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Sustainability Innovation Programme – A Recap of Key Insights and Takeaways
The Sustainability Innovation Programme 2024, launched by UOB FinLab, recently concluded its five-week journey, providing small and medium-sized enterprises (SMEs) with invaluable guidance on transforming their businesses into sustainable and green entities. Centred around three key pillars — Develop, Disclose, and Decarbonise — the programme equipped participants with the knowledge to integrate sustainability into their business models, while fostering growth, profitability, and environmental stewardship.
Session 1: Programme Kickoff
From left to right, Shannon Lung, UOB FinLab; Samuel Tan, UOB’s Sector Solutions Group; Lionel Wong, Gprnt; Kang Jen Wee, REDEX; Yina Chua, NUS Cities; Tham Kok Wing, Singapore Business Federation and Marianne Tan, UOB FinLab
The programme commenced with a compelling panel discussion moderated by Samuel Tan, Vice President of ESG Solutions at UOB’s Sector Solutions Group.
The panellists explored the current state of sustainability implementation among Singaporean SMEs, examining the pace of adoption, key challenges, and practical solutions. They also highlighted emerging sustainability trends and provided valuable advice for SMEs embarking on or enhancing their sustainability journey.
Session 2: Fundamental Sustainability Concepts and Strategies for SMEs
Samuel Tan, Vice President of ESG Solutions at UOB’s Sector Solutions Group introduced the UOB Sustainability Compass. This free tool assists businesses in creating tailored sustainability reports, helping them develop clearer and more focused sustainability strategies.
Yina Chua, Associate Director at NUS Cities discussing essential ESG concepts, such as Greenhouse Gas (GHG) emissions, as well as Scope 1, 2, and 3 emissions.
During this session, Yina Chua emphasised the importance of understanding double materiality, highlighting that ESG reporting and carbon disclosure are becoming increasingly essential due to evolving regulatory requirement. Moreover, Samuel Tan discussed the challenges businesses face in disclosing their sustainability efforts and the need for effective tools such as the UOB Sustainability Compass to guide them.
Session 3: Sustainability Reporting for Businesses – ESG Reporting and Disclosure
Francesca Puricelli, Sustainable Finance Specialist, UNDP Global Centre
Francesca Puricelli from the UNDP Global Centre shared her expertise on ESG reporting, focusing on the crucial metrics for disclosure and strategies to navigate the challenges of maintaining ESG transparency. She underscored the need to build robust frameworks for sustainability reporting to meet stakeholder expectations.
Joel Low, Assistant Director, Gprnt
Joel Low and Stephen Ow from Gprnt further enriched this session by demonstrating the capabilities of the Gprnt platform, gprnt.ai. They guided participants through the process of utilising the platform for effective sustainability data disclosure, showcasing how businesses can leverage this industry-approved tool to streamline their reporting practices and enhance their ESG credibility.
Session 4: Materiality Assessment
Arthur Leong, Business Development Director at SunCaged Consulting
Yina Chua, Associate Director at NUS Cities
The fourth session centred on the journey towards net-zero emissions and the various incentives available to support businesses in their decarbonisation efforts. Yina Chua emphasised the importance of prioritising ESG factors, particularly for SMEs looking to achieve Net Zero and Carbon Neutrality. Arthur Lim from SunCaged Consulting complemented this discussion by highlighting various government grants and programs, such as the Enterprise Development Grant and the Energy Efficiency Grant, that are available to aid businesses in their sustainability efforts.
Session 5: Disclosures, Decarbonisation Tools, and Green Financing Opportunities
Wong Zhi Xiang, Head of Sustainability at TUV SUD highlighted the importance of staying current with reporting requirements and verifying sustainability data through audits and GHG standards.
Khoo Weijian from Gprnt introduced their platform’s features, including a decarbonisation journey chart and a marketplace interface to facilitate sustainable business decisions.
Eugene Tay from the Ministry of Sustainability and Environment shared insights on the impact of the SG Eco Fund in promoting community-driven sustainability efforts
Vivian Yang, Senior Vice President from UOB Sector Solutions Group elaborated on global sustainability trends and the financial tools available to support smart city initiatives.
The final session of the Disclose Pillar highlighted practical tools for decarbonisation and ESG data disclosure, concluding with Will Leong’s summary of government grants, training programs, and energy efficiency initiatives.
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