Publication Type
Report
Version
publishedVersion
Publication Date
11-2023
Abstract
Sustainability is already reshaping the Singapore manufacturing sector. The majority of companies surveyed (70%) have started their sustainability transformation in one form or another, and many have initiated discussions. However, on the whole, only 37% of companies have implemented sustainability initiatives, and 21% have reported on sustainability. On the bright side, these percentages are slated to double within 1-3 years. The infusion of sustainability into the manufacturing sector has led to accountancy and finance professionals potentially playing a bigger role in their organisations, particularly in aligning the sustainability objectives with business strategies. The study notes that manufacturing companies are mostly focusing their sustainability efforts on six areas: (1) circular economy, (2) reducing greenhouse gas emissions, (3) renewable energy and energy efficiency, (4) preventing pollution, (5) sustainability reporting, and (6) sustainable finance. Corporate governance for sustainability and sustainability data management are also emerging areas of focus. From the findings, the researchers distilled 10 sustainability skills for sustainability transformation for the manufacturing sector: (1) stakeholder and community engagement, (2) circular economy and resource efficiency, (3) carbon and decarbonisation strategies management, (4) sustainability data management and impact measurement, (5) sustainability reporting, (6) sustainability risk management, (7) sustainable finance, (8) internal audit on sustainability governance, (9) climate and nature financial implication quantification, and (10) natural capital management.
Keywords
Sustainability, manufacturing, sustainable finance, skills
Discipline
Accounting | Asian Studies | Business Law, Public Responsibility, and Ethics | Human Resources Management
Research Areas
Financial Intermediation and Information
First Page
1
Last Page
46
Publisher
Institute of Singapore Chartered Accountants
City or Country
Singapore
Citation
WANG, Jiwei; YANG, Holly I.; ZHANG, Liandong; DARENDELI, Sanli Pinar; and HUANG, Ying-chi.
Sustainability transformation: The role of accountancy and finance professionals in the Singapore manufacturing sector. (2023). 1-46.
Available at: https://ink.library.smu.edu.sg/soa_research/2035
Copyright Owner and License
Publisher
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://www.isca.org.sg/resource-library/sustainability/sustainability-transformation
Included in
Accounting Commons, Asian Studies Commons, Business Law, Public Responsibility, and Ethics Commons, Human Resources Management Commons
Comments
The team that contributed to the report include Kang Wai Geat, Joshua Lim, Lorelle Ang, Ivan Choong, Brian Ho, Fredrik Andersen, and Thong Kian Hou.