The environmental sector in Canada is growing. In fact, it grew by five per cent in 2020 alone while other industries shrunk due to the effects of the pandemic. But according to the latest Labour Market Outlook Report from ECO Canada, around 2.8 per cent of that current workforce is set to retire every year for the next five years.

With the demand for green solutions from both industry and consumers growing by the day, and much knowledge leaving the sector with those that retire, the environmental workforce is facing a big challenge – but an even bigger opportunity.

According to the report, which was funded by the Government of Canada’s Sectoral Initiatives Program, there will be more than 100,000 job openings in the environmental sector in the next five years. Fresh green talent is now needed in a plethora of environmental fields, from air quality and natural resource management, to environmental policy and legislation. And as the Government of Canada works towards its goal of net zero emissions by 2050, there needs to be even more activity in the development, manufacturing and commercialization of clean technologies.

There are more green jobs that will open up in the future beyond the current environmental roles we see today. As consumers increasingly move towards making greener choices – from reducing plastic use to purchasing EV vehicles – and the energy, transportation, agriculture, and manufacturing sectors expand their adoption of solutions that decrease their current carbon footprint, skilled workers are needed to help make these solutions possible. In its report, ECO Canada forecasts that there will be critical
shortages in filling roles like:

● Utilities equipment operators and controllers
● Physical and life science professionals
● Construction managers
● Electrical and electronics engineers, and other professional engineers
● Landscape architects, urban and land use planners, and land surveyors
● Forestry technologists, technicians and conservation, and fishery officers
● Legislators and senior management
● Technicians, inspectors, and regulatory officers in public and environmental health and occupational health and safety

President and CEO of ECO Canada, Kevin Nilsen, said: “There is a pressing need for current workers to reskill and upskill to make up for the expertise that the retiring workforce is taking with them. In our recent Trends Report, we found that employers are moving from traditional experience-based hiring to a skills-based hiring process – which says a lot.

“We need to be educating and encouraging more young environmental workers to fill the critical gaps that are coming in the labour market. That’s why we want more people to know about our wage funding and training subsidy programs.”

As the steward for Canada’s environmental workforce, ECO Canada provides wage funding programs which help to close the skills gap by providing young talent the opportunity to build skills on the job while subsidizing training costs to support employers. To date, ECO Canada has distributed over $90M in wage and training subsidies and helped to fill 10,000+ job placements.

“We recognize the hesitation employers may feel when hiring young or inexperienced talent, because of the extensive training and capital required,” said Nilsen. “There are so many young, passionate minds across Canada committed to developing green solutions, and with more and more seasoned professionals starting to retire, we knew we needed to help employers and young professionals alike by bridging the gap.”

The wage funding programs delivered by ECO Canada help employers place students or young professionals in a variety of jobs that fall under the umbrella of environmental work – ranging from science, technology, engineering, and math, and even business and digital skills. Additional funding is also available to help grow the participation of underrepresented groups and fill jobs in northern, rural, or remote areas.

Currently, ECO Canada offers the following wage funding and training subsidy programs for employers and young professionals:

● Student Work Placement, for STEAM or business students in co-op positions, funded by Employment and Social Development Canada
● Science & Technology Internship, for post-secondary graduates age 30 or younger in the natural resources sector, funded by Natural Resources Canada
● Science Horizons Youth Internship, for STEM graduates age 30 or younger, funded by Environment and Climate Change Canada
● Digital Skills For Youth, for digitally skilled youth aged 15-30, funded by Innovation, Science and Economic Development Canada

ECO Canada’s wage funding is both helping employers with the capital to further expand their workforce, as well as uplifting young people and enabling them to find meaningful employment in the environmental sector.

But it doesn’t end there. ECO Canada is committed to working with industry, government, and academia to address skill shortages before this young talent starts looking for work. “We must make the right education and training options available to help build a talent pipeline for these roles early on,” said Nilsen.

“With Canada’s strong funding landscape, innovation mindset and highly educated minds out there, there’s no doubt we can build a robust workforce that meets the current and future needs of our environmental sector.”

If your organization provides environmental employment, or you work in an environmental job, you may be eligible for wage funding. For more information, visit the ECO Canada website.

The post Canada’s environmental sector: Why young minds are essential for its growth appeared first on Corporate Knights.

Ivanhoé Cambridge’s investments are shaping the urban fabric in dynamic cities around the world. Ivanhoé Cambridge invests responsibly with a view to generating long-term performance. It is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.

Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60,4 billion in real estate assets as at December 31, 2020, and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers. For more information: ivanhoecambridge.com.

Setting ambitious targets

The World Economic Forum states that buildings now account for close to 40% of global greenhouse gas emissions and that in order to help fight climate change, organizations across the globe are looking at ways to reduce their impact on the environment and at implementing carbon reduction roadmaps. We believe that driving sustainable change requires bold leadership and a steadfast commitment to have a positive impact on the environment.

Moreover, in her 2019 U.N. Climate Action Summit remarks, Greta Thunberg called upon business leaders to challenge the status quo. To make better investment decisions, long-term investors should systematically consider ESG criteria throughout the investment process (strategy, acquisition, development, asset management and disposition). As one of the world’s largest generator of carbon emissions, it is vital that property investors and managers define zero carbon strategies to ensure the resilience and sustainability of their portfolios with four main drivers:

1. Natural disasters such as floods, storms, and wildfires, which are increasingly linked to climate change, will significantly affect real estate.
2. Governments will enact more and more regulations affecting real estate, including energy efficiency standards and carbon taxes.
3. Demand from tenants and users for a low-carbon real estate is growing.
4. Enhancing the resilience of assets will be more profitable in the long term.

There are different scenarios for how much the planet’s average temperature will rise by 2100, with significant amplitudes that depend on the decisions that we make today. If we stick to the current pathway without doing anything, the increase could exceed 5 °C, which would have serious consequences for ecosystems and even worse ones for humanity. For this reason, Ivanhoé Cambridge has made the choice to align with the most ambitious carbon-reduction policies to make the greatest possible contribution to mitigating climate change.

Long-term profitability through sustainable investments

At Ivanhoé Cambridge, we look to improve the efficiency and resilience of our assets toward a net zero carbon portfolio. We invest with conviction to achieve sustainability through investments in high-quality real estate properties, projects and companies. This principle underpins all our decisions and actions. By wisely investing the funds entrusted to our care, we not only contribute to transforming the urban landscape to meet the ever-evolving needs of our communities, but we also enable the transition to a more inclusive, equitable and environmentally sustainable future. Over the long term, we believe that a sustainable real estate investment is a profitable investment.

Our industry has a key role to play in mitigating climate change. We see this as a significant investment opportunity. We believe that capital is needed to fund the transition towards sustainability and that our efforts will contribute to future-proof our assets. As an example, we are first investor in Fifth Wall’s Climate Tech Fund, which aims at funding R&D that is required to decarbonize the real estate industry.

We consider ESG criteria through the full investment life cycle—from investment strategies to new transactions, asset management and disposition—allowing for a tailored approach that reflect the particularities of each of our investment, its sector, the geographical situation, the type of structure and the partners involved.

ESG Criteria Through Full Investment Life Cycle

Contributing to the Economic and Social Vitality of Our Communities

Real estate affects people’s daily lives: studies have found that in North America and Europe, we spend up to 90% of our time in buildings. It goes without saying that real estate investors have a unique opportunity to play a large role in improving people’s quality of life.

More than ever, our spheres of life must be entirely rethought to include the mobility, flexibility and connectivity to which users aspire. We need to rethink the cities of the future and design mixed urban environments where residential, retail, office and logistics spaces are combined and integrated in response to the needs of each community. We need to be even more effective in leveraging technology for everyday efficiency, and, of course, we must make health, safety and well-being central to all our initiatives from their very conception.

When the social aspect is by nature at the heart of priorities, we can favourably impact the quality of life in and around our properties and drive healthy, resilient living environments that will have a positive and lasting impact on communities. This means contributing to society through programmes such as certifications or measures related to health and wellness, affordable housing impact strategies, community investment programs that are reflective of the strategic objectives and values as well as keeping diversity, equity and inclusion top of mind for employees, partners and investments. It can also be achieved through the integration of social factors in investment analysis such as assessing aspects related to health and safety, wellness, accessibility of services and transportation, and tenant and community engagement programs.

COVID-19 Recovery: Adapting, Innovating and Making a Commitment

We believe that the period of transformation brought about by the COVID-19 pandemic is an opportunity to demonstrate our industry’s flair for innovation and ability to reinvent the industry through solutions that reflect societal change and that benefit our communities. With the sweeping social, environmental and technological trends we foresee, the pandemic is speeding up the transformation of the spaces where we live, work and play. Beyond the immediate consequences, it is essential to study the structural and fundamental shifts that are occurring. New trends are emerging and others, already identified, are accelerating. While it is still too early to assess the full impact of the pandemic on the industry, we see it as an opportunity to strengthen our commitment to invest responsibly and to promote business models with sustainable impacts.

At Ivanhoé Cambridge, we are committed to having a positive impact on the environment; and the climate emergency is driving us to do this faster, and to go further. The steps we are taking are also enhancing the resiliency of our assets. We are committed to working toward this goal with diligence and humility, in close collaboration with our tenants, employees and partners around the world.

A Pilot Project That Pioneered Our Net Zero Carbon Ambitions

Édifice Jacques-Parizeau houses the Caisse de dépôt et placement du Québec and Ivanhoé Cambridge. The building offers state-of-the-art energy efficiency and comfort; its materials were chosen to maximize the amount of natural light reaching the interior.

• The double-wall-ventilated curtain wall design optimizes energy use and penetration of natural light to the building interior.
• Cool air is preheated by the thermal energy of exhaust air, and ventilation is via raised plenum flooring.
• Although Édifice Jacques-Parizeau uses mainly natural gas for heat, hot water and humidity control, innovative energy efficiency approaches help minimize its use.
• The building’s residual carbon emissions are offset by purchasing green energy from the Gros Morne wind farm in Gaspé, Quebec.
• The building has achieved both LEED Operations and Maintenance Gold and BOMA BEST Gold certifications, as well as Energy Star certification with a rating of 90. In addition, it was awarded CaGBC Zero Carbon Building Performance Standard certification. With its energy-efficient design, the building was an excellent candidate for Zero Carbon Building (ZCB)
• In 2021, it was also awarded Zero Carbon Building – Performance certification.

Learn more about our commitment to achieving net zero carbon by 2040.

This opinion piece has been shared as part of the  Clean Recovery Breakthrough Series. 

This article is “sponsored content” as defined by Corporate Knights’ content disclosure policy

The post Choices for the future: Setting ambitious targets to drive sustainable changes appeared first on Corporate Knights.

The urgency to address climate change is ever growing. Businesses are under increasing pressure from investors, legislators, customers, and employees to accelerate their strategic vision and map out a plan of tangible actions. The good news is the technology and know-how exist today to help businesses on their journey to a zero-carbon future. Partnering with organizations that have experience with their own sustainability journey can reduce risk and uncertainty for those that are hesitant to adopt digital solutions. Early adopters of technology have learned that the path towards a zero-emission future requires you to set goals, announce your targets, deploy custom efficiency programs and adjust where necessary – it’s a non-linear and collaborative process that takes time, resources and people to get right. And while digital adoption remains one of the biggest barriers to action, Schneider Electric’s VP of Services, Frederick Morency, says there are four megatrends in commercial sectors that are gathering momentum and enabling businesses to begin their own journeys. The trends driving this action are energy flexibility, digitization, the electricity transition and most importantly, engagement and the human dimension. Together these trends are setting the stage for businesses to achieve their zero-emission goals.

Energy flexibility

“The need for action toward a low-carbon future is undeniable and we must act now,” says Morency. Energy flexibility is fundamental for businesses to deal with the growing demand of energy. To lead in the climate crisis means factoring climate risk into business strategy and identifying opportunities to drive change.

For example, with Canadian buildings still accounting for almost 30 per cent of all emissions, building designs must target zero carbon now if Canada is to reach its goals. “We see transactive energy models becoming a reality where buildings with onsite energy generation would be able to sell their energy back to the grid or with other buildings around them,” says Morency. “Microgrids in a building contribute to creating energy flexibility by enabling us to prioritize in a dynamic way energy efficiency and cost savings, resiliency and reduce CO2 emissions.”

Digitization

Connectivity is increasing the speed, capacity, and reliability of data transmission. “Embracing connected technology and reaping the benefits of digital transformation are critical to reliable and energy efficient solutions for our buildings, factories, transport, and even our homes,” says Morency.

With massive amounts of data flowing from IoT devices, businesses and decision-makers are in information overload. For businesses to action this data, they need the tools and technology to analyze it. Investing in agnostic software solutions can create greater efficiency and resilience, reduce unplanned downtime, and preserve investment value for the long-term. For example, some of the most advanced software available on the market right now issues reminders for maintenance updates and can generate QR codes for electrical panels that facilitate communication between the customer and the building owner.

Integrating process and digital energy technologies and software can help businesses enhance safety, reliability and sustainability. Connectivity is what enables data collection and analysis, so by measuring, monitoring and optimizing energy use, businesses can use connected technologies to make the most out of their resources, reduce waste and make smarter decisions.

The electricity transition

The accelerated transition towards renewable energy is placing a renewed focus on the way electricity is produced, stored, and used by businesses. Morency added, “the increased use of electricity for heating and transportation, and the multi-directional flow of information and energy are contributing to the reinvention of the electricity sector.” There is a growing emphasis on a more decentralized system providing a clean, reliable, and resilient supply of electricity through a grid that supports multi-directional flows of energy and information between producers, consumers, and “prosumers” – buildings and households that both take from and contribute electricity to grid.

One place these ideas are being translated to reality is the partnership with the Centre for Grid Innovation at the Northern Alberta Institute of Technology (NAIT) in Edmonton where Schneider Electric’s EcoStruxure Microgrid Operation (EMO) is being installed to extend the Centre’s capability to support Alberta businesses in the testing and implementation of distributed energy resources (DER).

“Distributed energy resources are becoming an increasingly favourable option for consumers and distribution entities, especially as the demand for energy grows in popularity,” says Morency. “NAIT’s Centre for Grid Innovation is an exciting step forward for Alberta’s changing energy landscape, providing small and medium enterprises with the ability to develop, test and optimize their solutions against real-world factors. We’re excited to partner with NAIT to support Alberta’s growing distributed electricity sector.”

Engagement and the human dimension

None of this is possible however without engaged citizens empowered to make bold decisions and hold their businesses accountable. “The pathway to carbon neutrality and net zero emissions is achievable,” according to Morency. He’s quick to point out, however, it is the human dimension that determines success or failure. “We have the greatest success when senior management takes a leadership position and works collaboratively to develop a comprehensive strategy to meet both business objectives and climate commitments, driving both profit and purpose. This is a journey, and we are all on it together.”

The collaboration between Schneider Electric and Maple Leaf Foods exemplifies the results that can be achieved when CEO leadership and Board commitment are aligned with sustainability goals and science-based targets. Science-based targets show companies how much and how quickly they need to reduce their greenhouse gas (GHG) emissions to prevent the worst effects of climate change. As the leading North American producer of meat and plant proteins and the first major food company in the world to be carbon neutral Maple Lead Foods acknowledges the impact of the global food system on the environment and the urgent need for transformative change to reduce global greenhouse gas emissions to zero. “Maple Leaf Foods deep commitment to sustainability leadership is carving the path for others to set bold environmental goals and most importantly – act on them,” said Morency.

With an aggressive target of reducing emissions 50 per cent by 2025, Maple Leaf Foods is well on its way to its ultimate goal of reducing its carbon footprint to zero. Since 2015, the company has reduced over 86 million kilowatt hours of electricity – equal to 12,912 passenger vehicles driven for one year — and over 4.3 million m3 of natural gas, which equals annual energy usage for 1,000 homes. Through its water conservation efforts, Maple Leaf Foods has reduced water usage by over 1.2 billion liters. They are also investing in wind energy, landfill gas methane recovery, composting and biomass programs to reduce methane emissions, and forest protection and re-forestry to conserve species and biodiversity.

The path towards a zero-emission future isn’t just being socially responsible for the short-term, it’s about survival in the long-term,” said Morency. “Canadians rightfully expect business to be at the forefront of these solutions, and we’re here to do exactly that.”

The post Key Megatrends Driving Businesses Towards a Zero Emission Future appeared first on Corporate Knights.

As businesses look to operate more sustainably, there has been a growing movement to draw on the wealth of Indigenous knowledge that’s intimately connected with the natural world.

In Canada’s rapidly evolving environmental sector, Indigenous Peoples can benefit from the increase in environmentally oriented jobs. That’s the objective of ECO Canada’s BEAHR training program, which builds capacity among Indigenous youth and membership to engage in meaningful environmental careers. BEAHR provides customizable environmental training programs for Indigenous communities that braid Traditional Ecological Knowledge (TEK) with Western science.

Progress in the growing environmental sector is not possible without collaboration with Indigenous communities; their vast knowledge is crucial in informing business practices and decision-making throughout Canada. This is especially important for companies that operate in the natural resources sectors, where nearby Indigenous communities can provide a breadth of land knowledge as well as a workforce. As more businesses look to partner with First Nations, Inuit and Métis communities, it’s critical that Indigenous Peoples participate equitably in, and benefit from, the socioeconomic opportunities available.

“For thousands of years, Indigenous Peoples have had a sustainable way of living, understanding that they are an integral component of a healthy functioning ecosystem. They have a depth of knowledge on all issues, from biodiversity to traditional medicine and conservation. By using their knowledge, coupled with Western science, we can bring forward a strengthened approach to environmental practice, for enhanced harmony and sustainable growth,” says Yogendra Chaudhry, vice-president of professional services at ECO Canada.

The BEAHR program, which is partially funded by the Government of Canada, is available to First Nations, Inuit and Métis people across Canada, helps communities develop local environmental champions to pursue green careers. Each program is developed with input from traditional Knowledge Holders and Elders, academic institutions and local industry and can be adapted to local community needs. Training is usually field-based, and students take away a renewed connection with their land, as well as technical skills suited for local environmental jobs or further education.

While current environmental work relies heavily on Western science, Chaudhry says BEAHR takes a different approach. “We try to make sure there is a good balance of Western science and Indigenous knowledge in every program.”

Employers looking to attract Indigenous environmental professionals must recognize that a relationship with Indigenous Peoples needs to be founded in respect for their distinct cultures and history. The BEAHR program, which has a nearly 80% employment rate for its 3,700 graduates, is committed to collaborating with Indigenous Peoples to build long-term, mutually beneficial relationships based on values of honesty and inclusion. BEAHR graduates have been employed by various organizations in utilities, natural resources, engineering, and environmental consulting. Some choose to stay on as technicians or land guardians on their own traditional territories. Many of them have also attended higher forms of education at a post-secondary institution to further pursue a meaningful environmental career.

The program has also evolved with the growing needs of the environmental sector. Prior to COVID-19, all BEAHR programs were delivered in-person. ECO Canada has since shifted to a blended model where parts of the course are virtual-led, without compromising either the quality of the course or the interactions between students. The Tsuut’ina Nation is one of the partner communities where ECO Canada recently delivered a successful 17-week hybrid model program.

“The BEAHR program is a great initiative,” says Samantha Whitney, program coordinator with Tsuut’ina Nation Career & Employment Resource Centre. “The program is important for the youth to learn about the environment, take information they’ve learned, and translate it into working in the environmental sector.”

Whitney notes the importance of including Elders, as a way of bringing Indigenous youth closer to their culture and heritage: “It brings an awareness to the land, and Elders are able to share what they know, because they are shedding light on things that have happened, are happening, or will happen. The program teaches the youth to bring the two [Indigenous Knowledge and Western science] together so they can have a better life for themselves while also helping the country.”

Indigenous Knowledge and Western science have much to offer to the environmental sector. While both knowledge systems bring a unique approach to environmental practice, Indigenous youth trained in both can help guide Canadian companies on the path to operating in harmony with the land.

For more information on ECO Canada and the BEAHR program, visit eco.ca/beahr/ or email beahr@eco.ca.

ECO Canada is the steward for the Canadian environmental workforce. From job creation and wage funding to training and labour-market research, we champion the end-to-end career of an environmental professional. Our aim is to promote and drive responsible, sustainable economic growth within industry while ensuring that environmental care and best practice is a priority. Over the past 30 years, we have forged the academic partnerships, tools and research to not only train and certify environmental job-seekers, but to help fill the labour market.

The post Indigenous knowledge and Western science appeared first on Corporate Knights.

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

The post CDL Integrated Sustainability Report 2021 spotlights its adaptable and resilient ESG strategy appeared first on Corporate Knights.

As governments and corporations the world over join the race to net-zero carbon emissions by 2050, let’s make sure we don’t leave anyone behind.

Research from the Canadian Institute for Climate Choices shows strong linkages between achieving economic growth and meeting environmental and social objectives. This makes it difficult—if not impossible—to have sustained progress in any one of these areas without targeting all three.

The term ‘just transition’ was born in the labour movement in the 90’s. It was initially designed to support workers who lost their jobs due to environmental policies. Over time, ‘just transition’ took on a broader meaning: a transition to environmentally and socially sustainable jobs, sectors and economies in the face of the climate crisis.

In the past few years, support for the just transition has grown beyond its union roots to include international leaders, governments, corporations, and investors. In 2015, the International Labour Organization published guidelines for a just transition, and the Paris Agreement cited a just transition as “imperative.” In 2020, the Climate Action 100+, which brings together over 500 global investors with over US$47 trillion in assets, included the just transition as one of 10 indicators in its Net-Zero Company Benchmark.

This momentum is encouraging, but we still have work to do. The Canada’s Net Zero Future report by the Institute for Climate Choices found that the contribution to energy use in Canada from fossil fuels will either fall dramatically on the path to net zero, or a significant transformation in how we produce and use energy from fossil fuels—both at home and abroad—will have to occur. Oil and gas have historically been a significant source of employment in this country, with over 175,000 Canadians currently employed by the industry. We can’t let this talent fall through the cracks as we transform our energy systems.

The oil and gas sectors are also major drivers of the Canadian economy, contributing $105 billion to our GDP in 2020. The reality today is that this wealth is not shared equally by all Canadians. Women, people of colour, and Indigenous peoples are underemployed in the current energy sector. These same demographics will likely be disproportionately affected by climate change.

The world’s poor (the majority of which are women) suffer the most from extreme weather events. Black and Hispanic Americans are exposed to more air pollution than white Americans. Indigenous peoples the world over are particularly at risk to the consequences of climate change due to their close relationships with natural resources.

The just transition is our chance to ensure the current high quality of life enjoyed by many Canadians is preserved and passed on to future generations. It’s also a chance to open the tent, to set historical inequalities right, and to build a future where everyone benefits.

This is why it’s so important to the GLOBE Series team that our GLOBE Capital virtual conference be a big tent. Only by bringing diverse perspectives together around our most challenging questions can we develop solutions that meet our economic, environmental and social goals. GLOBE Capital will tackle the biggest questions we need to answer to scale the clean economy:

• How will governments and corporations achieve their net-zero-by-2050 targets?
• How can we ensure this once-in-a-lifetime opportunity to press the ‘reset’ button on our investment priorities takes us from economic recovery to community resilience?
• And of course, how can we ensure no one is left behind in the transition to a net-zero future?

To attain real progress on these issues, we need all voices at the table—executives, Indigenous leaders, policymakers, and innovators.

The International Labour Organization describes the just transition as a bridge from where we are today to a future where all jobs are green and decent, poverty is eradicated, and communities are thriving and resilient.

If we work together, we might just be able to make this vision a reality.

The post The just transition: Building a net-zero future where no one’s left behind appeared first on Corporate Knights.