More Than Half of Businesses Face Challenges in Implementing Sustainability Initiatives: Report

Sustainability is becoming increasingly important in the corporate world, as businesses seek to integrate sustainable practices into their core business models.

However, more than half (56%) of employers do not have well-defined sustainability goals or strategies for their business, and only 14% are in the advanced stage of implementation, where at least one round of implementation of strategies has been completed.

In addition, 49% of businesses face challenges aligning sustainability goals with their overall company's goals, while 47% cite a lack of knowledge and expertise in implementing sustainability strategies.

These are some of the key findings from NTUC LearningHub's recently launched Special Report 2022 on Sustainability, which aims to uncover the importance of implementing sustainable business practices, the demand for sustainability-related talent, and the priority skills required of employees by companies embarking on their sustainability journey.

The report is based on a survey of 200 business leaders across different industries in Singapore and interviews with industry practitioners and experts from NTUC LearningHub. It also offers recommendations on key areas businesses can focus on in implementing sustainability initiatives.

Commenting on the report findings, Tay Ee Learn, NTUC LearningHub's Director of Technical Skills Product Division, says, "The growing call for companies to adopt sustainable practices, and the transition to a low carbon economy and sustainable business model is no longer a choice. Businesses adopting sustainable practices will not only mitigate business risks in compliance reporting, reputational risks and climate change, they can potentially reap benefits, such as enhancing operational efficiencies, innovating products and services, among others".