58% of Singapore’s corporate leaders shift focus away from sustainability, far exceeding the global average of 23%.

A recent EY survey shows that 58% of CEOs in Singapore have deprioritized sustainability initiatives over the past year, a significant contrast to the global average of 23%. The survey, conducted quarterly, included responses from 1,200 executives worldwide.

Economic and financial challenges were cited by over 40% of Singapore’s CEOs as key reasons for the shift, while 15% pointed to competing boardroom priorities. Only 23% of Singaporean CEOs reported giving higher priority to sustainability now compared to a year ago, far below the global figure of 54%.

Despite this decline, Vikram Chakravarty, ASEAN Strategy and Transactions Leader at EY, urged businesses to maintain focus on sustainability. He highlighted ongoing governmental pressure, such as mandatory climate-related disclosures in corporate sustainability reports, as a driving force to keep sustainability strategies aligned with long-term goals.