Sustaining Sustainability for SMEs in ASEAN
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Sustainability Innovation Programme 2024 – Pursuing the path to Net Zero
UOB FinLab is incredibly excited to launch the Sustainability Innovation Programme 2024. We kicked-off the programme with an event including a thought-provoking panel discussion on 15th August 2024.
Programme Overview: Sustainability Innovation Programme 2024
The Sustainability Innovation Programme is a 5-week initiative to help small and medium-sized enterprises (SMEs) to transform their companies into sustainable and green businesses. Participants will learn how sustainability can play a positive role in their businesses as they strive to balance environmental impact with profit and productivity. The programme is structured around three pillars, Develop, Disclose and Decarbonise, and covers six key sustainability topics;
- Energy Efficiency
- Circular Economy and Waste Management
- ESG Reporting and Disclosure
- Solutions for Decarbonisation
- Sustainability Grants and Support
- Sustainable Finance
We are confident that this programme will enable SMEs to embark on their sustainability journeys with increased confidence and applicable knowledge to successfully make their green transition.
“The Path to Net Zero: Actionable Strategies for Disclosure and Decarbonisation”
The launch event featured an insightful panel discussion that was moderated by Samuel Tan, Vice President, ESG Solutions, Sector Solutions Group, UOB. The panel was made up of the following,
- Lionel Wong, Deputy Director and Head, Green FinTech Office, Gprnt
- Kang Jen Wee, Founder and CEO, REDEX
- Yina Chua, Associate Director, NUS Cities
- Tham Kok Wing, Head of ESG Coordination Office, Singapore Business Federation
SMEs are key to accelerating the pace of sustainability adoption
Although sustainability is still in its structural infancy, companies can no longer afford to remain stagnant. The insurmountable nature of the task should not deter companies. Rather, it should motivate companies to tackle the issue head on to preserve the wellbeing of the environment. Like Samuel Tan said, “Sustainability is in the phase of just do it. How we act now will dictate whether [or not] we achieve net zero by 2050.” Each SME plays a vital role in achieving this sustainability goal. SMEs can ease the process of sustainability adoption for subsequent companies by actively adopting sustainability practices. Doing so would give solutions providers valuable data to improve their services and lower the barriers of entry for companies struggling to implement sustainability practices. Thus, SMEs need to put in extra effort to support and contribute to the accelerating pace of sustainability adoption.
Dispelling the misconceptions surrounding sustainability
However, SMEs have an underlying perception that sustainability is an act of charity that provides no financial incentive for their business. Jen Wee challenges this perception by discussing the financial benefits of sustainability implementation. He said: “Going sustainable is not mutually exclusive with earning profits. There is money to be made through sustainability, you just need to follow the demand.”
This demand can be found in large corporations. As large corporations strive to achieve their sustainability goals, they are turning to SMEs that are aligned with their sustainability objectives. These large corporations are willing to provide financial incentives for SMEs that can help them meet these goals. SMEs can help these corporations meet their goals by offering their expertise on the adoption of green solutions and innovative sustainable technology. Therefore, SMEs should implement sustainability practices to capitalise on these opportunities and reap the financial and environmental benefits of going green.
Sustainability provides a competitive edge
On top of the financial benefits, proactively adopting sustainability practices provides a competitive edge for SMEs. All businesses are interconnected with the environment, society, and economy. SMEs must understand that they are part of the larger ecosystem and readily adapt to the changing legislations and business demands. SMEs will strengthen their business resilience by proving their adaptability and staying ahead of trends.
The panel concluded with advice for SMEs to take some time and assess where their company falls in the larger sustainability ecosystem. Doing so would help SMEs articulate their messaging and how their businesses have a wider social impact. It would also guide them on the subsequent actions they should take for their respective sustainability journey. This will allow SMEs to stay ahead of trends and reap the short-term and long-term opportunities present in the sustainability sector.
We would like to express our gratitude to the wonderful panellists and moderator for the insightful panel discussion.
If you would like to find out more about the Sustainability Innovation Programme 2024, please click this link here.
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