THE EFFECT OF STAKEHOLDER PERCEPTION ON CLIMATE ACCOUNTABILITY IN SINGAPORE �S REAL ESTATE INDUSTRY

Abstract

Climate change is not a new problem. It is a persistent one occurring today at unprecedented rates. Singapore heavily emphasises resilience and preparedness—necessary because of geographical, physical, and economic characteristics. Beyond moral responsibility, climate action stems from practicality, critical for Singapore to adapt and thrive amid climate risks. Although real estate is the largest asset class in the world, and largely accountable for GHG contribution, climate action in Singapore’s built industry is still nascent. Resilience requires an integrated approach founded on robust infrastructure and planning, and involvement and engagement of diverse stakeholders. As such, this dissertation aims to investigate reasons behind Singapore’s lack of climate accountability.

Applying stakeholder theory, a qualitative approach of investigation was undertaken. Identified stakeholders were invited to provide quantitative and qualitative responses indicating the presence of different ingredients for bottom-up success in climate action. Findings suggest significant differences across stakeholders. Without alignment of interests and appropriate use of incentives, there lacks foundation for voluntary, cooperative, bottom-up multi-stakeholder climate action. Firstly, understanding of what constitutes climate action differs, giving no clear direction for stakeholders to work towards. Secondly, differing perceived responsibility for, on top of varying desire to engage in, climate action hinders progress. Thirdly, the magnitude of a project versus each stakeholder’s role indicates different levels of control over climate action decisions. Finally, while stakeholders generally favour similar incentives, certain responses allude to development process’s complexity that challenges implementation.

Keywords: Climate Action, Accountability, Sustainability, Stakeholder Theory, Perception