Singapore Post (SingPost), in collaboration with the Singapore Business Federation (SBF), Ernst & Young LLP (EY), and OCBC Bank, has introduced a new programme aimed at helping local small- and medium-sized enterprises (SMEs) adopt sustainable practices. The Queen Bee Enabled Sustainability Transition (QUEST) programme was officially launched on 18 October 2024, marked by the signing of a Memorandum of Understanding (MoU) by all partners. This event was held at SingPost Centre and attended by Ms Low Yen Ling, Senior Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, during SBF's Future-Ready Businesses (FRB) Spotlight.
Preparing SMEs for new climate regulations
From 1 January 2025, all listed companies in Singapore will be required to disclose climate-related information. Large non-listed companies will follow suit from 1 January 2027, if they meet the revenue and asset thresholds. These disclosures will have to comply with local standards in line with the International Sustainability Standards Board (ISSB). This presents a challenge for smaller suppliers, as they lack the expertise and resources to accurately report their carbon emissions, which is where the QUEST programme steps in to bridge this gap.
The QUEST programme is designed to equip SMEs with the knowledge and tools needed to meet these growing demands. 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 MoU underscores the critical role of large procurers in enabling our SMEs to be sustainability ready.” He added that the collaboration with SingPost, EY, and OCBC will enable SingPost's suppliers to embed decarbonisation into their strategies, helping to build a more sustainable business ecosystem.
Helping suppliers meet sustainability goals
SingPost, the first logistics provider in Singapore to join the QUEST programme, has updated its procurement criteria to include sustainability requirements. As a recognised leader in sustainability within the logistics industry, SingPost aims to foster a network of environmentally responsible suppliers, opening doors to new opportunities within the green economy.
Through the QUEST programme, SingPost and its partners will engage SME suppliers with expert-led workshops on Environmental, Social, and Governance (ESG) standards. These sessions will help suppliers develop their carbon inventories, covering Scope 1 and Scope 2 emissions, and create actionable decarbonisation strategies. Suppliers will also benefit from networking opportunities with industry peers and leaders, as well as expert guidance on aligning with evolving market demands.
Ms Michelle Lee, SingPost's Chief Sustainability Officer, highlighted the importance of sustainability for SMEs, even though it may not currently be their top priority. She said, “We recognise that SMEs juggle numerous pressing concerns in their daily operations. While sustainability, particularly Scope 1 and 2 reporting, may not currently be a top priority for many, it is rapidly becoming essential.”
EY, which helped design the QUEST programme, will play a critical role in guiding SMEs through the process of measuring and managing their emissions. According to Mr Praveen Tekchandani, Singapore Climate Change and Sustainability Services Leader at EY, the programme aims to provide SMEs with the tools they need to reduce their environmental impact and meet growing regulatory requirements.
Meanwhile, OCBC Bank will offer financial support to help SMEs implement their sustainability plans. The bank has been financing green and sustainability-linked loans for SMEs across Asia and will continue to provide guidance through this programme. Mr Tan Teck Long, Head of Global Wholesale Banking at 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.”
The initial cohort of the QUEST programme will include around 25 of SingPost's SME suppliers, with potential for expansion depending on participant feedback. Supported by Enterprise Singapore, the programme reflects a growing emphasis on sustainability in Singapore's business environment, as both regulators and large companies push for more sustainable supply chains.
