The Singapore Business Federation (SBF), in collaboration with Singapore Post (SingPost), Ernst & Young LLP (EY), and OCBC Bank, has unveiled the Queen Bee Enabled Sustainability Transition (QUEST) programme aimed at assisting small- and medium-sized enterprises (SMEs) in SingPost’s supply chain on their sustainability journey. The launch, formalized through a Memorandum of Understanding (MoU) signed today, represents a significant step towards enhancing the environmental and social responsibility of local businesses.
The QUEST programme comes at a pivotal moment as all listed companies in Singapore will be required to make climate-related disclosures starting from financial year 2025, with large non-listed companies following in 2027. This mandate highlights the need for robust carbon emissions data, a challenge that many SMEs currently lack the expertise to address. QUEST seeks to bridge this gap, helping SingPost’s suppliers develop their carbon inventories and implement decarbonisation strategies.
Kok Ping Soon, CEO of SBF, emphasized the importance of equipping SMEs for the sustainability transition: “This MoU underscores the critical role of large procurers in enabling our SMEs to be sustainability ready. Together, we can cultivate a resilient and sustainable business ecosystem in Singapore.”
SingPost: Leading the Charge
SingPost is the first logistics provider in Singapore to adopt the QUEST programme. The company has integrated sustainability into its procurement processes, a move aimed at fostering a network of environmentally responsible suppliers. This shift aligns with SingPost’s broader decarbonisation efforts, including the use of electric vehicles and sustainable packaging, and reflects its growing leadership in the logistics sector.
Michelle Lee, Chief Sustainability Officer of SingPost, noted the evolving nature of sustainability reporting: “As major corporations and listed companies begin to focus on Scope 3 reporting, these sustainability standards are evolving into a fundamental business and regulatory requirement.”
Enabling SMEs with Knowledge, Tools, and Financing
EY, a key partner in the initiative, will provide structured training sessions and strategies for SMEs to measure and manage their greenhouse gas emissions. “We are excited to support the QUEST programme and combine our deep sustainability knowledge to support SMEs in their decarbonisation journeys,” said Praveen Tekchandani, Singapore Climate Change and Sustainability Services Leader at EY.
OCBC Bank’s role in the programme is equally crucial, offering sustainable financing options to enable SMEs to invest in necessary technologies and practices. Tan Teck Long, Head of Global Wholesale Banking at OCBC, highlighted the bank’s commitment: “We have financed well over a thousand SMEs in Asia with green and sustainability-linked loans. We are pleased to collaborate on this programme to help SMEs future-proof their businesses.”
The QUEST programme, supported by Enterprise Singapore, will initially include approximately 25 of SingPost’s SME suppliers, with the potential for expansion. As sustainability becomes an increasing focus for businesses across sectors, programmes like QUEST are essential in helping smaller firms meet rising regulatory demands and seize opportunities in the growing green economy.
