From Policy to Practice: Why Singapore’s New Climate Council Signals a Shift to Execution, Says KPMG’s Cherine Fok

SINGAPORE, April 16, 2026 – Singapore’s push to strengthen business competitiveness in a climate-constrained world is entering a more decisive phase, one that moves beyond awareness and ambition towards execution, measurement, and real economic integration.

At the centre of this shift is the newly launched Council for a Competitive Climate Transition (C3T), a public-private platform led by the National Climate Change Secretariat (NCCS) and the Singapore Business Federation (SBF). Designed to help businesses navigate climate risks while unlocking opportunities, the Council reflects a broader recalibration of how climate transition is approached across the economy.

For Cherine Fok, Partner, ESG Consulting at KPMG, the significance of this development lies not just in the structure of the Council, but in what it represents for the next phase of climate action.

“It is definitely very encouraging,” she said. “It formalises what has always been our way of working, where the public and private sectors come together to shape decisions that consider both macro and micro perspectives.”

A Turning Point: From Climate Awareness to Execution

Over the past few years, businesses in Singapore have made substantial progress in understanding climate risks and opportunities. However, Fok believes the real challenge now lies in scaling these efforts.

“Companies have come a long way in getting up to speed on what climate change means for them,” she noted. “But where they are now stuck is in moving forward at scale, particularly when they lack the expertise to assess climate risks and translate that into business planning.”

This execution gap is precisely where initiatives like C3T are expected to play a critical role.

According to the press release, the Council will focus on developing practical, business-relevant solutions, including climate disclosure, green procurement, and sustainable financing frameworks, while aligning stakeholders across the ecosystem to support implementation of sectoral transition pathways and Singapore’s forthcoming National Adaptation Plan.

Making Policy Actionable for Businesses

For Fok, one of the most important roles of the Council is to ensure that climate policies translate into actionable guidance for businesses. “The gaps can be addressed where policy becomes real and actionable on the ground,” she said, emphasising the need for “useful policies that take into account different perspectives.”

This includes providing clearer visibility on sector-specific transition pathways and timelines, which many companies currently lack.

“Businesses need signals on what to expect over the next 12 to 36 months so they can plan effectively,” she added, noting that confidence in the broader system is essential for enabling companies to focus on growth while managing transition risks.

Climate Risks Becoming Core Business Risks

The urgency of this transition is underscored by the increasing physical and transition risks associated with climate change.

As highlighted in the announcement, businesses that reduce emissions and better understand risks such as extreme weather and rising temperatures will be more resilient in safeguarding their operations, supply chains, and workforce.

Ravi Menon, Singapore’s Ambassador for Climate Action and Senior Adviser at NCCS, emphasised the need for coordinated action across sectors: “Strengthening climate resilience and capturing green growth opportunities will require coordinated and sustained action across the ecosystem.”

Despite increasing awareness, Fok cautioned that many companies still treat climate as a peripheral issue rather than integrating it into core strategy. “The biggest risk is when companies see sustainability or climate risk separately from their core strategy and business planning,” she said.

Instead, climate considerations must be embedded into decision-making processes, similar to any other business driver. “They need to internalise the changing business environment and treat climate as central to strategy, planning and execution,” she added.

SMEs: Agile, but Needing Structure

Small and medium-sized enterprises (SMEs), which form the backbone of Singapore’s economy, present a unique dynamic in the transition. Fok noted that while SMEs are often highly responsive to economic changes, including energy and cost pressures, their sustainability efforts are frequently unstructured.

“They are already reacting to challenges like energy costs, water constraints and heat resilience,” she said. “But they may not frame these actions under sustainability or climate strategy.”

Existing initiatives, including carbon calculators, NetZeroHub.SG, and green financing programmes by banks such as DBS, UOB, OCBC and Maybank, have helped build foundational capabilities. However, scaling these efforts will require more structured frameworks and support.

The emphasis on execution is also reflected in how climate adaptation is being framed within the business landscape.

Kok Ping Soon, CEO of SBF, highlighted that adaptation is no longer optional: “In a climate-impaired future, adaptation will be a baseline requirement for competitiveness, because disruptions from heat and extreme weather will increasingly affect operations, supply reliability, and investment decisions.”

C3T will therefore focus on building stronger climate information infrastructure to help businesses quantify and manage these risks more effectively.

Building a Climate Innovation and Finance Hub

Beyond resilience, Singapore is also positioning itself to capture opportunities in climate innovation, transition finance, and sustainable business models.

Fok pointed to the importance of creating the right ecosystem to support this ambition. “Innovation thrives when there is a vibrant community and where thinking outside the box is encouraged,” she said. “But we also need the right infrastructure and governance to build confidence, so that investments in climate innovation lead to meaningful outcomes.”

This aligns with broader developments in carbon markets, blended finance mechanisms, and cross-border sustainability collaborations.

Benjamin Soh, Founder and Managing Director of ESGpedia, reinforced the business case: “Sustainability delivers measurable, tangible benefits to business competitiveness and profitability.”

The Role of Finance and Ecosystem Collaboration

Financial institutions are expected to play a central role in enabling the transition. Alvin Lee, CEO of Maybank Singapore, noted: “Banks have a critical role to play, beyond financing green projects, by enabling credible transition pathways across the real economy.”

He added that supporting businesses with the right financing solutions, data, and partnerships will be essential to move from intent to action.

Similarly, Frank Phuan of Sustainability Alliance Singapore highlighted the importance of ecosystem collaboration: “The establishment of C3T is a timely step… supporting businesses in translating climate ambition into practical action.”

For Fok, the opportunity is clear, but so is the challenge. “Climate transition is both an opportunity and a risk,” she said. “It depends on the leadership we exercise and whether we can execute in the way we have planned.”

She remains optimistic that Singapore’s coordinated approach, bringing together public and private sectors, can deliver meaningful outcomes not only domestically but across the region.

With 2026 designated as Singapore’s Year of Climate Adaptation, the launch of C3T signals a decisive shift in focus, from awareness to action, from policy to execution.

As Cherine Fok’s insights make clear, the next phase of the climate transition will be defined not by ambition alone, but by the ability of businesses to integrate climate into strategy, quantify risks, mobilise capital, and execute at scale.