Skip to main content

Advertisement

Advertisement

Climate crisis and growing demand for sustainable practices mean it’s no longer business-as-usual for companies: Teo Chee Hean

Senior Minister and Coordinating Minister for National Security Teo Chee Hean giving a speech at the sustainability conference Ecosperity Week on June 7, 2022.

Senior Minister and Coordinating Minister for National Security Teo Chee Hean giving a speech at the sustainability conference Ecosperity Week on June 7, 2022.

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.

“As demand for sustainable practices increases, first movers will capture upsides while laggards may be written off as doing too little, too late.”
4 STORIES REMAINING

Advertisement