In recent years, Singapore as a whole has witnessed a deliberate shift towards greater sustainability, with local businesses also stepping up to play their part in creating a greener future. In fact, Singapore was ranked fourth in 2018’s Top 10 Sustainable Cities Index published by the global consultancy Arcadis. There is also a keen public interest in ensuring businesses are contributing to, and not detracting from, global resources, with 90% of surveyed Singaporeans saying they believe global businesses have the power to actually improve the world, as opposed to simply profiting from it. In this article, we will explore some of the ways in which businesses are improving sustainability to minimize their impact on the environment, ranging from digitizing processes to adopting eco-friendly practices.
Why Singaporean Businesses Are Interested In Becoming More Sustainable
Smaller Singaporean businesses are increasingly aware of the importance of sustainability in their day-to-day business operations. This shift has come about as a result of a variety of factors, including growing customer demand for eco-friendly products and services, government initiatives promoting green practices, and the long-term economic benefits of sustainability. Sustainable practices can help Singaporean businesses reduce operational costs by achieving improved energy efficiency and waste reduction. They can also help businesses build a “cleaner” brand image, appealing to environmentally conscious demographics and potentially attracting new customers. In Singapore’s competitive business landscape, embracing sustainability can give small and medium enterprises an advantage and help them stay relevant in a rapidly changing world.
What Is Netzerohub.Sg And How Can It Benefit Small Businesses?
The Singapore Business Federation (SBF) has recently unveiled a new platform with the aim of helping local businesses become more sustainable. The platform, known as NetZeroHub.SG, is intended to function as a resource center that can provide companies with the tools, knowledge, and connections needed to reduce their carbon footprint and work towards net-zero emissions.
The platform offers up-to-date information on innovative sustainable practices, green technologies, and strategies for reducing greenhouse gas emissions. It also aims to provide access to business sustainability experts who can guide owners through the process of implementing sustainable practices in their companies, instead of leaving them to figure it out on their own.
Achieving Sustainability Through Modernization And Digitalization
One of the main ways Singaporean businesses are becoming more sustainable is through the use of digital tools. This is because moving business admin processes online can help companies significantly reduce their environmental footprint while also making time and cost savings. One way to do this is by moving to digital banking services, with up to 88% of businesses showing a strong interest in doing so. By moving their financial operations online, businesses can eliminate the need for paper statements, reduce their vehicular carbon footprint, and decrease any other energy consumption associated with using physical bank branches. This has led smaller Singaporean companies to explore a variety of digital business banking offers, in order to compare their features and select an online bank account that best suits their needs.
Businesses that digitize their processes by way of using online tools and platforms can streamline their operations while reducing the amount of physical waste they produce. One example of this is implementing cloud-based solutions, which can reduce the need for physical storage and hardware, lowering overall energy usage and sending fewer items to landfills in the future. In the same vein, digital communication tools have cut down the amount of travel Singaporean businesses need to do, thereby also reducing their carbon footprint. Smaller businesses have also embraced the use of modern e-commerce platforms to reach customers without the need for physical stores, saving on energy use and the physical resources needed to stock and maintain a store. Another simple way Singaporean businesses have become more sustainable is by using digital signatures and electronic document management to sign and manage contracts instead of using physical paper documents, which are also harder to keep safe and organized.
Financial Initiatives That Can Help Small Businesses Become More Eco-Friendly
One significant roadblock for small businesses looking to implement sustainable practices is access to funds and financing. In recent years, Singapore’s financial sector has worked to address this challenge by offering various sustainable finance options to fund companies’ sustainability initiatives. One example of this is OCBC Bank’s “green” loans for SMEs that need funding for their sustainable projects. OCBC’s green funding program has a low barrier to entry, meaning small businesses don’t need to afford high consultancy fees or pay for expensive certifications to qualify for a loan.
The bank instead focuses on the type of product supplied by the loanee as well as any grants they may have already accessed, making the funding much more accessible. OCBC is just one of many banks in Singapore that are offering “green financing” options, as the banking industry begins to recognize the growing public demand for sustainable business practices. Once acquired, Singaporean businesses can use these loans for a variety of purposes, such as upgrading to more energy-efficient equipment, developing new waste reduction systems, or creating more eco-friendly products. This type of funding encourages otherwise reluctant businesses to think innovatively and boldly about how to overhaul their daily and weekly business processes to ensure they produce the least amount of waste and use the minimum amount of energy possible.
Collaborating With Big And Small Businesses To Achieve Sustainability Together
Small businesses in Singapore are also beginning to join forces with other businesses in the industry, as well as non-profit organizations, to improve their sustainability efforts through teamwork. One way businesses are collaborating is through industry events and business forums focused on sustainability. These groups provide a platform for businesses to share knowledge with each other, allowing them to learn from each other’s successes and failures. Some Singaporean businesses are also forming partnerships with larger corporations to work on joint sustainability initiatives. For example, a small supplier might collaborate with a large retailer to develop more sustainable packaging solutions. These partnerships can benefit both parties, but especially smaller businesses, which can gain access to funding and resources that would otherwise be unviable because of their size.
Overall, Singapore’s businesses are well on their way to becoming more sustainable and eco-friendly, along with the rest of the city-state, thanks to their drive, initiative, and some governmental assistance. In 2022, the Singaporean government also announced an ambitious goal of achieving net zero emissions by 2050 as part of their “Long-Term Low-Emissions Development Strategy”. Net zero emissions essentially refers to the idea of removing the same amount of greenhouse gases from the environment that you had contributed to it in the same year, thereby minimizing the effects of global warming.
Smaller businesses have taken advantage of modern digital software to reduce their impact on the environment while simultaneously making significant time and cost savings, also making their businesses as a whole run more efficiently. As Singaporean companies continue on their journey to improved sustainability, they can look forward to the launch of more innovative platforms like NetZeroHub.SG to help steer them in the right direction. Singapore serves as a good model for other countries and companies that want to consider how best to make their short-term and long-term business activities more sustainable. This will not only be beneficial for their own business growth but also for the planet and the people that inhabit it.
