SICC | Singapore International Chamber Of Commerce | Raffles Quay – The voice of international business in Singapore
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 14 NOV 2023  |  ISSUE 479

Dear Members and Friends

In the context of still very high COE prices, here’s a piece with a sustainability message by Chamber member EVCo which will resonate with many of you. Drive safely!

Best regards
Victor Mills
Chief Executive

Navigating the Road to a Sustainable Future

Recent high costs and an uncertain economic outlook have put businesses in a conundrum: how can a business prioritize sustainability when the bottom line is under pressure? With the certificate of entitlement (COE) premiums at a record high, is this the right time for businesses to convert to electric vehicles (EVs)?

The answer may be surprising – transitioning to EVs now not only aligns with environmental stewardship, but also makes sound financial sense. Here’s why:

  1. Cost Savings: Energy and maintenance expenses for EVs are substantially lower than their traditional counterparts. Subsidies such as Commercial Vehicle Emissions Scheme (CVES) and Early Turnover Scheme (ETS) further sweeten the deal. In the current high COE environment, switching from owning to leasing immediately unlocks capital investment savings.
  2. Efficiency: Digital tools such as fleet management systems increase the efficiency of EV fleets. Businesses can also right-size their fleets with the use of AI and data analytics.
  3. Future-proofing: By embracing sustainability, businesses mitigate exposure to future regulatory changes and price volatility in fossil fuels.
  4. Reputation: Adoption of EVs enhances a company's reputation, attracting environmentally-conscious customers and top talent.

Decarbonizing mobility amidst economic uncertainties is not just a choice; it's a strategic imperative. By prioritizing sustainability, businesses not only protect their bottom line but also set themselves on a path towards a more ethical and resilient future.

Click here to learn more.


Ad Hoc Announcements Ad Hoc Announcement

The Chamber and its Certification Services Department will be closed as follows in addition to the gazetted public holidays in December 2023:

7 December 2023 (Thursday) from 11.30am to 2.30pm for an annual staff lunch

Please take note of this date and advise all your relevant agents and colleagues to minimize inconvenience to you and to them.

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