Sustainability in Manufacturing
1 November 2023 @ 5:00 pm - 7:00 pm
We are so lucky to have a vibrant manufacturing sector in Singapore. It accounts for about 20% of GDP and long may that continue.
Yesterday we jointly hosted an event with The Institute of Singapore Chartered Accountants (ISCA) and the Singapore Manufacturing Federation (SMF) to provide some insights on sustainability challenges, opportunities and successes for the sector.
In an insightful panel conversation with Dr. Bicky Bhangu, SICC Board Director and President, South East Asia, Pacific & South Korea, Rolls-Royce, Mr. Clement Teo, Chief Sustainability Officer and Assistant Chief Executive, SMF and Mr. Nigel Lee, Country Manager, Lenovo, moderated by Mr. Koh Wee Kwang, Director, Nexia Singapore PAC; Member of Sustainability and Climate Change Committee, ISCA, we had the opportunity to learn how technology, people and processes influence and drive the green transformation of the manufacturing sector. Key messages included:
- The advent of Artificial Intelligence and generative AI is revolutionary for the manufacturing sector as it is for every sector. Its ability to analyze vast amount of data to generate optimized designs and outcomes can streamline production lines, reduce wastage and increase energy efficiency.
- Leaders must act now and embed sustainability agendas into their daily decision-making structures and operations so environmental considerations become the heart of design, innovation and life cycle planning.
- There is a fine balance between sustainability and profitability and organizational commitment to sustainability targets can help reimagine supply chains and reduce capital cost in the long run.
- A concerted effort from all stakeholders, including each business’s suppliers and vendors is needed to achieve sustainability goals.
- SMEs can tap on the support and grants provided by the Singapore government through Enterprise Singapore (ESG), to help progress their sustainability journeys to stay relevant partners of larger businesses. Equally, those same larger businesses can help their SME partners transform as they form 85% of their scope 3 emissions.
- It is in every business’s interests to collaborate with others. Collaboration is the best way to improve every business’s efficiency as this allows them to share knowledge and expertise to drive innovation. Don’t wait. Start now. If you’re already collaborating, keep going!
Many thanks to our panel of speakers for their time and insights and to our partners The Institute of Singapore Chartered Accountants and the Singapore Manufacturing Federation for collaborating.
Jointly organized with: