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.
Understanding Net Zero Commitments by Singaporean Firms
David C. Broadstock | Sean Shin | Weina Zhang | Johan Sulaeman
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
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
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
Weina Zhang | Michael Alexander | Feimo Zhang | Fanny Xueqi Or | Jefferson | Jiaxin Zhang
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.
Consumption Carbon Footprint: Country Level Data Framework
Flavia Badarinza | Johannine Enerio | Devansh Joshi | Johan Sulaeman | Sumit Agarwal
This whitepaper presents a country-agnostic algorithm for estimating household and individual carbon footprints based on personal consumption baskets.
Tax Policy & Household Expenditures
Agarwal, S., Ghosh, P., & Zhang, J. (2025). Tax policy transmission and household expenditures. The Review of Economics and Statistics 2025. https://doi.org/10.1162/rest_a_01584
Using a novel scanner data and difference-in-differences strategy, we assess how consumers respond to a large-scale tax reform in India that introduces exogenous variations in tax rate changes at the product level. We show evidence of a strong and persistent spending response to tax rate changes. The response is highly asymmetrical, with consumers responding significantly more strongly to tax rate increases than to decreases. We find empirical support for both intertemporal and cross-product substitution effects: Households (1) shift consumption forward preceding a tax increase and (2) substitute one good for another and alter their relative weight in the consumption basket to avoid paying higher tax. Heterogeneity analysis indicates that consumers with more personal shopping experience exhibit stronger consumption responses. Our findings have empirical implications for the efficacy of tax policy initiatives.
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.
Greenpac Singapore: Doing Good in a Sustainable Way
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?
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.