• 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

The post CDL first in Southeast Asia to apply two-pillar ESG disclosure framework in its 16th Intergrated Sustainability Report – Zeros in on Positive Impact and Value appeared first on Corporate Knights.

Fast forward to 2022, and Chicago is taking bold steps to update its CAP. Collaborating closely with WSP USA, the city is adopting a new approach that aims to reduce carbon emissions by 62 percent by 2040. Together, Chicago and WSP pioneered a model that centers equity and environmental justice within core climate strategies and introduces measures to help the city adapt to the impacts of a rapidly changing climate.

The vision for the CAP required the important and intricate work of centering equity at its core, which meant honoring the input of frontline community members and arranging technical analysis and solutions around their perspectives. Despite the COVID-19 disruption to in-person community sessions, city staff rapidly arranged alternative approaches for community involvement. WSP helped translate technical information for public consumption during virtual town halls and working group sessions and listened carefully to the insights and priorities of Chicagoans.

The broadly inclusive process was itself a means to spark change. So were many of the equity and environmental justice-focused interventions that resulted, notably:

• Equitable, affordable access to electric vehicles, clean transit and broadband networks
• Electrification of municipal, commercial and industrial fleets to reduce air pollution, with a focus on high-pollution, low-income transportation corridors
• Implementation of nature-based climate solutions to store carbon, restore ecosystems, improve air and water quality, and reduce the heat island effect, which disproportionately impacts communities of color — a related change is the expansion of the air quality monitoring network)
• Waste diversion from landfills and pollution-heavy processing, with a view toward more equitable burden-sharing among Chicago communities
• Residential building retrofits, including options for rental housing, and connecting diverse communities to renewable energy power and storage options
• Workforce development strategies to promote inclusion and diversity and expand the clean energy labor force

Based on that valuable and extensive input, the project team shuffled carbon strategies and adoption thresholds to align science-based emissions reduction levers with initiatives that deliver the most meaningful health and economic inclusion benefits to Chicago’s most vulnerable communities.

By pairing technical expertise with a deep and earnest commitment to community involvement and equitable outcomes, this partnership enabled greater learning, smarter work, and production of a more remarkable plan. WSP contributed well-beyond the role of technical advisor and providing GHG modeling, by lending analytical skills to evaluate climate actions for their contributions to local and equitable co-benefit, developing narrative content and supporting the lauded graphic design of the CAP.

The resulting 2022 Chicago CAP establishes a roadmap to bold action and represents a vanguard of next generation climate action plans anchored in inclusion, collaboration and good use of alternative funding. The plan aims to deliver multiple, meaningful benefits to more than 2.8 million residents — as well as hundreds of businesses and dozens of academic institutions — in 77 distinct communities.

The CAP is built around five key pillars that can fundamentally transform the city’s energy, transit, housing stock, labor market and more. Backed by high-impact strategies and clear action steps, the plan’s pillars and associated GHG reduction contributions are:

1. Increase access to utility savings and renewable energy, prioritizing households (8 percent)
2. Build circular economies to create jobs and reduce waste (3 percent)
3. Deliver a robust zero-emission mobility network that connects communities and improves air quality (6 percent)
4. Drive equitable development of a clean-energy future (45 percent)
5. Strengthen communities and protect health

To achieve these goals, the city will implement wide-ranging strategies that include policy and physical infrastructure to electrify buildings and vehicles; decommission power from fossil fuels; reduce waste and landfilling; make walking, biking or mass transit viable options for all trips; encourage equitable transit-oriented development and enable zero-emission transit and fleets; and facilitate community adaptation to climate impacts.

These strategies advance Chicago’s transformational sustainability journey and have great promise for delivering co-benefits such as greater economic inclusion and reduced costs for the city and its stakeholders, a just transition to renewable energy and more equitable access to critical infrastructure and natural spaces, a reduced pollution burden that can directly improve human health, and enhanced community connectivity and resilience.

Recognizing that low-income communities and communities of color are often the most overburdened by environmental impacts and least equipped to withstand and recover from them, the plan also serves as a deliberate reckoning with the past and is intentionally designed to meaningfully advance equity and inclusion.

The 2022 CAP was jointly developed with guidance from various departments and City-community collaborations to ensure that actions were complementary to existing efforts while also setting new ambitious targets. Building upon the city’s established extreme heat emergency response plans and strategies with actions including planting over 75,000 trees, minimizing hard pavement, and maximizing green space, the plan speaks to the need for neighborhood-level resiliency efforts.

The plan also addresses other increasing climate risks, including frequent heavy downpours that cause flooding, transit disruption and sewage overflows and contamination of local waterways; changing Lake Michigan water levels and temperatures that increase shoreline erosion and property damage; and extreme winter weather that may restrict mobility and impact the availability of energy and lifeline services.

This forward-looking 2022 Climate Action Plan promises to transform the social, natural and built environment in Chicago. It is helping the city evolve to reduce risks, better rebound from the increasingly severe chronic stressors and frequent climate shocks and promote economic and human health for generations to come. The plan is a testament to the power of community-led change, thoughtful collaboration, and cutting-edge technical expertise to deliver transformational results in the fight against climate change. By prioritizing equity and inclusion in the development and implementation of the CAP, Chicago is setting an example for other cities and communities to follow. The path towards a sustainable and just future may not be easy, but with bold leadership and collective action, it is within reach.

The post Transforming Chicago appeared first on Corporate Knights.

Unlike for-profit companies, professional, industry, or trade associations are well-poised to holistically influence the entire sector or profession they represent. Because of their size and with support from their membership, associations can help achieve progress on issues pertinent to a sustainable and just future and benefit not only their members but the broader society.

As many associations are rethinking their role in society and how they can inform, educate, and support their members in ESG/SDG actions, they are looking for helpful tools – from examples and case studies to best practices and more concrete guidance. To help associations embrace their potential and foster their ESG/SDG leadership, CSA Group recently released a special publication, CSA SPE-116:23, Environmental, Social and Governance (ESG) and Sustainable Development Goals (SDGs) for Associations.

Introducing the concept of an ESG/SDG association

The CSA SPE-116 special publication aims to inform, educate, and assist associations and their members in developing and meeting their ESG/SDG objectives. It introduces the concept of an ESG/SDG association as one that “implements measures resulting in continuous improvement of the environmental and social performance of its own operations, the sector or profession it represents, and its members.”

This concept is further outlined in 19 practices, or performance recommendations, that are divided into foundational and advanced. Foundational practices, such as the identification of member ESG/SDG priorities, enabling effective communication by adopting common ESG/SDG terminology and principles, or providing ESG/SDG information and education to members, are basic and transactional. Advanced practices are more complex, strategic, and impactful: embedding ESG/SDGs into an association’s governance, developing ESG/SDG standards and certification programs, or adopting and implementing social purpose approaches to help solve social and environmental issues are just a few examples of such advanced practices.

Associations are on the frontlines of ESG and the UN SDGs. Now is the time for them to lead and act. This guide and rating system can help them start and advance ESG and SDG programs to put their memberships – and society – on a sustainable path.

 

-Coro Strandberg, President, Strandberg Consulting and member of CSA Group’s Sustainability Steering Committee

Helping associations improve their ESG/SDG impacts

CSA SPE-116 serves as a resource helping associations learn about many current best practices they can leverage to support their ESG/SDGs strategies and initiatives. It also highlights the opportunities associations can adopt to influence improvements in their sector’s or profession’s ESG/SDG impacts and create a compelling value proposition for their members.

While these efforts can help transform their industry, they can also bring various benefits to the association itself. Leadership on ESG/SDGs can build the association’s credibility, reputation, and public trust in the sector or profession, giving the whole industry a social license to operate and grow.

Associations can use CSA SPE-116 as guidance and a roadmap for starting, advancing and evaluating their ESG/SDG programs, i.e., programs that address at least one environmental topic and one social topic, such as diversity and inclusion and climate change.

Identifying gaps and opportunities to improve

CSA SPE-116 also introduces a rating methodology that allows associations to self-assess their ESG/SDG programs. Whether associations are just starting a conversation on their ESG/SDG aspirations or already have a strategy and various programs running, they can use the rating method to look at where they currently stand. Rating results can help associations identify gaps and opportunities to improve ESG/SDG programs and benchmark and track progress over time – creating a pathway for their progress on ESG/SDGs.

The rating system has four levels of recognition: bronze, silver, gold, and platinum. To determine their rating, associations assess themselves against the 19 performance requirements. Each performance requirement has several subtasks that, based on a completion level, are given a score between 0-3. To achieve the gold level, the organization should score at least 70% of the total available points, and for the platinum level, at least 85%.

Associations can use their results and performance rating level to foster continuous improvement within their organizations, to develop or refresh their ESG/SDG strategy and work plan, or to develop new programs and initiatives. But it is important to note that the performance rating is a self-assessment. If used in any public claims, this should always be clearly indicated.

A tool that supports associations in their ESG/SDG efforts

This special publication was developed with a small group of experts and practitioners, led by Coro Strandberg, President of Strandberg Consulting and member of CSA Group’s Sustainability Steering Committee, to provide early guidance and tools for associations. Unlike standards, this publication is not a consensus-based, accredited document; however, it has been reviewed by a diverse range of associations, including the International Copper Association, Mining Association of Canada, Anishnawbe Business Professionals Association, Canadian Society of Association Executives, and Canadian Black Chamber of Commerce. Their initial response has been predominantly positive. It highlighted the usefulness of CSA SPE-116 as a guide, helping associations develop their sustainability offerings to members. Feedback from these associations also helped finalize the first edition of CSA SPE-116.

We hope that as more associations begin to implement CSA SPE-116 to build strategies and programs supporting their ESG/SDG efforts, their experiences and feedback will inform a future national standard developed through an accredited, consensus-based process.

We envision a future where associations in Canada and around the world are engaged in helping their members improve their ESG/SDG performance and mobilizing their professions and sectors to become a force for good. This tool can help start or advance the journey. We encourage you to share it with the associations you know.

To learn more about the CSA SPE-116:23 visit the CSA Store.

CSA Group always strives to provide up-to-date and accurate information. However, no representation or warranty, expressed or implied, is made that this information meets your specific needs, and any reliance on this information is at your own risk. Please contact CSA Group for more information about our services.

© 2023 Canadian Standards Association. All Rights Reserved.

The post How can associations assess their ESG/SDG performance? appeared first on Corporate Knights.