainable development is to adopt ambidextrous mind-set. Closely similar to its original reference on a person’s ability to function both hands equally, ambidexterity in management refers to a company’s ability to concurrently meet business demands while still being adaptive to changes in the environment.

By developing such a mind-set, a company can establish sustainability initiatives in areas with significant materiality to its business operations without straining their finances.

Being ambidextrous helps companies create more robust long-term strategic planning since they become more cognizant of the impacts of their business activities on their communities and the environment. This becomes even more important today since sustainability is as much as reputation management for brands as it is a business endeavour.

Millennial consumers are slowly overtaking the older generations as the biggest consumers in the market, and unlike their predecessors, they are more environmentally conscious about the products and services that they purchase. A survey of 4,000 US Millennials conducted by the Boston Consulting Group alongside Barkley and Service Management Group has found that more than half of surveyed millennials are willing to pay for environmentally sustainable products, and almost half want to make a purchase to support a social cause.

More Agile Supply Chain With Technological Innovation

Technological innovation allows companies to remain relevant in the ever-competitive market since it brings myriad prospective avenues to streamline value creation. By modernising their supply chain with new, better technologies, companies can lower their operational costs and reduce their energy consumption, industrial waste, and carbon footprints. This, in the long run, translates to higher financial returns.

Technological innovation in the supply chain is crucial as it accounts for more than 90% of companies’ environmental impact according to research by McKinsey.

A further breakdown of the study finds that supply chains in retail companies make up almost 11.5 times of each company’s impact. The result climbs to 19 and 24 times for household goods and beverage companies, respectively.

One excellent example, in which technological innovation contributes to corporate sustainability, can be found in our own backyard, here in Singapore. Ecolab—a global provider for hygiene, water, and energy technologies and services—developed and deployed 3D TRASAR technology to assist food manufacturers in maintaining food safety, quality, and consistency through online applications.

The 3D TRASAR technology helped a local manufacturer in nutritional products save 17,640 cubic metres of water per year by decreasing the intake of freshwater and discharge of used water. By reducing its water consumption, the local manufacturer benefits from leaner manufacturing processes while still producing high-quality outputs.

Impact Investing In Renewables

Enhancing revenue growth through sustainability can be achieved with impact investing. The synergy between impact investment and ESG (Environmental, Social, and Governance) planning enables companies to weather any market volatility and recession since they act as an overlay to dampen market shocks. Admittedly, impact investing is rarely seen as a lucrative option to generate profit since companies and investors face even greater risks of capital misallocations and lower market returns compared to conventional investments.

Fortunately, however, there are certain sectors, in which impact investing offers significant market returns, such as renewable energy. Even more good news is that impact investment in renewable energy allows you to tangibly assess the social, environmental, and business outcomes of your portfolio so that you can be more astute in your investment decision-making.

Deloitte Insights has found that the uptake of renewable energy, especially wind and solar energy sources, has rapidly swept across emerging and developed economies. With lower manufacturing costs and better, more efficient technologies, solar and wind renewables have penetrated the global market at an unprecedented rate.

Deloitte reported that by the end of 2017, a total of 121 countries had installed nearly 495 Gigawatts of onshore wind power—with China, the US, Germany, and India leading the charge.

The solar energy source has also experienced the same success—accumulating a total capacity of 386 Gigawatts across 187 countries—led by China, Japan, Germany, and the US.

With renewable energy sources expeditiously closing in from the fringes to the mainstream, impact investments in the sector enable companies to reap financial gains while still playing their part in environmental protection.

Spurring Long Term Growth with Sustainability

In conclusion, corporate sustainability doesn’t hamper a company’s ability to generate profit. On the contrary, sustainability initiatives offer creative and exciting opportunities for businesses to establish other revenue streams. However, balancing sustainability and profitability requires companies to think outside the box.

The most critical first step is that they must develop a mind-set that allows them to adapt to a changing environment without neglecting their profit-driven goals. Technological innovation plays a vital role in this regard since it helps companies reduce their energy consumption and operational costs while improving their productivity.

Furthermore, companies can also opt for impact investments in a renewable energy sector as their additional revenue sources to diminish our global dependency on fossil fuels. By synergising all three, companies can do their part in the worldwide fight against climate change while still making profits.

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What Are UN SDG Goals

What Are UN SDG Goals? Why Are They Essential For Your Business?

In the year 2015, September, the United Nations (UN) embraced a set of goals for protecting the planet, ending poverty, and for ensuring prosperity. These set of goals are an integral part of a new sustainable development agenda.

According to the United Nations, for reaching Sustainable Development Goals (SDGs), there should be a contribution from all sectors – private sector, government sector, general people, and civil society.

In the last few years, the reporting and participation of countries are quite good, but lots more need to be done in this regard. It is being said that for achieving the 2030 agenda, accelerated and immediate actions have to be taken by various countries. Not only this, there have to be great collaborative efforts between stakeholders and governments at all levels.

Innumerable corporate companies have embraced sustainability reporting and acknowledgment on SDGs have become extremely popular and well-known.

SDGs have significantly been referenced in corporate reporting. Medium size and small companies or enterprises are not always able to approach the SDGs in the same way as large organizations or corporates or even governments.

However, this does not mean that these companies have nothing to do. Medium size and small enterprises play a significant role in private sector business and also in economic activity. This feature has been noticed in both developed as well as developing countries.

Sustainable Development Goals (SDGs) and Businesses

When Sustainable Development Goals (SDGs) are implemented in businesses (whatever be the dimension of it), there can be many benefits that can be obtained. It has been seen that many companies are facing different kinds of challenges that are limiting their growth potential.

Some of the most common challenges faced include weak financial markets, limited natural resources, scarce local purchasing power, and scarcity of qualified talent for business. With the implementation of SDGs, opportunities can be created for addressing the challenges for four key themes – risk, growth, purpose, and capital.

1. Addressing Risk Factors Associated With Business

It might not be possible for companies to create capital for an extended period if manufactured, natural, financial, and social capital is being spent in some other place. A risk area is represented by each SDG, which is already causing challenges to a business and society.

If the risks are not addressed at the right time and in the proper manner, it might cause larger and graver risks. Supply chains are exposed to various kinds of problems including depletion of natural resources, climate change, geopolitical instability, lack of development in some areas, inequality, etc.

While making any kind of investment decision, investors are paying great attention to social, environmental, and governance risks.

2. Driving Business Growth

It is quite evident that any businessman would want to see growth in his business. In general, business growth is mainly linked to the achievement of sustainable development goals at the macro level. But, for taking action at a local level, the companies need to identify how their contribution can help in meeting goals that boost financial performance in the various markets in which they operate.

There are SDGs which directly has reference to employment, economic growth, innovation, sustainable industrialization, and production. Again there are other SDGs that provide business advantages in various manners.

3. Concentrating Purpose

The SDGs will have a crucial impact on the purpose of various companies all across the globe. When one is contributing to the SDGs, it is a way of creating shared value for all the stakeholders. This will make the businesses a strong driving force for galvanizing stakeholders around an outcome which will be commonly shared.

When the concentration of a company is on purpose, which is kind of creating value for others, the ability to make profits and driving sustainable value is always high. SDGs can help in concentrating on the primary purpose of the company/business for overall growth and development.

4. Attracting Capital

Investment flows can be redirected for both public and private sectors towards various global development challenges, which are framed around SDGs. As per UN estimates, the cost incurred for achieving the SDGs is around US$3.3 to US$4.5 trillion annually. Therefore innovative financial models must be developed with the help of the experience that has been gathered.

For helping various developing countries, The World Bank has committed to giving almost US$23.5 billion via 115 projects which they will launch.


Along with all the things mentioned above, with SDGs in place, the companies will be able to assess, measure, reports, and communicate. Visible growth can be seen in companies and businesses with the use of SDG.

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How Singaporean Consumers Drive Better Corporate Sustainability

How Singaporean Consumers Drive Better Corporate Sustainability?

There is no denying that consumers play an ever crucial role in the direction of corporate sustainability moving forward. With the impacts of climate change becoming more imminent, consumers realise that they need to become more conscious of choosing the businesses that they support through their purchase.

Being sustainable is no longer an option for brands, but an obligation that they must execute and communicate to boost their brand value and long-term profitability. In Singapore, the positive shift in attitude towards sustainability, albeit slower as compared to its western counterparts, has begun to pick up some steam in the last few years.

Singaporean consumers concern not only for businesses’ environmental impacts, but also the social contributions that companies provide for their communities.

New YouGov Omnibus research finds that 88% of Singaporeans believe businesses must exercise corporate social responsibility (CSR). The study also reveals that 53% of Singaporean consumers need to make sure all companies in Singapore uphold ethical labour practices.

Nearly four in ten (47%) of surveyed consumers feel that businesses must give to charity, while 45% want companies to provide upskilling initiatives for the members of their respective communities.

Overall, 56% of Singaporeans believe that businesses must gear towards a green and eco-friendly supply chain. The percentage, however, falls short at only 46% among business owners and those in senior management.

This indicates while the zeal for sustainability is very much alive among consumers, there remains a chasm between Singaporean brands and the general public.

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Bridging The Attitudinal Gap on Sustainability in Singapore

To level such disparate attitudes between the demand side and supply side on corporate environmentalism, companies must understand that sustainability reporting practices are long-term investments that may benefit them in the long run. The new breed of environmentally conscious consumers means that more than ever, the consumers are very critical of how companies conduct their supply chains. The consumers’ sentiments on environmental protection translate well to their purchasing behaviours. Failing to meet their expectations can affect a company’s profitability, and in the worst-case scenario, lead to reputational gaffe and a massive boycott.

Understandably, perhaps senior managers and business owners in Singapore are less enthused about sustainability due to the misconceived notion that sustainability primarily emphasizes reputation-building rather than tangible outcomes. But times are changing. Sustainability offers more than building better rapport with the community. To drive a point home, McKinsey conducted an online survey in 2011—garnering responses from 2,956 executives cutting across industries and regions.

One of the findings indicated that the top reasons for addressing sustainability issues entailed enhancing operational efficiency and lowering costs at 33%—replacing corporate reputation from its top spot at 32%. Additionally, the survey found that 63% of the surveyed companies were taking actions in reducing energy use in operations, and 61% in better waste management.

These findings suggest that the focus for better sustainability today already gravitates towards better innovation in a company’s supply chain. While businesses are still expected to positively contribute to their communities through more transparent CSR practices to bring in better long-term value, sustainability also offers a wide array of opportunities for companies to stay alert of any risks and to innovate to remain relevant in the competitive market.

However, regardless of the lingering attitudinal gap, more and more companies in Singapore are racing to develop more sustainable business operations. Case in point, NTUC FairPrice introduced a holistic framework to reduce its use of plastic bags. The programme has aimed to reduce 30 million plastic bags per annum by 2030. In 2017, the company managed to cut over 11.5 million plastic bags. It also pledged $50,000 to the Singapore Environment Council and Zero Waste SG to support their respective sustainability efforts.

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Millennial Singaporeans As The Main Drivers of Change

Millennials across the world have been leading the charge against irresponsible consumerism thanks to their meticulous attention to labels—and Singaporean millennials are no exception. According to The 2017 Nielsen’s Global Sustainability Report, Singaporean consumers—especially the millennials—are “increasingly concerned about clear labels on consumer packaged goods and understanding what they are consuming”.

From the 501 respondents in Singapore, close to two-thirds of the millennials from an age group between 20 and 30 read packaging or nutritional labels on food packages.

Aside from health concerns, they also want to make sure that the products that they are purchasing are sustainable. Singaporean millennials also do their part in energy conservation. The study finds that 45% Singaporean millennials go an extra mile to save on electricity and gas.

Perhaps, Singaporean millennials’ critical assessment of brands can be credited to better exposure to the news on online platforms—especially concerning issues on climate change. According to a study conducted by Marketing Interactive, the millennials in Singapore spend on average 146 minutes online every day with main activities including communication (21 minutes), social networking (24 minutes), and consuming media content (39 minutes).

YouTube comes on top as the primary apps used by Millennials aged 15 to 24. Unsurprisingly, as information can easily be accessed with the touch of their fingertips, millennials in Singapore spend more time researching brands for better purchase intent.

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Corporate Sustainability Moving Forward

While the majority of Singaporean consumers have shown their concerns and efforts in being more sustainable, one major impediment to sustainability in Singapore is the affordability of sustainable products.

Eco-friendly products tend to be priced slightly higher compared to their regular counterparts—and this has been a significant factor as to why consumers opt for cheaper alternatives. Technological innovation plays an even more critical role in driving down the costs of these products as it tremendously helps in creating a much leaner and efficient supply chain.

On the other hand, despite the attitudinal gap between consumers and business owners in terms of the importance of eco-friendly supply chain, some brands have successfully displayed their staunch commitment to long-term sustainability initiatives.

It is essential to highlight that while Singaporean consumers as a whole are moving towards more conscious consumerism, millennials are the primary driving force of such shift.

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