Pillar 3 – Corporate Sustainability Strategy

Pillar 3
Corporate Sustainability Strategy

SGFIN’s third pillar focuses on guiding firms toward sustainability strategies that are both economically viable and socially responsible. It develops decision frameworks, assesses supply chain impacts, and builds tools to enhance transparency in corporate and SME sustainability performance, while also analysing consumer behaviour and financial market responses to help firms align with evolving standards and drive meaningful change.

SGFIN research on corporate sustainability strategy delves into how firms embed sustainability considerations into strategy, governance and financial decision-making. It spans environmental and climate-related investments, organisational and managerial incentives, and the strategic implications of sustainability commitments, providing evidence on how corporate actions shape performance, risk management and long-term value creation in a changing economic and regulatory landscape.

Sustainability Integrated Valuation Toolkit for SMEs

Whitepaper

2026

We present a simple toolkit for sustainability reporting and integrated valuation tailored to Small and Medium Enterprises (SMEs) in Singapore. The toolkit utilises the causality models that map the sustainability-related operational activities to the direct effect on company’s financial statements (“financial value”) and externalities generated (“impact value”). By systematising sustainability disclosure and impact assessment, our toolkit supports SMEs in progressing along the sustainability journey. The toolkit differs from some existing sustainability assessment frameworks/methods in three key respects. First, it incorporates an SME-oriented sustainability survey designed to streamline the data collection. Upon submission and verification of sustainability-related operational inputs, participating SMEs receive a simple and standardised sustainability statement. Second, it utilises a comprehensive set of financial proxies from the literature, government websites, well-established industry databases, and industry research to establish evidence-based linkages between operational activities and measurable impacts. Third, the integrated value statement that incorporates both financial values and impact values of the sustainability drivers can provide managerial insights for SMEs to make better decisions in sustainability initiatives.

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Understanding Net Zero Commitments by Singaporean Firms

Whitepaper

David C. Broadstock | Sean Shin | Weina Zhang | Johan Sulaeman

2026

As Singapore advances toward its national goal of net zero emissions by 2050, understanding how listed companies in Singapore are responding is critical for investors, policymakers, and businesses alike. This whitepaper provides a comprehensive, evidence-based assessment of net zero commitments made by Singapore-headquartered listed firms, based on detailed manual screening of annual and sustainability reports.

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Rethinking Value Creation in Building Sustainable and Regenerative Cities

Industry Publication

Zhang, W., Or, F., Zhang, F., & Jefferson. (2025). Rethinking value creation in building sustainable and regenerative cities. Urban Solutions, 27, Centre for Liveable Cities. https://isomer-user-content.by.gov.sg/50/4219c964-8255-4fd4-8ffa-c0c2340285f8/Issue27%20-%20Essay_Cross-System%20Relationships_Weina%20Zhang.pdf

ETS Heterogeneity & Decarbonization Outcomes

Journal Publication

Adbi, A., Agarwal, S., & Natarajan, S. (2025). Global heterogeneity in ETS rollouts and subsequent decarbonization outcomes. Energy Economics, 132, 108921. https://doi.org/10.1016/j.eneco.2025.108921

This study explores how emissions trading schemes (ETSs) worldwide influence decarbonization. It finds that while ETSs can reduce carbon intensity, emissions, and boost renewable energy adoption, their effectiveness varies across countries. Key factors include reliance on natural resource rents, economic development level, and whether ETSs are nationwide or partial. The research shows that higher ETS carbon prices strengthen emissions reductions, underscoring both the potential and limits of ETSs in driving global climate action.

Sustainable Business in Biofuels

Whitepaper

2025

This whitepaper aims to support the efforts towards scaling and commercialising the biofuels in a more financially and environmentally sustainable manner, equipping stakeholders in the biofuel industry with the knowledge on key gaps and opportunities within biofuels’ business models, financing, and policy landscapes.

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Consumption Carbon Footprint: Country Level Data Framework

Whitepaper

Flavia Badarinza | Johannine Enerio | Devansh Joshi | Johan Sulaeman | Sumit Agarwal

2025

This whitepaper presents a country-agnostic algorithm for estimating household and individual carbon footprints based on personal consumption baskets.

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Sustainable Consumption

The research on water and electricity consumption focuses on Singapore policies and households, and examines how environmental risks and relevant public policy, specifically price announcements and subsidies on water and electricity consumption, impact conservation efforts by households. Emphasizing the importance of calibrated information provision, particularly for vulnerable socio-economic groups, the research guides the public and policymakers toward more effective behaviours and strategies for balancing environmental conservation with societal and economic well-being.

Our commitment to a holistic understanding of sustainable consumption extends to the real estate market. The research examining the consequences of environmental punishments on housing prices sheds light on the delicate balance between regulatory measures, public awareness, and property values. These insights contribute to shaping sustainable urban development strategies that consider the nuanced relationships between regulatory interventions and societal responses in the climate change era.

In our latest endeavour, SGFIN is developing the Consumer Carbon Scorecard, with the aim of empowering individual consumers to consume more sustainably with insights into the carbon emissions linked to their consumption of goods and services. By estimating each individual consumer’s carbon footprint and establishing a benchmarking system for their carbon usage relative to their peers, the research aims to enhance carbon literacy among end consumers, raise public awareness on climate actions, and promote sustainable lifestyle choices, thereby advancing long-term sustainability.

Case Studies

Greenpac Singapore: Doing Good in a Sustainable Way

Weina Zhang, Samantha Sue Yen Ho, Lorraine Chian Wey Tan, Mengjing Xu and Chunyu Yang
25 October 2021, IVEY Case No. 9B21N008

Greenpac (Singapore) Private Limited (Greenpac) was a green packaging solution provider, aimed to become a world-class knowledge-based company that offered innovative and environmentally friendly packaging solutions. Greenpac was also a champion of corporate social responsibility (CSR), advocating for environmental sustainability and social issues. The case will allow students to: 1) analyze the environmental and social impact of a leading small and medium enterprise (SME) in Singapore; 2) apply three published sustainability frameworks to evaluate the impact of CSR in an SME; 3) using survey results, analyze the challenges SMEs face when conducting CSR initiatives; and 4) provide a sustainable strategy for an SME for effective CSR initiatives with better employee engagement.

SingTel: Philanthropic or Strategic Corporate Social Responsibility?

Weina Zhang, Ruth S.K. Tan, Shirley Jing Min Lim, Joan Jia Xin Loke, Wei Lim and Su Yuan Liow
18 June 2019, IVEY Case Publishing No. 9B19M053

In 2014, the vice-president of Group Corporate Social Responsibility at Singtel, a Singapore-based provider of telecommunications products and services, was scrutinizing his proposal for the company’s corporate social responsibility (CSR) transformation. He wanted to reposition Singtel’s CSR approach to create greater social impact while demonstrating greater benefit to the company beyond promoting its branding and reputation. Students will be able to acquire skills in formulating a comprehensive and strategic CSR framework that aligns well with both the external market trends and the fundamental values of the organization. These change management skills will prepare students for the diverse challenges of a dynamic work environment that is more demanding in value creation of CSR activities.