Page 9 - Towards A Sustainable Future, Phase 2 2024

HSBC NYAA ITE SMES SUSTAINABILITY INITIATIVES
PHASE 2

EXECUTIVE SUMMARY

Background

The second round of the ‘Towards a Sustainable Future: In Of the fifteen SMEs that took part in an environmental
Support of the Singapore Green Plan 2030’ was initiated in review of their business operations in the first phase of the
2023 and was built upon the success of the initial project project, all SMEs, without exception, have managed to cut
round of 2020-2022, in which a total of fifteen small and their carbon emissions and save business operational costs.
medium-sized enterprises (SMEs) companies participated. Furthermore, the students and staff of ITE gained valuable
For the second round, twenty SMES participated in the knowledge and training, and showed exceptional skill and
project. innovation in achieving a sustainable outcome for each SME.

The project’s fundamental goal is to train and empower The success of the ‘Triple-Win Formula’ depends on the
youth to assist SMEs in enhancing their environmental application of an ‘input-process-output’ model to the
performance, improving the sustainability of their SME, where each aspect of the business is evaluated to
business operations, and cutting carbon emissions. With understand its interaction and potential impact on the
the support of HSBC Singapore to meet these goals, the environment in terms of the raw materials used (inputs); how
Institute of Technical Education (ITE) formed Environmental these raw materials are used to manufacture products and/
Sustainability Initiative (ESI) teams comprising students and or provide services (process), and; how waste is generated
lecturers to work with our SME partners. from the business (atmospheric, water and solid wastes). By
assigning a ‘carbon-tag’ to each of these aspects, it is possible
Prof Jeff Obbard, the NYAA Climate Change Advisor, built to determine the carbon footprint of the SME. By identifying
upon the successful outcome of the first rphase of the and applying innovative solutions to improve operational
project to further develop and refine his ‘Triple Win Formula efficiency and cut carbon emissions, the staff and students at
‘for application in the 2nd phase of the project. The three ITE were able to implement enhancements to the business
wins of the formula are focused on: 1) cutting the carbon to cut consumption (inputs) and waste (outputs) with
emissions of an SME; 2) cutting SME business operational equivalent carbon emission savings. In turn, this approach
costs via improvements in its business operational efficiency; helps the SME to identify and quantify its carbon emissions
and 3) training and empowering students to conduct an within the increasing regulatory framework relating to
environmental review of the SME business operations. sustainability reporting in terms of Scope 1, 2 and 3 carbon
emissions.

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