Accelerating Climate Action in the Built Environment, CDL Is Changing the Climate to Change the Future
April 13, 2020 - Key Highlights of ESG Performance in 2019
- Created a robust ESG reporting framework that combines evolving global metrics including GRI, IIRC, SDG, TCFD and SASB real estate sector-specific standards
- Ranked world’s top real estate company and top Singapore company in 2020 Global 100 Most Sustainable Corporations in the World; only company in Southeast Asia and Hong Kong to score double ‘A’s by CDP for A List in corporate climate action and water security
- 38% reduction in carbon emissions intensity from 2007 levels
- More than S$28 million in savings due to energy-efficient initiatives and retrofitting at eight office buildings from 2012 to 2019
- Expanded green financing streams with S$500 million green loans for new developments and S$250 million SDG Innovation Loan, a first-of-its-kind innovation-focused sustainability-linked loan
- Timely inclusion of SDG 3 (Good Health and Well-being) as the global pandemic puts the world at a crisis mode, disrupting businesses, lives and communities
City Developments Limited (CDL) has released its Integrated Sustainability Report (ISR) 2020 titled “Changing the Climate. Changing the Future.”, its thirteenth sustainability report since 2008. The digital report communicates CDL’s progress in 2019 towards its material ESG goals and targets established under the CDL Future Value 2030 sustainability blueprint. This future-fit blueprint drives CDL’s integrated sustainability strategy towards 2030, a milestone year for sustainable development and the global climate agreement.
With the global push for a low-carbon economy, there is great potential for the built environment, which has carbon impact to contribute to a climate-resilient future. CDL’s ISR 2020 highlights its strategy anchored on four pillars – integration, innovation, investment and impact, and its concrete actions in accelerating green building and sustainability efforts to expand outreach and advocacy to its value chain partners. The movement for resilient and sustainable business has never been more important in the coronavirus pandemic that has sent shocks throughout the world.
Accelerating Climate Action towards a Low-Carbon Future
As the first real estate company in Singapore to have its carbon reduction targets validated by the Science Based Targets initiative (SBTi), CDL joined the pioneer batch of 87 companies worldwide to pledge support to the UN Global Compact’s “Business Ambition for 1.5oC” campaign in September 2019. CDL also embarked on its second climate change scenario planning in 2019 where a more stringent 1.5oC warmer scenario was studied, covering the financial impact of physical and transition risks of CDL’s properties in its major markets. It also conducted a supply chain study to identify and assess the environmental and social risks of its top suppliers and building materials.
Creating an Integrated and Effective Sustainability Disclosure Framework
As an early adopter of sustainability reporting since 2008, CDL’s robust and progressive sustainability reporting has evolved into a unique hybrid model that harmonises with the demand for increased corporate ESG disclosures by investors. CDL adopts global frameworks such as GRI standards since 2008, IIRC’s Integrated Reporting approach since 2015, SDG Reporting since 2016, TCFD since 2017, and SASB real estate sector-specific standards in 2019.
Mr Sherman Kwek, CDL Group Chief Executive Officer, said, “The current COVID-19 global pandemic serves as a reminder of things that many of us take for granted – our environment, our health, our safety and our freedom. Many countries have implemented unprecedented restrictions to contain the COVID-19 spread and these disruptions to our businesses, communities, supply chains and daily lifestyles have caused us to rethink and recalibrate our way of life. One ray of light during this timeout is that it offers Mother Nature a much-needed breather from the impact of rapid globalisation, production and excessive consumption. In this coming decade leading up to 2030, there is an even more urgent need for businesses to collectively reduce their carbon footprint and actively accelerate climate action. Every stakeholder shares the responsibility to protect our fragile environment.”
Ms Esther An, CDL Chief Sustainability Officer, said, “Since we integrated sustainability into our business 25 years ago, CDL has continued to push the envelope with green building innovation and climate-focused strategies, integrating ESG within the business to create long-term value for our stakeholders. In the midst of the COVID-19 pandemic and the current climate crisis, CDL will continue to strengthen our ESG strategy and climate resilience, sharpen our competitive edge through innovation, and proactively cultivate a strong, global eco-conscious business mindset in the communities we operate in.”
To ensure accuracy and transparency, CDL’s ISR 2020 is independently assured by Ernst & Young in accordance with International Standard on Assurance Engagements 3000 (Revised) and its greenhouse gas emissions disclosures are externally verified in line with ISO 14064.
The full report is available on www.cdlsustainability.com
For enquiries, please contact sustainability@cdl.com.sg
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