A new QUEST programme launches to help SingPost and 25 small suppliers meet incoming climate reporting rules and go green.
KEY POINTS
IN SIMPLE TERMS
Singapore is introducing new rules that require companies to report how much they pollute, starting next year. A new programme called QUEST is helping small businesses learn how to measure their emissions, cut them down, and meet these new rules so they can keep doing business with bigger companies.
WHY IT MATTERS
WHERE DO YOU STAND?
Should small businesses be given government subsidies to help them meet new climate reporting rules, or should they manage the costs themselves?
👍 👎 Vote ↓Singapore’s logistics sector takes a big step towards sustainability with a new programme to help small businesses go green.
According to SingPost, a new programme called QUEST was launched on 18 October 2024.
QUEST stands for Queen Bee Enabled Sustainability Transition.
The programme will help Singapore Post (SingPost) and its small & med-sized suppliers become more eco-friendly.
SingPost is the first logistics company to join this programme.
About 25 small companies that work with SingPost will take part at first.
Starting 1 January 2025, all listed companies in Singapore must report how they affect the climate.
Big non-listed companies must do this from 1 January 2027.
Many small companies don’t know how to do this yet.
The QUEST programme will teach them how.
| Date | Requirement |
|---|---|
| 1 January 2025 | Listed companies must report climate impact |
| 1 January 2027 | Large non-listed companies must report climate impact |
The Singapore Business Federation (SBF) started this programme.
They are working with Ernst & Young LLP (EY) and OCBC Bank.
These groups signed an agreement at SingPost Centre.
Ms Low Yen Ling, a Senior Minister of State, watched them sign.
The QUEST programme will offer workshops led by experts.
These workshops will teach small companies how to:
SingPost has also changed its rules for choosing suppliers.
Now, suppliers must show they care about the environment too.
Mr Kok Ping Soon, CEO of SBF, said, “SBF is dedicated to adopt a proactive approach to empower SMEs in elevating their sustainability efforts and enhancing their market competitiveness.”
This means SBF wants to help small companies become more eco-friendly and competitive.
Ms Michelle Lee from SingPost said, “Embracing these practices is crucial for SMEs to maintain their long-term viability and competitiveness in an increasingly sustainability conscious business landscape.”
She believes small companies need to go green to stay in business long-term.
OCBC Bank will provide money and advice to help small companies go green.
Mr Tan Teck Long from OCBC said, “We are committed to support SMEs with innovative financial solutions and suitable advisory services that help them drive sustainable development in Singapore and the region.”
This means OCBC will help small companies find ways to pay for green changes.
The bank’s support is similar to how it helps young people learn about money through special accounts.
Some small companies might find it hard to meet new environmental rules.
They may not have the knowledge or money to make big changes quickly.
But going green can also help small companies win more business.
Big companies now want to work with suppliers who care about the environment.
This is part of a bigger trend, like how SingPost is improving its services in other areas too.
Do you think small companies in Singapore are ready to go green?
Should small businesses be given government subsidies to help them meet new climate reporting rules, or should they manage the costs themselves?
Be the first to weigh in.
