APCEL and UN Global Compact Network Singapore Launch New Guide: “Putting Words Into (Climate) Action: Ushering In Corporate Transition Plans”

On 26 June 2024, APCEL launched the guide,“Putting Words Into (Climate) Action: Ushering In Corporate Transition Plans” in collaboration with the UN Global Compact Network Singapore (GCNS), at GCNS’ thought leadership session.

Authored by Mr Sean D. Tseng, Adjunct Senior Research Fellow at APCEL, and Ms Carol Yuen, Research Assistant at APCEL, the guide aids companies across various sizes and industries to craft robust transition plans. Companies can then better manage their operations in the context of growing physical and transition risks of climate change, such as droughts and floods, and emerging technology and climate policy shifts.

The concise guide introduces the concept of climate transition plans and provides the rationale for articulating climate strategies, even for small and medium enterprises who face trickle-down effects through the supply chain. The guide also shows the worldwide regulatory trajectory increasingly requiring companies to have climate transition plans, and the ways and resources to overcome any potential challenges.

Crucially and mainly, the guide synthesises six key elements of a climate transition plan, distilled from the multiple, long guidelines that have been published by international private-sector organisations. The six key elements are:

1. Setting a credible and ambitious decarbonisation target;
2. Comprehensive understanding of material climate-related risks;
3. Strategy and implementation;
4. Strong governance structure;
5. Monitoring; and
6. Transparency

During the launch, Ms Carol Yuen presented the various sections of the guide to the audience, majority of whom were representatives of GCNS member companies.

Mr Sean D. Tseng then moderated a discussion with panellists Ms Chan Yen Sen, Senior Manager, Sustainability, from StarHub and Ms Shanice See, Global Sustainability Analyst from Razer, Inc. The discussion covered the key strategies that StarHub and Razer have employed to integrate climate targets into their core business operations, and how they navigated the challenges in implementing climate transition plans.

To access and download the guide, click here or find it through the following link: https://unglobalcompact.sg/resources.