Businesses intend to decarbonise but face challenges in bringing their net-zero aspirations into action. This is according to a survey of 45 members from the American and European Chambers of Commerce in Singapore, conducted by GoNetZero, the carbon management business of Sembcorp Industries U96 .
The majority (67%) of the respondents, which include multinational companies with Asia operations, say they have set net-zero targets, while the others are still working on their strategies with no concrete actions in the next 12 to 18 months.
Challenges include insufficient knowledge on how to decarbonise (53%), difficulty in attaining budget approvals for decarbonisation initiatives (42%), inadequate clear measurement and reporting frameworks of carbon emissions (36%) and limited affordable renewable energy options to offset carbon emissions (23%).
According to GoNetZero, businesses want a conducive policy environment, such as clear regulation, incentives and government-supported green initiatives, to help them bring their goals to reality.
The survey results were announced on Nov 16 at the Singapore Fintech Festival 2023. Soon Sze Meng, chief executive officer of GoNetZero, says the survey findings provide a unique perspective on the progress and challenges faced by Asia-based businesses as they strive to meet their decarbonisation efforts. “GoNetZero is committed to help companies bridge the aspiration-action gap between commitment, measurement and, finally, clearly measured actions towards their sustainability goals.”
See also: Sembcorp and NYSE-listed Bloom Energy to bring low-carbon solutions to Singapore
Among the businesses surveyed, 76% are aware of technology solutions powering the renewable energy industry. According to GoNetZero, they are most interested in understanding how technology can optimise their physical assets and reduce their energy consumption, as well as to find ways to measure their carbon footprint.
Sembcorp launched the carbon management solutions corporate venture in November 2022 at the inaugural Singapore Pavilion at the 27th United Nations Climate Change Conference (COP27) in Egypt.
GoNetZero’s platform GoNetZeroConnect provides a tech-driven, end-to-end carbon management solution for corporates to measure, abate, offset and report emissions.
Its other offering is targeted at energy producers. NetZeroOS is GoNetZero’s proprietary smart energy asset management platform, which allows producers to manage, optimise and scale their energy assets across wind, solar, battery, water, hydrogen and thermal power.
