City Developments Limited (CDL) has released its 19th Integrated Sustainability Report (ISR) 2026, titled Time for Impact: Future-Proofing Planet, People and Prosperity. The report highlights CDL’s continued progress in decarbonization, enhanced climate disclosures in progressive alignment with IFRS S1 and S2, and expanded efforts to accelerate nature-positive outcomes. It also reflects the group’s sustainability leadership since 1995 and its progress toward achieving its environmental, social and governance (ESG) goals and targets under the CDL Future Value 2030 Sustainability Blueprint.

In 2025, CDL reduced its Scope 1 and 2 operational carbon emissions for assets under direct management and operational control by 29% from 2016 levels. It also achieved a 50% reduction in Scope 3 embodied carbon emissions for new developments completed in 2025, based on project-level assessments, alongside a 59.6% reduction in Scope 3 emissions for its investments. These reductions support the group’s Science Based Targets initiative (SBTi)-validated targets.

“As 2030 draws closer, Singapore continues to push forward with strong ambition and clear direction toward decarbonization and a City in Nature,” says Esther An, CDL’s chief sustainability officer. “At CDL, we remain steadfast in maintaining our momentum and commitment to ESG as a driver of long-term resilience and value creation. In 2025, we strengthened our climate and nature-related disclosures, advanced decarbonization across our operations and value chain, and launched high-impact initiatives such as the CDL EcoTrain and CDL MicroForest to support climate education and regenerate urban biodiversity. These efforts reflect our commitment to sustainability as a long-term business imperative, and we will continue to work with our partners and stakeholders to future-proof our portfolio and contribute to a low-carbon, nature-positive future.”

Strengthening climate disclosures and IFRS Sustainability Disclosure Standards alignment

In 2025, CDL continued its dynamic double materiality assessment, evaluating both impact and financial materiality. The top five issues ranked highest for 2025 are:

• Decarbonization – energy efficiency and adoption of renewables
• Cyber-readiness, security and data privacy
• Green and healthy buildings – product/service quality and responsibility
• Occupational health, safety and well-being
• Governance and business conduct

With the implementation of the IFRS S1 and S2 for STI constituents, CDL has taken further steps toward adopting the global sustainability reporting baseline. The group undertook a rigorous assessment to identify and quantify its top three climate-related risks and opportunities, enhancing transparency and strengthening integration of climate considerations into strategic planning.

In December 2025, CDL completed its fourth climate-change-scenario study with an independent consultant, significantly enhancing the depth and breadth of its analysis. The study expanded its scope and geographical coverage to include Japan and assessed the group’s exposure to physical and transition risks across short-, medium- and long-term horizons from 2030 to 2050.

Amid rapid global biodiversity loss, CDL has intensified its commitment to nature preservation and regeneration, publishing its third Taskforce on Nature-related Financial Disclosures (TNFD) report within the ISR. Key advancements include expanding its asset coverage to 27 hotels and offices in the United Kingdom, a deeper dive into the Singapore and New Zealand portfolios, and the use of new nature-related tools and databases for reporting and analysis.

Since 2017, CDL has secured more than S$11 billion in sustainable finance, leveraging its strong sustainability performance and credibility, validated by global ESG benchmarks such as FTSE4Good, MSCI ESG Ratings (“AAA” since 2010), and the CDP with double A List (“A” ratings for Climate Change (since 2018) and Water Security (since 2019). CDL was also ranked 69th on the 2026 Corporate Knights Global 100 Most Sustainable Corporations in the World, maintaining its position as Singapore’s top real estate management and leasing company.

Accelerating collaboration for a low-carbon and nature-positive future

As Scope 3 emissions become increasingly critical to the net-zero transition, CDL continues to engage and empower its value chain. In October 2025, the first cohort of 42 SMEs graduated from CDL’s SME Supplier Decarbonisation Queen Bee Programme. The initiative was developed with Enterprise Singapore, Global Green Connect and DBS Bank. Participating SME suppliers were equipped with the knowledge and tools to measure and manage their carbon footprints while strengthening supply chain resilience.

CDL also continued to actively engage tenants in its green building initiatives. In 2025, it concluded the City Green Tenant Bonus Programme, a pioneering decarbonization initiative launched in 2024 for tenants at Republic Plaza, its flagship commercial property. Building on its Green Lease framework, the program incentivized tenants to adopt more sustainable practices and reduce energy consumption, supporting efforts to lower Scope 3 emissions.

In 2025, CDL significantly advanced its nature and biodiversity agenda with the launch of three innovative community initiatives at its flagship City Square Mall: the CDL EcoTrain, CDL MicroForest and CDL MicroFarm. These initiatives support CDL’s adoption of the TNFD and underscore the group’s efforts to enhance urban biodiversity, build climate resilience and inspire future eco-champions. In its first year of operation, the zero-energy CDL EcoTrain reached more than 70,000 visitors and more than 1,500 workshop participants.

Designed to mitigate urban heat, enhance climate resilience and boost biodiversity, the CDL MicroForest, located at City Square Mall’s City Green park, is Singapore’s first research-driven tropical microforest in a retail mall. Based on recent first-year findings, temperatures within the CDL MicroForest can be up to 5°C cooler than in surrounding and roadside areas.

These initiatives reflect CDL’s commitment to advancing climate impact and future-proofing its developments and portfolio.

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Issued by City Developments Limited (Co. Regn. No. 196300316Z)

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• Increased alignment with International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, founded on CDL’s harmonized two-pillar reporting framework
• Enhanced double materiality assessment to identify key climate-related sustainability risks and opportunities
• Expanded Taskforce on Nature-Related Financial Disclosures (TNFD) includes major properties in New Zealand and enhanced use of nature-related tools; alignment of nature-related goals with GET strategy
• Secured S$400-million first-of-its-kind TNFD targets-aligned sustainability-linked loan for nature conservation and sustainable development

City Developments Limited (CDL) has released its 18th integrated sustainability report 2025, titled Zero In on Action: Fast-Forwarding Towards Sustainable Ecosystems. Building on last year’s focus on nature and biodiversity, this year’s report underscores CDL’s commitment to advancing sustainable ecosystems and creating value for a resilient, nature-positive future. The report also reflects CDL’s pioneering sustainability leadership since 1995, as well as its progress toward environmental, social and governance (ESG) goals and targets under the CDL Future Value 2030 Sustainability Blueprint.

In line with its Operational Net Zero 2030 target, CDL has reduced its Scope 1 and 2 operational carbon emissions for assets under direct management and operational control by 25% from 2016 levels. It achieved a 38% reduction in Scope 3 embodied carbon in new developments compared with a 2016 baseline. The group recorded a 52.1% reduction in Scope 3 investment intensity, reflecting CDL’s commitment to achieving its Science Based Targets initiative–validated target of a 63% reduction in emissions by 2030. To further advance its climate action strategy, CDL completed an internal carbon pricing pilot study on Republic Plaza, its flagship Grade A office building in Singapore, laying the foundation for future implementations of carbon-pricing mechanisms across its portfolio.

“We are thrilled to announce the launch of CDL’s 18th sustainability report, a testament to our unwavering commitment to sustainability for three decades,” says Esther An, CDL’s chief sustainability officer.  “Guided by our ethos of ‘conserving as we construct,’ CDL has consistently integrated environmental stewardship, social well-being and economic prosperity into our operations. We continue to innovate by ‘cooling by greening’ and collaborate with our ecosystem of partners to step up nature-based solutions and TNFD reporting. This milestone underscores our dedication to creating sustainable spaces that respect nature, advance communities, and ensures a resilient future for all.”

Further alignment with IFRS sustainability disclosure standards with enhanced double materiality assessment

In June 2023, the ISSB issued its inaugural International Financial Reporting Standards (IFRS) S1 and S2, which many jurisdictions, including Singapore, have adopted using a phased approach. Moving toward greater alignment with the ISSB standards, CDL worked with external consultants to enhance its double materiality approach, evaluating both financial and impact materiality in 2024. The group identified several SROs with potential financial implications on its business. CDL will prioritize addressing these SROs, given the urgent impact of climate change on its core businesses.

CDL has built up a unique blended sustainability reporting framework anchored on impact and value pillars. Since 2008, CDL’s framework has incorporated the Global Reporting Initiative (GRI) Standards at its core, adding various frameworks over the years: CDP (2010), Global Real Estate Sustainability Benchmark (GRESB; 2013), Integrated Reporting Framework (2015), SDG Reporting (2016), Task Force on Climate-Related Financial Disclosures (TCFD) Recommendations (2017), SBTi (2018), Sustainability Accounting Standards Board (SASB) Standards and  Climate Disclosure Standards Board (CDSB) Framework (2020), and TNFD Recommendations (2024).

Strengthening commitment to nature and biodiversity conservation

CDL has secured more than S$9 billion in sustainable financing since 2017. In 2024, it obtained a landmark S$400-million sustainability-linked loan from DBS Bank, aimed at supporting nature conservation and sustainable development in Singapore. The first-of-its-kind loan is tied to TNFD-aligned targets, reinforcing CDL’s leadership in sustainable finance and environmental stewardship.

As one of the first Singapore companies to voluntarily adopt the TNFD recommendations. in March 2024, CDL has expanded its TNFD disclosures this year to include its wholly-managed and -owned properties in New Zealand. Additionally, the company has leveraged advanced AI-driven tools for biodiversity and environmental risk assessments, including Xylo Systems, Integrated Biodiversity Assessment Tool (IBAT), ENCORE (Exploring Natural Capital Opportunities, Risks, and Exposure), and the WWF Risk Filter Suite (Water Risk Filter).

CDL continues to advance nature and biodiversity conservation through the launch of two key initiatives in March 2025, the CDL EcoTrain and CDL MicroForest, at City Square Mall, Singapore’s first eco-mall. These initiatives align with CDL’s TNFD adoption and reinforce its commitment to enhancing urban biodiversity and climate resilience while nurturing future eco-champions and promoting sustainable living.

CDL’s ISR 2025 can be found at www.cdlsustainability.com.

For more information, please contact:

Stephanie Chua, manager of sustainability, stephanie.chua@cdl.com.sg

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City Developments Limited (CDL) has released its Integrated Sustainability Report (ISR) 2024, marking its 17th sustainability report since 2008. Themed “Zero in on Nature”, the digital report focuses on CDL’s progress towards achieving its Environmental, Social and Governance (ESG) goals and targets under the CDL Future Value 2030 Sustainability Blueprint. The report aligns with global and local climate and nature goals and the UN Sustainable Development Goals (SDGs), and the blueprint is integral to CDL’s business strategies and operations, helping CDL mitigate ESG risks and capture growth opportunities.

Complementing its pledge towards its first stage of Operational Net Zero by 2030, the Company achieved a 14% reduction in total operational carbon emissions across the Company’s business operations in Singapore for the year under review (January to December 2023) compared to 2022. The Company has met its interim 2023 target and is committed to meeting its Science Based Targets Initiative (SBTi)-validated target of a 63% reduction by 2030. As part of its renewed SBTi-validated greenhouse gas (GHG) reduction targets set in 2021 to align with a 1.5°C warmer scenario, CDL stepped up on integrating and tracking its carbon reduction performance for Scope 1, 2 and 3 emissions.

Mr Sherman Kwek, CDL’s Group Chief Executive Officer, said, “Our sustainability-centric business model is anchored on the four key pillars of Integration, Innovation, Investment, and Impact, which will enable us to achieve various deliverables such as decarbonisation and disclosure. This approach has enabled CDL to strengthen our triple bottom line to create long-term value while working towards our net zero ambitions and building nature-positive cities and solutions. CDL is committed to respecting nature, preserving biodiversity, advancing climate action and enhancing green building performance.”

Commitment to nature and biodiversity preservation through TNFD framework

The Company has built up a unique blended sustainability reporting framework comprising the Global Reporting Initiative (GRI) Standards at its core since 2008, adding CDP since 2010, the Global Real Estate Sustainability Benchmark (GRESB) since 2013, Integrated Reporting Framework since 2015, SDG Reporting since 2016, Task Force on Climate-related Financial Disclosures (TCFD) framework since 2017, SBTi since 2018, and the Sustainability Accounting Standards Board (SASB) Standards and the Climate Disclosure Standards Board (CDSB) Framework since 2020. This year, CDL adopted the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

CDL is one of the pioneering Singapore companies amongst 320 companies worldwide to voluntarily report according to the TNFD Recommendations. CDL aims to assess, disclose and manage nature-related risks and opportunities and provide consistent and comparable reporting to its stakeholders. Adopting the TNFD Recommendations represents a natural progression and expansion of the Company’s sustainability framework since embracing the TCFD Recommendations in 2017. To manage its biodiversity footprint, the Company is using a cloud-based AI platform that supports the measurement and management of biodiversity impact by relying on data-backed information.

Transition towards full compliance with ISSB’s S1 and S2 requirements

In June 2023, ISSB launched the International Financial Reporting Standards (IFRS) S1 and S2 globally. In February 2024, Singapore announced mandatory Climate-Related Disclosures (CRDs) in a phased approach, in line with the recommendations from the Sustainability Reporting Advisory Committee (SRAC). Starting from FY 2025, listed issuers such as CDL will be required to report ISSB-aligned CRDs.

To prepare for the transition to the new standards, CDL worked with an external consultant to perform a comprehensive gap analysis evaluating its sustainability disclosures in ISR 2023, focusing on TCFD and SASB disclosures against the ISSB Standards’ CRDs. The gap analysis revealed that CDL’s disclosures are largely well-aligned with the ISSB Standards. CDL’s ISR 2024 has been expanded, where applicable, with a view to transiting towards full compliance with ISSB Standards by FY 2025.

*Adopted in December 2022 during COP15, this framework supports the achievement of the SDGs and aims to halt and reverse biodiversity loss by 2030. Target 15 focuses on having businesses and financial institutions assess, disclose and reduce biodiversity-related risks and negative impacts

CDL’s ISR 2024 can be found at www.cdlsustainability.com

Follow CDL Sustainability on social media:

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• On track towards achieving its SBTi-validated GHG emissions intensity reduction targets based on a 1.5°C warmer scenario and Operational Net Zero by 2030: Achieved 24% reduction in Scope 1 and 2 carbon emissions intensity; and on track to achieving Scope 3 GHG emissions reduction target of 41% pertaining to purchased goods and services

• Completed 3rd Climate Change Scenario Study according to TCFD Recommendations

City Developments Limited (CDL) has published its Integrated Sustainability Report (ISR) 2023, its sixteenth sustainability report since 2008. Themed “Zero in on Positive Impact”, the digital report communicates CDL’s progress towards its Environmental, Social and Governance (ESG) goals and targets under the CDL Future Value 2030 Sustainability Blueprint. Aligned with global and local climate goals and the UN Sustainable Development Goals (SDGs), the blueprint is integral to the company’s business strategies and operations, allowing it to mitigate and adapt to ESG risks and capture growth opportunities.

Complementing its pledge towards Operational Net Zero by 2030, CDL achieved a 24% reduction in carbon emissions intensity in the year under review (January to December 2022) from base-year 2016. The Company has met its interim 2022 target and is on track to achieving its Science Based Targets Initiative (SBTi)-validated target of a 63% reduction by 2030. As part of its renewed SBTi-validated greenhouse gas (GHG) reduction targets to align with a 1.5°C warmer scenario made in 2021, CDL stepped up on operationalising and tracking its carbon reduction performance for Scope 1, 2 and 3 emissions. CDL achieved a 10% reduction in total operational carbon emissions across all its business operations in Singapore compared to 2021. CDL also achieved a 22% reduction in embodied carbon emissions compared to the conventional equivalents. From 2012 to 2022, CDL reported energy savings of over S$38 million from energy-efficient retrofitting and initiatives across all its commercial buildings.

Mr Sherman Kwek, CDL Group Chief Executive Officer, said, “Our latest Integrated Sustainability Report reaffirms our commitment to accelerate collective action in the global race to zero. Having embraced sustainability in our business for nearly three decades, we have remained steadfast in achieving a triple bottom line so as to generate positive environmental and social impact while achieving sustained growth for our investors. We will continue advancing our climate action and green building performance to tackle the climate emergency, turning ambition to action.”

Harmonised Two-Pillar Reporting Framework Capturing Value and Impact

CDL has built up a unique blended sustainability reporting framework comprising the Global Reporting Initiative (GRI) Standards at its core since 2008, adding CDP since 2010, the Global Real Estate Sustainability Benchmark (GRESB) since 2013, Integrated Reporting Framework since 2015, SDG Reporting since 2016, Task Force on Climate-related Financial Disclosures (TCFD) framework since 2017, SBTi since 2018, Sustainability Accounting Standards Board (SASB) Standards and the Climate Disclosure Standards Board (CDSB) Framework since 2020.

CDL supports the formation of the International Sustainability Standards Board (ISSB), formed by the IFRS Foundation, in providing a unified sustainability reporting baseline framework to fulfil the needs of investors and various stakeholders for credible, consistent and interoperable data. In March 2022, the IFRS Foundation and GRI signed an MOU, committing the two organisations to further harmonise the sustainability reporting landscape using a two-pillar approach at an international level. In ISR 2023, CDL has combined the nine components of its blended reporting framework into two pillars – capturing ‘value’ and ‘impact’. The ISSB standards, slated to be published in 2023, will require additional disclosures for Scope 3 emissions, along with Scope 1 and 2. Since CDL secured its first set of SBTi-validated GHG reduction targets in 2018, aligning with a 2°C warmer scenario, managing Scope 3 emissions has increasingly become a priority in its carbon management strategy. In 2021, CDL raised the bar and renewed its SBTi-validated targets aligned with a 1.5°C emissions reduction target of 58.8% under Scope 3 (category 15) and will extend this to all major subsidiaries.

CDL’s ESG integration and performance have been affirmed by 14 leading global sustainability rankings and indices, including the 2023 Global 100 Most Sustainable Corporations in the World by Corporate Knights, in which CDL ranked the world’s top real estate management and development company as well as maintaining its “AAA” MSCI ESG rating since 2010. CDL was the only real estate company in Southeast Asia and the only Singapore company recognised as a 2022 CDP Supplier Engagement Leader for the third consecutive year, placing CDL amongst the top 8% of companies assessed by CDP for supplier engagement on climate change.

In July 2022, CDL emerged as the top Singapore company for its climate-related reporting practices in the Climate Reporting in ASEAN – State of Corporate Practices report published by GRI and the National University of Singapore’s Centre for Governance and Sustainability. The study recognises CDL’s reporting, management of climate risks and opportunities, and alignment with global sustainability frameworks, including TCFD and other climate-risk approaches. CDL was also the only Singapore real estate company recognised in FT-Nikkei-Statista Asia Pacific Climate Leaders 2022.

CDL started the external assurance of its sustainability report in 2009 and has continued to expand its scope. For its latest ISR 2023, CDL is the first Singapore company verified by Lloyd’s Register Quality Assurance (LRQA) for indirect GHG emissions from products used in construction projects in Singapore according to category 4 of the ISO14064-1:2018 standard, enabling CDL to enhance its Scope 3 emissions management.

CDL’s ISR 2023 can be found at www.cdlsustainability.com

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• One of 44 global signatories to pledge to WorldGBC’s Net Zero Carbon Buildings Commitment covering a whole life carbon emissions approach 
• First Singapore company to externally assure its TCFD framework
• Raised Scope 1 and 2 carbon emissions intensity reduction target to 63% from new baseline year 2016, validated by Science Based Targets initiative 
• Achieved 42% reduction in carbon emissions intensity from 2007 levels in 2021
• Over S$34 million in energy savings from energy-efficient retrofitting and initiatives across all its commercial buildings from 2012 to 2021
• Secured over S$3 billion of sustainable financing since 2017

City Developments Limited (CDL) has published its Integrated Sustainability Report (ISR) 2022, its fifteenth sustainability report since 2008. Themed “Zero in on Future Value”, the digital report communicates CDL’s progress towards its material Environmental, Social and Governance (ESG) goals and targets under the CDL Future Value 2030 Sustainability Blueprint. Aligned with global climate goals, including the UN Sustainable Development Goals (SDGs), the blueprint remains integrated into the company’s business strategies and operations.

Mr Sherman Kwek, CDL Group Chief Executive Officer, said, “Sustainability has become mainstream on political and business agendas, with rising expectations for companies to step up ESG integration into their businesses and set clear decarbonisation pathways. As one of Singapore’s pioneers in real estate and green buildings, we have been proactively aligning our business with global and national goals to mitigate the negative impact of climate change. With CDL’s Future Value 2030 Sustainability Blueprint established in 2017 as the bedrock of our ESG goals and strategies, we have a clear carbon-reduction action plan that positions us well towards our net zero goals. Contributing to a sustainable future and embracing a triple bottom line approach will remain integral to our business.”

Blended Reporting Framework and Robust External Assurance 

Over the years, CDL’s robust sustainability reporting has evolved into a unique blended model using GRI Standards as its core since 2008. Providing comprehensive disclosures ahead of growing and diverse expectations, CDL embraced CDP since 2010, Global Real Estate Sustainability Benchmark (GRESB) since 2013, Value Reporting Foundation (VRF)’s Integrated Reporting Framework since 2015, Sustainable Development Goals (SDG) Reporting since 2016, Task Force on Climate-related Financial Disclosures (TCFD) framework since 2017, Sustainability Accounting Standards Board (SASB) Standards for Real Estate Sector since 2020 and Climate Disclosure Standards Board (CDSB) since 2021.

CDL’s sustainability reports have been externally assured since 2009, and the scope of assurance was expanded to cover SASB and CDSB in ISR 2021. For this year’s ISR report, CDL became the first Singapore company to externally assure its TCFD framework.

Decarbonising and Innovating towards a Net Zero Future 

In 2021, CDL raised its carbon emissions reduction targets and commitments, which includes targets validated by the SBTi, under which CDL will reduce its Scope 1 and 2 Green House Gas (GHG) emissions by 63% per square metre (sqm) leased area by 2030 from a 2016 base year. CDL will also reduce its Scope 3 GHG emissions from purchased goods and services by 41% per sqm Gross Floor Area (GFA) by 2030 from 2016. It will also reduce absolute Scope 3 GHG emissions from investments by 58.8% by 2030 from 2016, including hotels managed by CDL’s wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C).

In February 2021, CDL became the first real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings Commitment. This global pledge to achieve net zero operational carbon by 2030 covers new and existing wholly-owned assets under its direct management and operational control. At COP26 in November 2021, CDL joined 44 companies worldwide to extend its pledge towards a net zero whole life carbon emissions approach. CDL pledged to achieve maximum reduction in embodied carbon and compensate for residual operational and upfront embodied emissions via offsetting for new developments by 2030; and for all buildings to be net zero carbon by 2050.

Leveraging Green Finance to Accelerate Low-Carbon Solutions

Since issuing its first green bond in 2017, CDL has secured more than S$3 billion of sustainable finance, comprising a green bond, various green loans and a sustainability-linked loan. In April 2021, its South Beach Consortium joint venture (JV) secured a five-year green loan totalling S$1.22 billion – one of Singapore’s largest green loans. In August 2021, CDL and its JV partner jointly secured green loans amounting to S$847 million to finance two upcoming developments in Singapore – integrated development Piccadilly Grand and Piccadilly Galleria at Northumberland Road and an Executive Condominium at Tengah Garden Walk.

CDL’s ESG performance is widely recognised by leading global sustainability benchmarks. These include the Global 100 Most Sustainable Corporations in the World by Corporate Knights, where CDL ranked fifth overall and maintained its position as the world’s most sustainable real estate company for the fourth consecutive year. Other notable accolades include maintaining double ‘A’s in the 2021 CDP Global A List for corporate climate action and water security. This makes CDL the only company in Southeast Asia and Hong Kong to score ‘A’ for corporate climate action for four consecutive years and water security for three consecutive years. CDL also maintained an ‘AAA’ leader rating by MSCI ESG Research since 2010.

In November last year, CDL was one of 45 global companies and the only Singapore company to be awarded the inaugural 2021 Terra Carta Seal by His Royal Highness The Prince of Wales, through his Sustainable Markets Initiative. The Seal recognises global companies driving innovation and demonstrating commitment to creating genuinely sustainable markets.

Issued by City Developments Limited (Co. Regn. No. 196300316Z)

CDL’s ISR 2022 can be found at www.cdlsustainability.com

Tracy Yeow

Manager, Sustainability

City Developments Limited

Follow CDL Sustainability on social media:

Instagram: @CDL_sustainability/ instagram.com/cdl_sustainability/

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Key Highlights of ESG Performance in 2020

• Expanded CDL’s unique blended reporting frameworks with supplementary TCFD and SASB disclosures, in addition to GRI, IIRC and CDSB standards and framework
•  Pledged net zero operational carbon by 2030 through the signing of WorldGBC’s Net Zero Carbon Buildings Commitment
• Secured over S$2.5 billion of sustainable financing since 2017
• Achieved 44% reduction in carbon emissions intensity against 2007 levels
• Over S$30 million in energy savings from energy-efficient retrofitting and initiatives across all its commercial buildings from 2012 to 2020

Mr Sherman Kwek, CDL Group Chief Executive Officer, said, “With heightened expectations for healthy green buildings, CDL is in a prime position to leverage our established credentials in ESG integration to effect positive change and resilience. Since publishing Singapore’s first dedicated corporate sustainability report in 2008, we have been steadfast in setting robust goals, tracking and reporting our ESG performance promptly and comprehensively. Believing in the concept of ‘what gets measured, gets managed’, ESG disclosure remains fundamental to CDL’s sustainability strategy to decarbonise our operations towards a low-carbon future, advancing our greater purpose to drive value creation beyond just profit.”

In the year under review (1 January to 31 December 2020), CDL achieved a 44% reduction in carbon emissions intensity from base-year 2007, meeting its interim 2020 target and is on track to achieve its Science Based Targets Initiative (SBTi)-validated target of a 59% reduction by 2030. From 2012 to 2020, CDL reported energy savings of over S$30 million from energy-efficient retrofitting and initiatives across all its commercial buildings*.

Harmonised ESG Reporting Standards and Frameworks

Ms Esther An, CDL Chief Sustainability Officer, said, “As an early adopter of ESG reporting, CDL’s robust sustainability reporting has evolved into a unique model, harmonising various international reporting frameworks. These include the Global Reporting Initiative (GRI) Standards as its core (since 2008); International Integrated Reporting Council’s (IIRC) Integrated Reporting Framework (since 2015); SDG Reporting (since 2016); Task Force on Climate-related Financial Disclosures (TCFD) framework (since 2017) and Sustainability Accounting Standards Board (SASB) (since 2020). We are fully supportive of global harmonisation efforts that are based on collaboration, for the benefit of businesses, investors, stakeholders and the planet.”

In response to the growing demand for climate-related financial disclosures from the investment community, CDL’s ISR 2021 stepped up on the comprehensiveness and the presentation of TCFD and SASB disclosures in a supplementary format for easy reference. The report is also assured against the Climate Disclosure Standards Board (CDSB) framework, complementing CDL’s unique blended reporting framework that addresses the increasing and more diverse demands for corporate ESG disclosures by investors and stakeholders.

Steadfast Commitment to a Low-Carbon Future

In 2021, CDL was the first real estate developer in Singapore and the first major real estate conglomerate in Southeast Asia to sign WorldGBC’s Net Zero Carbon Buildings Commitment. By joining the Commitment, the company has dedicated itself to achieving net zero operational carbon by 2030 for its new and existing wholly-owned assets and developments under its direct operational and management control.

To achieve this, CDL will progressively reduce its carbon emissions, including retrofitting its managed buildings to further enhance energy efficiency and accelerating the transition to renewable energy. Plans are underway to roll out BCA Green Mark Super Low Energy (SLE)-certified buildings in Singapore by 2023.

In line with its decarbonisation goals, CDL is currently reviewing its SBTi-validated carbon emissions intensity reduction targets and will set more ambitious targets in line with a 1.5°C temperature rise scenario.

Enhanced Social, Financial, Organisational and Natural Capitals

To help its Singapore and overseas tenants tide over operating challenges and cash flow constraints caused by the COVID-19 pandemic, CDL provided over S$40 million in property tax rebates and rental relief in 2020. This included passing on the full quantum of property tax rebates from the Singapore government to local tenants. The company also offered more flexibility in rental payments to tenants facing severe cash flow issues.

CDL’s strong ESG track record has helped the company and its joint venture (JV) partners gain access to fast-growing sustainable finance. Since issuing its first green bond in 2017, CDL has secured more than S$1.3 billion of sustainable financing in the form of a green bond, green loans and a sustainability-linked loan as of 31 December 2020. This includes a S$470 million green revolving credit facility obtained in December for the refinancing of Republic Plaza — CDL’s flagship commercial property — and on-lending to other eligible green projects. In April this year, in alignment with CDL’s sustainable finance framework, its JV South Beach Consortium secured a 5-year green loan totalling S$1.22 billion – one of Singapore’s largest green loans, bringing CDL’s total sustainable financing to over S$2.5 billion to date.

The company’s progressiveness in effective ESG integration is widely recognised by prominent global ratings, rankings and indexes. These include the Global 100 Most Sustainable Corporations in the World by Corporate Knights, of which CDL was ranked the world’s top real estate company for two consecutive years in 2020 and 2021. Amongst the distinguished accolades, CDL maintained double ‘A’s in the 2020 CDP Global A List for corporate climate action and water security. This makes CDL the only company in Southeast Asia and Hong Kong to score ‘A’ for corporate climate action for three consecutive years and water security for two consecutive years.

For its efforts in engaging its supplier network effectively to address climate change, CDL was the only real estate company in Southeast Asia and only Singapore company awarded the 2020 CDP Supplier Engagement Leader. This prestigious recognition places the company amongst the top 7% of companies assessed by CDP for supplier engagement on climate change.

To ensure accuracy and transparency, CDL’s ISR 2021 is independently assured by Ernst & Young in accordance with the International Standard on Assurance Engagements 3000 (Revised). 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

Read CDL’s 2022 Integrated Sustainability Report

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