SINGAPORE: A recent survey conducted by Schneider Electric has found that 53% of Singapore companies are gearing up to invest more than $700,000 in sustainable transformation efforts over the next two years.
The survey involved 500 companies in Singapore and was carried out between April and May this year.
Despite facing challenges, an increasing number of Singaporean businesses are focusing on enhancing their investment in digital tools aimed at sustainability.
These digital investments include platforms for reporting, system optimization, artificial intelligence (AI)-driven automation, and carbon management systems.
Such technologies help companies streamline operations, track resource usage, and manage risks and opportunities effectively. The goal is to drive more efficient processes that cut costs and reduce environmental impact.
Additionally, the survey found more companies are setting short-term sustainability goals. This year, 63% of businesses reported plans to achieve their targets within the next five years, up from 59% last year.
This signals a growing commitment to sustainable practices within the corporate sector. However, despite the positive momentum, the report also highlighted several barriers hindering sustainable investment.
Economic uncertainty, tight budgets, and a lack of sufficient incentives remain the most significant challenges for companies as they push for greater sustainability.
This increased focus on digitalization and sustainability reflects a broader global trend, with businesses recognizing the importance of adopting eco-friendly practices while facing economic pressures.
As companies work to balance these priorities, they are also positioning themselves to thrive in an increasingly sustainability-driven marketplace.
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