Sustainability Accounting & Sustainable Corporate Finance
Teams Alignment
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Teams Alignment

This section aims to equip CFOs and finance departments to support the sustainability strategy through accounting and finance. This section will help you understand the role of finance departments, but also the importance of aligning all teams in a cross-functional collaborative effort.

Engage all your Employees - BASIC
Cost
LOW
Cost
MEDIUM
Cost
HIGH
EFFORT
low
EFFORT
medium
EFFORT
HIGH
IMPACT
low
IMPACT
MEDIUM
IMPACT
HIGH

Embarking on the sustainability journey requires a change of mindset from everyone in the organisation. For any company to adopt a long-term integrated sustainability strategy, a top-down approach would be the preferred starting point. Top management needs to evaluate options, decide what to focus on and develop a strategy.

"Small actions can make a big difference" - Unilever's sustainability slogan. Sustainability in a company is a top-down approach and employees are your internal stakeholders. To drive a sustainable agenda and truly integrate it into the ethos of the organisation, companies can consider the following points:

* Define the purpose:

Clearly articulate the purpose of the sustainability agenda and what you hope to achieve. This will help employees stay focused and aligned on the goals.

* Communicate progress:

Regularly communicate the progress of the sustainability initiatives to the employees and encourage everyone to get involved in these activities.

* Analyse social KPIs:

Regularly assess the progress of your sustainability initiatives and make adjustments where necessary. Consider which KPIs, such as employee retention, productivity, and overall employee engagement, should be tracked alongside sustainability initiatives and their impact on the costs. This will help ensure that your efforts are having the desired impact and that your organisation remains on track for sustainability.

* Incentivise:

Employees are the backbone of any business. Every employee action counts. Celebrate the successes by linking these actions to a reward system within the organisation. This will help keep everyone motivated and engaged in the effort. It will also ensure that the effort is not just a one-off activity, but a continuous improvement over time.Enable and incentivise team leaders to be sustainability champions, establish communication channels within the respective business functions and teams.

* Create a sense of belonging:

Helping employees see the business case for operating in a more sustainable way is not always easy, but it is critical. Create a dual mindset among the employees about 'doing good' and 'doing well' through the company’s long-term purpose, values and transparent communication.

23% higher profitability

for companies with a highly engaged workforce
(Gallup)

14%  higher productivity

for companies with a highly engaged worforce
(Gallup)

Suppliers that provide solutions:
Consultancy and training services on sustainability, strategy, risk and entrepreneurship
SustainableSG

SustainableSG was started in September 2018 to accompany companies, non-profit entities and government agencies to review and implement effective and sustainable corporate strategies. Our services include:

  • Strategy development and planning
  • Assessing climate change-related risks and the impact to your organization
  • Training and enhancing organizational capabilities
  • Sustainability reporting and stakeholder engagement
  • Public education
Sustainability Management Accounting
Tulya

At Tulyā, we are accredited sustainability consultants holding certifications in GRI, SASB and TCFD (now IFRS-ISSB), and ISO 14064 GHG Lead Verifiers, alongside being Singapore Certified Management Consultants. We are dedicated to driving sustainable business development across industries through Sustainable Management Accounting.  

We help MNCs with:

  • Evaluation of impact, risks, & opportunities
  • Re-assessment of materiality topics
  • Alignment with new reporting process requirements
  • Evaluation of value chain partners.

We help SMEs with:

  • Sustainability diagnostics
  • Stakeholder engagement
  • Impact, risk & opportunity assessment
  • Materiality assessment
  • Governance structure & process integration
  • Connecting sustainability accounting with financial accounting
  • Scenario building & target setting
  • Creation of sustainability reports.
Sustainability Consulting Services
Sustainao

Sustainao supports companies in their sustainability journey by building an impactful strategy, embedding sustainable practices across operations, and reporting performance to stakeholders.

Our sustainability consulting services are designed in a continuous improvement process:

  • Strategy: governance, materiality analysis, risks and opportunities, stakeholder engagement, UN SDGs
  • Deployment: action plan, KPIs, targets, data monitoring, training
  • Reporting: data collection and validation, sustainability reporting (GRI Standards), integrated reporting (IIRC)
  • Recognition: ESG rating and indexes (e.g., DJSI, CDP, GRESB, Sustainalytics, VigeoEiris), client's requests (e.g., questionnaires, tenants, EcoVadis)
  • Assessment: gap analysis, benchmarks, mock audits
Social Enterprise supporting businesses and communities
GreenNudge

Green Nudge is a social enterprise that supports businesses and communities to achieve positive environmental impact through activities such as coastal cleanups and workshops, outreach talks and sustainability consulting.

By raising awareness and co-creating call-to-actions with various stakeholders on sustainability efforts, Green Nudge aims to create a normative shift in the way we create and deal with waste to achieve a low carbon, zero waste future for Singapore.

Climate solutions provider
South Pole

South Pole has been at the forefront of decarbonization since 2006, developing and implementing comprehensive strategies that turn climate action into long-term business opportunities for Fortune 500 companies, governments and organizations around the world.

South Pole is more than a consultancy, its team of 1,200+ experts have developed projects, as well as designed innovative tools across finance, climate neutral APIs, and carbon offset solutions to help clients reach their carbon mitigation and Net Zero goals.To date South Pole has worked with over 1,000 clients, and will soon have developed 800 offset projects across 30 offices globally.

Our solutions have created tens of thousands of jobs in developing countries, hundreds of millions of dollars for business, improved brand value and better living and working conditions for countless people in vulnerable communities around the world.

Sustainable change design & implementation consultancy
Humans Matter

Humans Matter is a forward-thinking agency committed to creating positive change through innovative and evidence-based approaches. We help organizations design and implement  sustainable transformations in different arenas: mission and strategy, culture and people, skills and talent management, and innovation leveraging a solid expertise in both business matters and cognitive science.

Powered by 140+ employees with a wide range of expertise (neuroscientists, researchers, designers, consultants, pedagogic engineers, developers, etc.), we accompany your mindset, culture and behavioral transformation in the domains of @work, @health, @learn and @society.

Operates: Worldwide

Play a key role as Finance Department - INTERMEDIATE
Cost
LOW
Cost
MEDIUM
Cost
HIGH
EFFORT
low
EFFORT
medium
EFFORT
HIGH
IMPACT
low
IMPACT
MEDIUM
IMPACT
HIGH

The CFO and the finance function are often ideally placed to take the lead on sustainability accounting because they are numbers-oriented, know the ins and outs of the business, understand how to meet reporting and external requirements, and manage relationships with banks and investors.

By taking an active role in sustainability, they will help organisations adopt more sustainable business practices and advance the sustainability agenda. With some upskilling in sustainability reporting, they will be ready to increase the weight and importance of sustainability information and link it to the P&L in terms of risks and opportunities, cost reduction (carbon emissions, waste management, electricity consumption, etc.), long-term value creation, etc.

There are different roles within the finance function. Depending on the size of your organisation, the roles below may be performed by a limited number of people:

Business analysis / management controlling will use their expertise to measure, analyse and report on the organisation's sustainability performance, helping to ensure that sustainability data is accurate and reliable. As business partners, they provide operational departments with the data and insights to make informed decisions, help monitor risks and capitalise on opportunities.

Accounting is well equipped to integrate sustainability data into financial reporting for accountability purposes. They have a good understanding of business intelligence tools and software migration.

Internal audit relies on in-depth knowledge of business processes and regulatory requirements. They will help identify the economic, social and environmental impacts of the company's activities and assess business risks. They will ensure that processes comply with governance and regulatory requirements, are efficient, known and regularly applied correctly, and that the resulting data is reliable. In smaller organisations, this role may be performed by any function that is not directly involved in collecting or processing the data. Create a checklist of what evidence you will look for to demonstrate that agreed tasks and commitments are being carried out.

Risk management helps organisations identify and manage sustainability-related risks, such as reputational, regulatory and physical risks, by providing advice on how to minimise these risks and prepare for potential challenges.

Professional development and sustainability literacy: In order to provide ongoing and effective support, it is important for finance to stay abreast of sustainability-related issues and trends by participating in continuing education and training opportunities. They also play a key role in promoting sustainability literacy within their organisations and beyond, helping to build a broader understanding of the importance of sustainable business practices.

+ 24%

in profit margins for companies who invest in training
(Huffpost)

50%

of all employees will need reskilling by 2025
(World Economic Forum)

ADDITIONAL RESOURCES

References:

- Article Business Times -  Accountants play crucial role in driving sustainability: Grace Fu

- Blog Tulya - “Accountants will save the world”

- Paper ISCA & SMU - Sustainability: Jobs and Skills For the Accountancy Profession

Examples of trainings and certifications to make your team ready to act in Sustainable Finance and Sustainability Accounting:

- ISCA Sustainability Professional Certification: 55hrs. ISCA Sustainability Assurance Professional Certification: 85hrs. Both ISCA programmes are co-funded by ACRA

- Green Bond trainings made by Climate Bond Initiatives. 1 full day if it is in-person or 7,5hr if it is via Zoom.

- Green and Sustainable Finance 101: 2 days classes at SMU Singapore.

- Sustainable and Green Finance, 1 full day class in person or in zoom.

- Course on sustainability reporting, 2 half days, in person in Singapore.

- Course on Sustainability reporting, 2 full days on zoom or in person.

Keep up to date with standards and regulations:

- responsible investors

Suppliers that provide solutions:
Sustainability Management Accounting
Tulya

At Tulyā, we are accredited sustainability consultants holding certifications in GRI, SASB and TCFD (now IFRS-ISSB), and ISO 14064 GHG Lead Verifiers, alongside being Singapore Certified Management Consultants. We are dedicated to driving sustainable business development across industries through Sustainable Management Accounting.  

We help MNCs with:

  • Evaluation of impact, risks, & opportunities
  • Re-assessment of materiality topics
  • Alignment with new reporting process requirements
  • Evaluation of value chain partners.

We help SMEs with:

  • Sustainability diagnostics
  • Stakeholder engagement
  • Impact, risk & opportunity assessment
  • Materiality assessment
  • Governance structure & process integration
  • Connecting sustainability accounting with financial accounting
  • Scenario building & target setting
  • Creation of sustainability reports.
Sustainability consulting
Tamotsu Institute

ACTIVATE - DESIGN - ACCELERATE. Our expert consulting services and trainings help business leaders understand the complexities of sustainability, consider climate- and nature-related risks and opportunities to make informed decisions and alleviate the administrative burdens of:

  • Risk management and compliance
  • Organizational transformation and project management
  • Stakeholder engagement and reporting

We work directly with SMEs or collaborate with other sustainability consulting companies on specific projects. We are actively involved in networks of sustainability professionals who share knowledge with public and educate other professionals to bring awareness and accelerate the transition in Singapore and worldwide (incl. The Matcha Initiative, Climate Fresk, etc.).

Our unique strength stems from understanding sustainability from the risk management perspective, creating a business case and using financial reasoning to adopt sustainable business practices and decarbonize.

Operates in: Singapore

Sustainability Consulting Services
Sustainao

Sustainao supports companies in their sustainability journey by building an impactful strategy, embedding sustainable practices across operations, and reporting performance to stakeholders.Our sustainability consulting services are designed in a continuous improvement process:

  • Strategy: governance, materiality analysis, risks and opportunities, stakeholder engagement, UN SDGs
  • Deployment: action plan, KPIs, targets, data monitoring, training
  • Reporting: data collection and validation, sustainability reporting (GRI Standards), integrated reporting (IIRC)
  • Recognition: ESG rating and indexes (e.g., DJSI, CDP, GRESB, Sustainalytics, VigeoEiris), client's requests (e.g., questionnaires, tenants, EcoVadis)
  • Assessment: gap analysis, benchmarks, mock audits
Consultancy and training services on sustainability, strategy, risk and entrepreneurship
SustainableSG

SustainableSG was started in September 2018 to accompany companies, non-profit entities and government agencies to review and implement effective and sustainable corporate strategies. Our services include:

  • Strategy development and planningAssessing climate change-related risks and the impact to your organization
  • Training and enhancing organizational capabilities
  • Sustainability reporting and stakeholder engagement
  • Public education
Lead Cross-functional alignment - INTERMEDIATE
Cost
LOW
Cost
MEDIUM
Cost
HIGH
EFFORT
low
EFFORT
medium
EFFORT
HIGH
IMPACT
low
IMPACT
MEDIUM
IMPACT
HIGH

Because sustainability requires systemic change and an entire organisation to change, silos need to be broken down.

Create cross-functional teams:

While finance can enable internal decision-making through capital and resource allocation and monitor the company's financial performance, marketing and communications teams, which are at the heart of enabling the flow of business between internal teams and external stakeholders, can drive stakeholder management and build awareness through narratives.

Working closely with operations, risk management and product development teams will help ensure that the company's sustainability efforts are integrated into all aspects of the business.

Cross-functional alignment will also give teams a good overview of the issues that are material to the business, improve employees' understanding of the company's progress and challenges, and strengthen the narratives to stakeholders.

only 40%

of the bigger companies implement compensation schemes related to sustainability performance for leadership teams
(KPMG)

over 80%

of ESG investors and advisors are establishing dedicated in-house ESG teams
(Acuity)

Suppliers that provide solutions:
Sustainability Consulting Services
Sustainao

Sustainao supports companies in their sustainability journey by building an impactful strategy, embedding sustainable practices across operations, and reporting performance to stakeholders.

Our sustainability consulting services are designed in a continuous improvement process:

  • Strategy: governance, materiality analysis, risks and opportunities, stakeholder engagement, UN SDGs
  • Deployment: action plan, KPIs, targets, data monitoring, training
  • Reporting: data collection and validation, sustainability reporting (GRI Standards), integrated reporting (IIRC)
  • Recognition: ESG rating and indexes (e.g., DJSI, CDP, GRESB, Sustainalytics, VigeoEiris), client's requests (e.g., questionnaires, tenants, EcoVadis)
  • Assessment: gap analysis, benchmarks, mock audits
Consultancy and training services on sustainability, strategy, risk and entrepreneurship
SustainableSG

SustainableSG was started in September 2018 to accompany companies, non-profit entities and government agencies to review and implement effective and sustainable corporate strategies. Our services include:

  • Strategy development and planningAssessing climate change-related risks and the impact to your organization
  • Training and enhancing organizational capabilities
  • Sustainability reporting and stakeholder engagement
  • Public education
Sustainability Management Accounting
Tulya

At Tulyā, we are accredited sustainability consultants holding certifications in GRI, SASB and TCFD (now IFRS-ISSB), and ISO 14064 GHG Lead Verifiers, alongside being Singapore Certified Management Consultants. We are dedicated to driving sustainable business development across industries through Sustainable Management Accounting.  

We help MNCs with:

  • Evaluation of impact, risks, & opportunities
  • Re-assessment of materiality topics
  • Alignment with new reporting process requirements
  • Evaluation of value chain partners.

We help SMEs with:

  • Sustainability diagnostics
  • Stakeholder engagement
  • Impact, risk & opportunity assessment
  • Materiality assessment
  • Governance structure & process integration
  • Connecting sustainability accounting with financial accounting
  • Scenario building & target setting
  • Creation of sustainability reports.
Sustainability consulting
Tamotsu Institute

ACTIVATE - DESIGN - ACCELERATE. Our expert consulting services and trainings help business leaders understand the complexities of sustainability, consider climate- and nature-related risks and opportunities to make informed decisions and alleviate the administrative burdens of:

  • Risk management and compliance
  • Organizational transformation and project management
  • Stakeholder engagement and reporting

We work directly with SMEs or collaborate with other sustainability consulting companies on specific projects. We are actively involved in networks of sustainability professionals who share knowledge with public and educate other professionals to bring awareness and accelerate the transition in Singapore and worldwide (incl. The Matcha Initiative, Climate Fresk, etc.).

Our unique strength stems from understanding sustainability from the risk management perspective, creating a business case and using financial reasoning to adopt sustainable business practices and decarbonize.Operates in: Singapore

Buddies - Experience sharing

The « green journey » may feel overwhelming sometimes, but you are not alone.

Our Buddies have tried, succeeded, failed to implement change in their companies. They share their experience so you can learn, take shortcuts, get inspired and ask questions.

Everybody can become a Buddy and give back to the community; if you are keen, get in touch with us.

Anna Håkansson
Co-founder - Tulya

I enjoy improving processes and creating data-driven insights. My background is in process development and operations as Quality Manager and COO. A few years back, I decided to re-purpose my career and have since then studied different aspects of Sustainable Business Development at the University in Sweden as well as the Sustainability Reporting Standards (GRI, SASB, TCFD and ISSB work in progress).

Now, I am here to help SMEs integrate sustainability into their business strategy and operations, focusing on the impact that environmental and social aspects will have on the organisation's ability to create value. By reducing the scope to the most relevant materiality topics, even SMEs with limited resources have a chance to start their transition to more sustainable practices.

Mun Wei Chan
Founder & Principal Consultant - SustainableSG

Mun Wei is the founder and principal consultant of SustainableSG, which provides advisory and training services in sustainability, strategy, risk and entrepreneurship.

He has worked with corporate, government and non-profit clients on strategy and implementation, reviewing organizational programmes and targets related to the UN Sustainable Development Goals, benchmarking and communicating sustainability and other corporate programmes and achievements, promoting inclusive hiring, developing compliance policies and reports, and formulating innovative business models.

He is also an Adjunct Lecturer at the Singapore University of Social Sciences.

Zuzana Dzurillova
Founder and Director - Tamotsu Institute

Zuzana is experienced risk management consultant, project manager and trainer. She is Director at Tamotsu Institute, a sustainability consulting firm, and Programme Lead for corporate trainings at The Matcha Initiative. She views sustainability from the risk management perspective, making companies aware of the financial risks and opportunities involved.

She has studied Sustainability Leadership at the Imperial College of London and is certified in Sustainability and Climate Risk by the Global Association of Risk Professionals (GARP) and in Recommendations of the Task force for Climate-related Financial Disclosure by the TCFD.

Radhika Chavan
Co-Founder - Tulya

Radhika is the Co-founder of Tulyā, A Sustainability Management Accounting (SMA) Services company. Her work includes measurement and understanding of the impact environmental and social factors will have on the value creation for SMEs. She develops tailored tools and practices that integrate material topics (ESG & Business) with accounting statements line items to demonstrate financial impact of action vs inaction.

She has worked with Lehman Brothers, Barclays and IT services companies before starting her entrepreneurial journey in sustainability.

She is a graduate in Chemical Engineering and has been certified in SASB , PMP, CSM &  Design Thinking-MIT.

Lucile Batut
Sustainable Finance Transformation

Wearing the double hat of finance and sustainability, I support finance departments in their transformation towards sustainability. With a management degree from a top business school in France, I have a multi-faceted experience from complementary positions I have held in business finance: from auditor to consolidation accountant, project manager, management controller and finance director.

In addition to my background in financial business partnering, I am passionate about enabling change in companies, always looking after my teams and colleagues to create the conditions for collective success.

Ivona Balint-Kowalczyk
Sustainability consultant, Founder - Sustainao

With a background in sustainability consulting and audit, Ivona supports businesses in their sustainability journey by building an impactful strategy, embedding sustainable practices across operations, and reporting performance to stakeholders.

She is the founder of Sustainao, a Singapore-based company specialized in sustainability consulting. Previously, Ivona worked as a sustainability auditor at KPMG France. She holds an MBA in CSR & Sustainability and a Master’s degree in Environmental Management.