STACS Leads Asia's Charge towards a Sustainable Future with Carbon Offsetting Solutions
STACS has partnered with the Singapore Fashion Council to empower businesses in this sector to adopt sustainable practices with ESG credentials and financing through its ESGpedia platform
In this interview with Benjamin Soh, Managing Director at STACS, speaks on the green ambitions with Asia playing a key role in achieving net-zero carbon emissions.
Governments and businesses are embracing sustainable practices through regulations, taxes, and green policies to reduce carbon footprints. Companies like STACS, STACS, a Singapore-headquartered ESG FinTech providing a common, digital registry with ESG data and digital tools for sectors to scale decarbonisation financing, are empowering end-consumers to participate in carbon offsetting.
In 2023, industries such as fashion, real estate, hospitality, and transportation are expected to take further action towards sustainability in their supply chains. STACS is promoting sustainability and cross-border collaboration by working with state-owned power utilities and promoting ESG credentials.
The company is committed to helping businesses take steps towards a more sustainable future.
Companies like STACS are empowering end-consumers to participate in carbon offsetting through the use of fractionalized carbon credits.
"We believe businesses that are better prepared for climate change are more likely to remain profitable over the long term, making them more competitive and improving their reputation with stakeholders and consumers.
"However, in spite of the enforcement of regulations and companies’ best efforts at decarbonisation, residual carbon emissions remain inevitable for some businesses.
"This is why carbon credits will remain an important tool in 2023, offering businesses the opportunity to offset their residual emissions while they continue taking steps towards net-zero," says Benjamin Soh.
The Importance of Carbon Offsetting Solutions
Governments, including those in Malaysia, are introducing carbon pricing, taxes, and other green policies to reduce carbon emissions, putting pressure on businesses to reduce their carbon footprint.
This drive for sustainability is not only good for the planet, but for companies' bottom lines as well, with businesses better prepared for climate change more likely to remain profitable over the long-term.
However, residual carbon emissions are still inevitable for some companies, making carbon credits an important tool to offset these emissions while they work towards net-zero.
In 2023, the fashion and textile industry is expected to take further action on sustainability in its supply chain, with a growing demand for sustainable fashion. STACS has partnered with the Singapore Fashion Council to empower businesses in this sector to adopt sustainable practices with ESG credentials and financing through its ESGpedia platform.
Soh says a notable example of an industry decarbonising has been highlighted by the steady growth in demand for sustainable fashion, with 66 per cent of consumers considering sustainability when purchasing clothes.
"As we look to the year ahead, there is a need for the fashion and textile industry to take more action on sustainability in its end-to-end supply chain. This is what led to our partnership with Singapore Fashion Council, for example, through which we aim to empower businesses in the fashion and textile sector to embark on sustainability journeys with ESG credentials and financing via our ESGpedia platform.
"Fashion will remain a keystone sector in transforming the Asean supply chain to one that is more sustainable and competitive, helping maintain its role as a leader globally," he adds.
Real Estate and Sustainability
Real estate is another sector that will see rapid sustainable development this year, with regulatory push from authorities and increased green financing opportunities.
"Real estate is another sector which will see rapid sustainable development this year, supported by regulatory push from authorities like Building and Construction Authority (BCA). Green financing for real estate is becoming mainstream, with companies facing reduced funding opportunities if they do not go green," he says.
The hospitality industry is also embracing sustainability, with the emergence of conscious travelers and the launch of initiatives like the Hotel Sustainability Roadmap. The transportation sector, too, is looking to transition from brown to green, with the government of Singapore launching the Green Plan 2030 to advance sustainable developments nationwide.
"STACS, as part of an association of countries, is focused on cross-border collaboration with its neighbors to tackle climate change.
"The company has been working with state-owned power utilities, helping them to implement carbon pricing and offset mechanisms to achieve their net-zero targets. Through its work in various industries, STACS is helping to promote sustainability and encourage companies to take steps towards a more sustainable future," he told Business News.