What are major barriers to businesses’ decarbonisation success?
Only 14% of companies in Singapore believe that their programmes are meeting their goals.
Whilst many companies in Singapore have embarked on their sustainability journey, only a few (14%) are succeeding in meeting their decarbonisation goals. Data from ENGIE Impact's report showed that businesses still face challenges and roadblocks in their decarbonisation plans.
More than eight in 10 (85%) companies are struggling to meet front-loaded capex requirements. whilst 79% cited the lack of government incentives to fund their projects as a barrier to decarbonise.
READ MORE: New measures on packaging, food waste needed to shrink carbon footprint: officials
Meanwhile, 79% of the companies identified the lack of a cross-functional approach to decarbonisation goals, the lack of incentive or ownership at an executive level to drive decarbonisation action, and the challenge of working with the supply chain to deliver Scope 3 carbon reductions as roadblocks to achieving their decarbonisation goals.
The same number of companies said they are struggling to navigate statutory requirements.
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