Unlocking sustainability: strategies for overcoming cost barriers for companies

Jackson Seng, Vice President for sustainability and strategy at Schneider Electric, discussed the challenges faced by businesses seeking to become more sustainable. Although cost is a significant barrier, Seng emphasized the need for companies to consider the long-term competitive advantages of sustainable practices, as sustainability is becoming a business risk. In Singapore, SMEs can access several support programs, including the DIA pricing report and the Price Sustainability Program, which provide grants to support the development of a sustainability strategy and investment in sustainable products and services. Additionally, Schneider Electric's SME Kickstarter Decarbonisation Program can help SMEs map out their carbon footprint and develop a decarbonisation roadmap, making the transition to sustainable operations more manageable.

Seng also shared Schneider Electric's net zero commitment and progress, with the aim of achieving carbon neutrality by 2025. Looking ahead, Seng hopes to see continued support for businesses to adopt efficient and sustainable technology, particularly for SMEs, in the upcoming budget. He also emphasized the importance of incentivizing companies to train their workforce with the relevant skill sets and knowledge needed to deploy sustainable plans effectively.

In conclusion, the interview underscored the importance of taking a long-term view and leveraging available support programs to make the transition to sustainable operations more feasible. As businesses confront difficult decisions in challenging economic conditions, sustained support for sustainability will be critical in the upcoming budget.

To know more, watch the full interview.

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