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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• 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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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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