{"id":768,"date":"2022-07-12T02:05:00","date_gmt":"2022-07-12T02:05:00","guid":{"rendered":"https:\/\/lgd.com.sg\/personaldevelopment\/?p=768"},"modified":"2022-07-13T16:24:55","modified_gmt":"2022-07-13T16:24:55","slug":"corporate-sustainability-responsibility","status":"publish","type":"post","link":"https:\/\/lgd.com.sg\/personaldevelopment\/corporate-sustainability-responsibility\/","title":{"rendered":"Corporate Sustainability Responsibility (\u201cCSR\u201d)"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Since the Paris Agreement, an international treaty on climate change, came into force on 4 November 20161<\/sup>, there has been increasing pressure for countries to meet the overall goal to limit global warming to below 2 degrees Celsius compared to pre-industrial levels.<\/p>\n

 <\/p>\n

As part of Singapore\u2019s commitment to the Paris Agreement, the country has aimed to reach net zero emissions by 2050.<\/p>\n

 <\/p>\n

The Singapore Government has taken the lead towards sustainable development under the Singapore Green Plan 20302<\/sup>. One of the key initiatives undertaken by the Singapore government is to import around 30% of our electricity from low carbon energy sources by 20353<\/sup>. Since 23 June 2022, Singapore imports up to 100 megawatts of renewable hydropower (renewable energy) from Laos4<\/sup>. With our government taking the lead at the country level, this would spur our private sector\u2019s responses to incorporate sustainability practices into our businesses.<\/p>\n

 <\/p>\n

Globally, companies are facing pressure from their regulators to mitigate climate risks and incorporate sustainable practices into their business strategies.<\/p>\n

 <\/p>\n

Not only that, customers and investors are seeking companies they buy from or invest in, to justify their sustainability efforts. Hence companies need to deal with corporate responsibility in sustainability so as to maintain customer and investor trust in the long run.<\/p>\n

 <\/p>\n

>>> Corporate Sustainability Responsibility<\/em><\/strong> needs to be embedded in the entire value chain<\/em><\/p>\n

 <\/p>\n

But we also recognize that the journey for all businesses to meet global and\/or local standards of the Environmental, Social and Governance (\u201cESG\u201d)<\/strong> pillars is no mean feat, whether as a supplier, manufacturer, distributor \/ retailer or customer. There is currently no one single standard that is mandated for use by everyone. Local standards in different countries also differ or are still in the works.<\/p>\n

 <\/p>\n

What is ESG?<\/strong><\/p>\n

 <\/p>\n

ESG means Environmental, Social and Governance, where specific and measurable criteria are set in the following areas:<\/p>\n