WongPartnership sets up sustainability practice

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ESG

WongPartnership has launched a sustainability and responsible business practice to be jointly headed by partners Quak Fi Ling and Tiong Teck Wee in Singapore.

The new practice area will focus on three strategic areas – sustainable finance, responsible investment, and responsible business and governance.

The firm’s managing partner in Singapore, Ng Wai King, said that the launch of the new practice came as environmental, social and governance (ESG) issues reached a tipping point worldwide. Global initiatives such as the UN Sustainable Development Goals and the Paris Agreement have taken centre stage in battling the effects of climate change.

“With the growing demand for more sustainable economic growth and development to mitigate the impact of climate change, our clients see an increasing need for advice on ESG issues,” said Ng.

Quak said that businesses have acknowledged that ESG factors have a direct impact on their bottom line, as well as implications on brand reputation. As a result, an increasing number of companies have committed to net zero emissions and carbon-neutral goals.

“Traditionally, sustainability and financial success have been regarded as opposing goals, but today there is a body of evidence that points to the contrary,” said Quak.