New benchmark label to promote green business

SINGAPORE — In line with promoting sustainability in businesses here, the Singapore Business Federation (SBF) has come up with a new benchmark label to recognise and encourage companies that incorporate such practices as part of their culture and strategy.

Coined the Singapore Sustainability Label, the new benchmark provides an additional platform for organisations to measure their business practices on sustainability, said the SBF yesterday as it launched the label at its annual Singapore Sustainability Awards (SSA).

The label will also benefit companies looking to venture into international markets with strict regulatory standards, as it will enable the businesses to differentiate themselves and stand out in the region, said Minister for the Environment and Water Resources Masagos Zulkifli, who was guest of honour of the event.

At the SBF SSA awards ceremony, 10 private and public sector organisations were recognised for their commitment to sustainable business practices. The winners were lauded for their pro-environment operations and performance management systems, corporate social responsibility, innovation and green technology implementation. The SBF represents 21,500 companies, as well as some local and foreign business chambers.

At the event, Minister Masagos also touched on the Sustainable Development Programme (SDP) under the Singapore Cooperation Programme, an initiative announced by the then Minister for the Environment and Water Resources, Vivian Balakrishnan, at the United Nations 2030 Agenda summit last month.

The SDP, which will serve to offer leadership training and work with UN bodies on development plans and provide solutions for the developing world, needs participation from all stakeholders, said Minister Masagos.

“These programmes require deeper commitment and partnerships with all stakeholders — government, international organisations, international financial institutions, the private sector and civil society. We look forward to guiding Singapore’s development following the 2030 Agenda with our fellow nations.

“Today, with rapid urbanisation and globalisation worldwide, it is important for the Singapore business community to leverage available platforms for green growth opportunities … Through the concerted efforts of our community, there is much potential for Singapore to become a leading hub for sustainable ... practices and innovative green business solutions.”