Singapore mid-sized firms trail global peers in focus on sustainable practices: HSBC report

The HSBC report showed that 54 per cent of respondents from Singapore expect sustainable business practices to improve profitability amid customer demand for more sustainable products.
The HSBC report showed that 54 per cent of respondents from Singapore expect sustainable business practices to improve profitability amid customer demand for more sustainable products.PHOTO: AFP

SINGAPORE - Singapore's mid-sized firms lag behind their global peers in adopting sustainable business policies and practices.

This is according to a HSBC report put out on Monday (Jan 22), which showed that more than half of respondents from Singapore - or 54 per cent - expect sustainable business practices to improve profitability amid customer demand for more sustainable products, trailing the 59 per cent global average.

A quarter of these Singapore firms polled by the bank are prioritising investment to become a more sustainable business, again lagging behind the global average of 27 per cent.

The HSBC report reflected views from more than 1,400 "decision-makers" across 14 economies - made up of at least 100 individuals in each economy, including Singapore. They come from companies that have anywhere between 200 and 2,000 employees, and a turnover of between US$50 million (S$66 million) and US$500 million.