Speech by SMS Low Yen Ling at the Launch of the Queen Bee Enabled Sustainability Transition Programme

Mr Kok Ping Soon, Chief Executive Officer, Singapore Business Federation (SBF)

Mr Vincent Phang, Group Chief Executive Officer, Singapore Post (SingPost)

Ms Michelle Lee, Chief Sustainability Officer, SingPost

Mr Liew Nam Soon, ASEAN Regional Managing Partner, Singapore and Brunei Managing Partner, Ernst & Young (EY)

Ms Elaine Lam, Head of Global Corporate Banking, OCBC

Distinguished guests, ladies and gentlemen, 

Introduction

1. Good morning. We are happy to witness the launch the Queen Bee Enabled Sustainability Transition Programme today. 

Importance of sustainability

2. Climate change poses a grave threat to our planet, and communities already feel its effects worldwide. 

3. Adopting sustainable practices improves the state of our planet, unlocks new economic opportunities, and generates new jobs for our workforce. 

4. We all have a part to make the shift to a low-carbon economy as soon as possible.

Government’s role

5. The public sector is taking the lead in advancing sustainability with initiatives like GreenGov.SG. Launched in 2021, GreenGov.SG plays a vital role in supporting the Singapore Green Plan 2030. Since this year, this initiative has gradually introduced more environmental sustainability considerations into the Government’s tender evaluation process.

6. At the same time, the Government and the Singapore Exchange Regulation (SGX RegCo) have mandated climate-related disclosures for all listed companies and large non-listed companies. This is part of the Government’s efforts to help companies strengthen their capabilities in sustainability practices and capabilities. As the shift toward sustainability grows, companies providing these climate-related disclosures may gain access to new markets, customers, and financing opportunities. 

7. To help businesses develop their first sustainability reports, the Government is offering funding support of up to 30 per cent through the Sustainability Reporting Grant for listed companies and large non-listed companies ahead of mandatory reporting requirements.

8. For SMEs, the Government will partner with sustainability service providers and provide funding support of up to 70 per cent through the SME Sustainability Reporting Programme to help them develop their first sustainability reports.

9. Additionally, businesses can benefit from initiatives such as Enterprise Singapore's Enterprise Sustainability Programme (ESP), which provides training workshops, playbooks, grants for sustainability-related projects, and partner programmes to build capabilities.

Enterprises can play an active part 

10. While the Government is committed to supporting businesses as Singapore transitions to a low-carbon economy, we need businesses to play an active role in this shift. Large enterprises, in particular, play asignificant role in leading and driving sustainability efforts. 

11. To that end, SingPost has taken the initiative to implement sustainability measures within its operations, such as reducing its Scope 1 and Scope 2 emissions.

12. We are very heartened by the goals set by the SingPost leadership. The company plans to go beyond its immediate operations, enhance its procurement criteria, and encourage its supply chain partners to join its sustainability journey. 

13. At the same time, SingPost recognises that SMEs find it challenging to make the green transition. It will help them build capabilities, mitigate manpower constraints, and resolve financial challenges.

Launch of QUEST

14. On that note, I am happy to announce that the Singapore Business Federation (SBF), SingPost, EY, and OCBC will launch the pilot Queen Bee Enabled Sustainability Transition or “QUEST” programme for SingPost’s suppliers with the support of Enterprise Singapore. 

15. QUEST is designed to help SingPost’s suppliers take their first steps toward sustainable practices through in-depth training workshops. 

16. These suppliers will start by learning about environmental, social, and governance sustainability indicators. The SMEs will discover how to measure their baseline greenhouse gas emissions and apply key decarbonisation strategies to reduce their carbon footprint. 

17. SingPost’s suppliers can also explore various resources, including government grants and programmes that support enterprises on their sustainability journeys. 

18. After the workshops, the SMEs can tap on expert guidance from SBF’s sustainability advisors, benefit from EY’s digital and technology expertise, and access OCBC’s comprehensive range of financing options to better meet SingPost’s enhanced procurement criteria. This is a wonderful marriage of four partners that will bring together their collective networks, strengths and resources, in a win-win-win-win situation.

19. I hope that SMEs will make the most of the support and resources available through these public-private partnerships.

20. I encourage you to enrol and participate in this QUEST programme to experience its positive benefits firsthand. Join this network of environmentally responsible suppliers and capture new business opportunities for your business.

Conclusion

21. As the business landscape increasingly prioritises sustainability, we will continue to help our SMEs transition smoothly and stay competitive. 

22. On behalf of MTI and Enterprise Singapore, I want to extend our heartiest congratulations to SBF, SingPost, EY, and OCBC on the launch of QUEST. Together, we are charting a more sustainable future forward. Thank you.