1 in 10 firms yet to implement emission plans: report

Of firms with no emission plans in place, 45% said they don’t plan to develop one.

Although Singapore is vigorously pursuing sustainability, several firms in the country remain resistant to adopting emission reduction plans.

Data from a joint study of the Association of Chartered Accountants (ACCA), the International Federation of Accountants (IFAC), and professional services firm PwC, showed that 19% of firms in Singapore have yet to produce a plan for reducing their carbon emissions.

Of those with no emission plans in place, 45% said they have no intention of developing one.

“This is a significant problem given that successful transition planning to a low carbon business starts with the development of a robust emissions reduction plan,” the report stated.

To accelerate progress in emission reduction, the report suggested that firms involve their CFOs and finance teams in planning.

“They should embrace this because, although they may not always be the ‘owner’ of the sustainability agenda, CFOs can embed climate transition priorities into business planning and resource allocation, and enable high-quality sustainability reporting internally and externally,” the report stated.
 
The report also recommended that finance teams develop the right skills and expertise to continue increasing their contribution to a climate transition. 

“For CFOs, balancing the short-term operational priorities of the finance team whilst simultaneously upskilling and equipping the team to support the wider organisation’s net zero initiatives longer term must now be a critical imperative,” the report added.