Climate crisis and growing demand for sustainable practices mean it’s no longer business-as-usual for companies: Teo Chee Hean
SINGAPORE — To remain competitive in the long term, businesses will need to incorporate decarbonisation and climate risks into their strategies or risk being written off as “doing too little, too late”, said Senior Minister and Coordinating Minister for National Security Teo Chee Hean on Tuesday (June 7).
Speaking at sustainability conference Ecosperity Week, Mr Teo warned that the effects of climate change will affect businesses and disrupt their operating models and supply chains.
Growing awareness about the climate crisis has also changed how people define value in business, and what values a company upholds, he said.
“Companies can no longer solely focus on short-term returns from current assets and business lines,” he said, adding that shareholders, creditors, customers, and even employees will demand more sustainable practices and plans.