This is especially crucial considering the damaging impact of climate change and the fact that investors, consumers, and other stakeholders are no longer willing to support corporations that disregard ESG best practices. According to Accenture and the World Wide Fund for Nature (WWF), 32% of Singapore consumers make most purchasing decisions based on product sustainability and environmental impact. A further third of consumers are willing to pay a premium of up to 10% for sustainable alternatives.
Prior to COVID-19, the fight against climate change took centre stage with efforts promoting the circular economy, reducing carbon footprints, fighting plastic waste, and other initiatives, but climate change took a backseat when the outbreak started. As the world gradually returns to the "new normal", environmental concerns are once again on the radar.
But companies do not face a choice between climate change and digitalisation – both require urgent attention and are complementary. Nearly three-quarters (73%) of Singapore businesses have now accelerated digitalisation amid and post-COVID-19. Digital sustainability, which harnesses digital transformation (DX) tools to improve the environment and support sustainable business operations, should be at the top of businesses’ long-term plans.
