Source: SEC Newgate Global ESG Monitor 2023
Hongkongers have the highest awareness of ESG in the world
- 85% of Hongkongers are aware of ESG, up 15% since last year, and versus only 53% globally.
- Interest in ESG in Hong Kong has jumped to 71%, up by 21% since 2023, and above the global average of 67%.
- Hongkongers are also leading the charge globally in terms of conscious consumerism. ESG issues are influencing their decisions in a wide range of areas, in particular the types of products they buy (71%, compared to 62% globally) and the foods they eat (68% versus 62% globally).
- 79% of respondents in Hong Kong think it is critical for companies to take action on ESG issues.
- In Hong Kong, 71% believe companies should speak out on issues that are important to their employees and customers.
- At the same time, 70% believe companies can be profitable while also performing well on ESG, and there is perceived willingness to pay for better ESG performance from 61% of respondents.
- However, distrust in what corporates claim about their ESG activities is deeply embedded. Around 60% of Hongkongers don't believe companies who say their overall purpose is more important than making a profit.
- Around three in five people in Hong Kong have heard of the term ‘greenwashing’ and a similar proportion think it is a real problem once they see the definition.
Singapore's awareness of the terms ESG and NetZero higher than global average
Of over 1,000 Singaporeans polled:
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75% have heard of the term “ESG” (versus global average of 53%)
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65% have heard of the term “NetZero” (versus global average of 54%)
- 50% have heard of the term “greenwashing” (versus global average of 47%)
- A substantial majority (76%) of Singaporeans emphasised the importance of companies taking action on ESG issues (global average of 77%).
- 70% of Singaporeans felt that companies should express their position on matters important to both their employees and customers (in line with global average of 70%).
- 60% of Singaporeans believe ESG issues are important considerations in their daily consumption of food, products and services, as well as their employment decisions. These figures align closely with the global averages.
- In terms of employment decisions, Singaporeans also expect companies to make good on their commitments to their employees, especially amidst inflation and cost of living pressures.
- But claims made by companies regarding ESG activities are met with distrust and scepticism. Only 41% of Singaporeans actively looked for companies’ disclosures relating to their ESG initiatives and performance.
- When asked about their attitudes towards companies’ ESG claims, close to 60% of Singaporeans expressed distrust and were worried that these claims relating to ESG impact could be misleading.
- 55% of Singaporeans think greenwashing is a problem among Singapore-based companies.
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