Page 276 - India Insurance Report 2023- BIMTECH

264 India Insurance Report - Series II

A successful sustainability strategy needs to be part of a company’s DNA and co-ordinate the pursuit
of all goals, rather than pursue them individually (Danciu, 2013). Several conceptual models have been
developed to map sustainability strategies and supporting functional strategies (e.g., Galpin et al., 2015;
Lloret, 2016; Cavaleri and Shabana, 2018). Sustainable business models have been applied to at least 14
different business areas in 27 subjects (Nosratabadi et al., 2019). Reporting on sustainability, especially
environmental efforts, has become mandatory in several countries and re-search has addressed the impact
of reporting on financing, risk management, and in-forming public policy (Brooks and Schophol,
forthcoming). Besides these normative efforts, research has found that the upfront cost of CSR efforts is
more than offset by their positive effects over intermediate and long-term time horizons (Fatemi et al.,
2015). However, this effect appears to be modest in financial terms (Brooks and Oikonomou, 2018).

Publications have focused on broader political questions or are written from a practitioner’s point of
view. Academic research has been sparse and has generated a stream of case studies of companies intercepting
macro developments towards sustainable development and adapting them to their business realities (Mio
et al., 2020). However, it is difficult to transfer SDG goals from the national scale to the highly variable
context of individual businesses (Sullivan et al., 2018). While it is generally acknowledged that sustainability
is important, it is not yet clear what companies should actually do to pursue these goals (PWC, 2019).
Customer expectations for these efforts are also not yet well-understood. A study of Italian banking
customers places highest expectations on diversity and equal opportunity and on customer privacy. These
expectations do not vary significantly by age and educational level. They do, however, vary by gender,
with women expecting significantly higher engagement in CSR activities than men (Calabrese et al., 2016;
Cohen, 1988). However, customer preferences for sustainable products vary significantly across industries.
In addition, they tend to become weaker the more detailed and immediate the purchase decision (GIM,
2020). Thus, sustainability is considered necessary both to satisfy stakeholder and customer expectations
and as a source of innovation and business development. However, the details on how to pursue these
goals are unclear, and customer expectations to inform these decisions are not well understood.

Singapore is widely recognized as a leader in promoting sustainable development and has made
significant progress in reducing its carbon footprint, promoting renewable energy, reducing waste, and
preserving biodiversity. However, the city-state faces a number of challenges in achieving its sustainability
goals, particularly with regard to the urgent issue of climate change. With rising sea levels, more frequent
and intense heatwaves, and other extreme weather events, Singapore is particularly vulnerable to the
impacts of climate change. To address this challenge, the government has taken a number of steps to
reduce Singapore’s greenhouse gas emissions and adapt to the impacts of climate change under the umbrella
of Singapore’s Green Plan 2030. The introduction of a carbon tax in 2019 is one example which incentivizes
companies to reduce their carbon footprint and invest in cleaner technologies. Singapore has also set
ambitious targets for increasing its use of renewable energy, with a goal of reaching 2 gigawatts of solar
capacity by 2030. Additionally, the government is promoting the adoption of green building standards
and sustainable transport modes, such as cycling and public transport. However, Singapore faces unique
challenges in addressing climate change, particularly with regard to its limited land area and dense urban
environment. The city-state is exploring innovative solutions to address these challenges, such as the use
of green roofs and walls to reduce the urban heat island effect and the development of underground
cooling systems to reduce energy consumption. Despite these challenges, Singapore is well-positioned to
continue in promoting sustainable development and addressing climate change. By adopting a holistic