SOURCE: 3BL AlertsDESCRIPTION:
Key Highlights of ESG Performance in 2019
- Created a robust ESG reporting framework that combines evolving global metrics including GRI, IIRC, SDG, TCFD and SASB real estate sector-specific standards
- Ranked world’s top real estate company and top Singapore company in 2020 Global 100 Most Sustainable Corporations in the World; only company in Southeast Asia and Hong Kong to score double ‘A’s by CDP for A List in corporate climate action and water security
- 38% reduction in carbon emissions intensity from 2007 levels
- More than S$28 million in savings due to energy-efficient initiatives and retrofitting at eight office buildings from 2012 to 2019
- Expanded green financing streams with S$500 million green loans for new developments and S$250 million SDG Innovation Loan, a first-of-its-kind innovation-focused sustainability-linked loan
- Timely inclusion of SDG 3 (Good Health and Well-being) as the global pandemic puts the world at a crisis mode, disrupting businesses, lives and communities
City Developments Limited (CDL) has released its Integrated Sustainability Report (ISR) 2020 titled “Changing the Climate. Changing the Future.”, its thirteenth sustainability report since 2008. The digital report communicates CDL’s progress in 2019 towards its material ESG goals and targets established under the CDL Future Value 2030 sustainability blueprint. This future-fit blueprint drives CDL’s integrated sustainability strategy towards 2030, a milestone year for sustainable development and the global climate agreement.
With the global push for a low-carbon economy, there is great potential for the built environment, which has carbon impact to contribute to a climate-resilient future. CDL’s ISR 2020 highlights its strategy anchored on four pillars – integration, innovation, investment and impact, and its concrete actions in accelerating green building and sustainability efforts to expand outreach and advocacy to its value chain partners. The movement for resilient and sustainable business has never been more important in the coronavirus pandemic that has sent shocks throughout the world.
Accelerating Climate Action towards a Low-Carbon Future
As the first real estate company in Singapore to have its carbon reduction targets validated by the Science Based Targets initiative (SBTi), CDL joined the pioneer batch of 87 companies worldwide to pledge support to the UN Global Compact’s “Business Ambition for 1.5oC” campaign in September 2019. CDL also embarked on its second climate change scenario planning in 2019 where a more stringent 1.5oC warmer scenario was studied, covering the financial impact of physical and transition risks of CDL’s properties in its major markets. It also conducted a supply chain study to identify and assess the environmental and social risks of its top suppliers and building materials.
Creating an Integrated and Effective Sustainability Disclosure Framework
As an early adopter of sustainability reporting since 2008, CDL’s robust and progressive sustainability reporting has evolved into a unique hybrid model that harmonises with the demand for increased corporate ESG disclosures by investors. CDL adopts global frameworks such as GRI standards since 2008, IIRC’s Integrated Reporting approach since 2015, SDG Reporting since 2016, TCFD since 2017, and SASB real estate sector-specific standards in 2019.
“2020 marks the beginning of a decade of urgent action towards global sustainable development goals. CDL further aligned its ESG efforts with 14 relevant SDGs out of 17 goals, with an increased focus on SDG 3 (Good Health and Well-being) since 2018. CDL has stepped up on embracing SDG 3 in the way it manages its properties and stakeholder engagement with a view to promote awareness and adoption of healthy and active living. The current COVID-19 global pandemic serves as a fitting reminder of things taken for granted. Indeed, effective ESG integration is fundamental to creating long-term value for our business and stakeholders. In the midst of a global pandemic and climate crisis, CDL is committed to strengthening our ESG strategy and cultivating a strong eco-conscious mindset in the communities we operate”, said Ms Esther An, CDL’s Chief Sustainability Officer and one of the ten 2018 SDG Pioneers conferred by the UN Global Compact.
To ensure accuracy and transparency, CDL’s ISR 2020 is independently assured by Ernst & Young in accordance with International Standard on Assurance Engagements 3000 (Revised) and its greenhouse gas emissions disclosures are externally verified in line with ISO 14064.
The full report is available on www.cdlsustainability.com
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KEYWORDS: ReportAlert, CDL, City Developments Limited, Integrated Sustainability report