Climate Change Data

Sasseur Real Estate Investment Trust (Sasseur REIT)

Climate Impact & Sustainability Data (2020, 2021, 2022, 2023)

Reporting Period: 2020

Environmental Metrics

Total Energy Consumption:174,770,748 MJ
Water Consumption:291.7 ML

ESG Focus Areas

  • Governance
  • Environment
  • Social

Environmental Achievements

  • Reduced energy intensity by 16.4% from 2019 to 105.8 kWh/m2
  • Reduced water intensity by 17.2% from 2019 to 0.64 m3/m2

Social Achievements

  • Launched a 3-Tier Leadership Development Programme
  • Maintained 100% employee performance and career development reviews
  • Increased average training hours per employee to 4.10 hours
  • Various community development initiatives in Bishan, Chongqing, Kunming, and Hefei

Governance Achievements

  • Zero instances of bribery, corruption, and fraud reported
  • Zero cases of fines and non-monetary sanctions for non-compliance
  • Strengthened Annual Report disclosures, improving ranking in the Singapore Governance and Transparency Index

Climate Goals & Targets

Environmental Challenges

  • COVID-19 pandemic impacting retail sector and operations
Mitigation Strategies
  • Implemented Business Continuity Plans (BCPs)
  • Prioritized health and safety measures for employees and customers
  • Developed business recovery plans and long-term strategies
  • Adapted to new normal of doing business, including online sales and flexible working arrangements

Supply Chain Management

Responsible Procurement
  • Compliance with local government and legal requirements for contractors and service providers

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI Standards: Core option

Awards & Recognition

  • 2019 Outlets Leader Summit: Innovative Marketing Award (Chongqing Outlets)
  • 2020 Most Influential Commercial Project Award (Chongqing Outlets)
  • 2020 Trusted Consumer Brand Award (Bishan Outlets)
  • 2019 Influential Commercial Project Award (Kunming Outlets)

Reporting Period: 2021

Environmental Metrics

Total Energy Consumption:206,722 GJ
Water Consumption:613.14 ML

ESG Focus Areas

  • Governance
  • Environment
  • Social

Environmental Achievements

  • Implemented energy-saving measures across four outlets, including temperature control adjustments, optimized cooling tower operations, and the use of frequency converters on water pumps. However, total energy consumption increased by 18.28% compared to 2020 due to asset enhancement initiatives and the rebound from COVID-19 related closures in 2020.
  • Implemented water-saving measures across four outlets, including daily monitoring, valve checks, and the use of river water for landscape irrigation in Kunming. However, total water withdrawal increased by 110.2% compared to 2020 due to asset enhancement initiatives and the rebound from COVID-19 related closures in 2020.

Social Achievements

  • Achieved 60% new employee hire rate.
  • Conducted performance reviews for all employees.
  • Launched a breast cancer donation campaign.
  • Participated in the SGX Bull Charge Virtual Charity Run.

Governance Achievements

  • Zero instances of bribery, corruption, and fraud reported.
  • Zero cases of fines and non-monetary sanctions for non-compliance.
  • Strengthened cyber security capabilities.

Climate Goals & Targets

Long-term Goals:
  • Achieve carbon neutrality by 2050

Environmental Challenges

  • COVID-19 pandemic affecting the recovery of the retail real estate sector.
  • Increased energy and water consumption due to asset enhancement initiatives and rebound from COVID-19 closures.
Mitigation Strategies
  • Collaborated with stakeholders, reinvented ways of working, ensured safety of everyone.
  • Worked closely with brand partners and local authorities to drive sales and support economic recovery.
  • Implemented energy and water conservation measures.

Supply Chain Management

Responsible Procurement
  • Compliance with local government and legal requirements for contractors and service providers.

Climate-Related Risks & Opportunities

Physical Risks
  • Tropical cyclones, flooding, sea level rise
Transition Risks
  • Market risk (increased cost of lower carbon materials), reputational risk, policy & legal risks (stricter carbon legislations, changes in laws and regulations)
Opportunities
  • Investment in flood prevention infrastructure, investments to future-proof buildings, effective communication of sustainability commitments, investments in new buildings and retrofitting existing buildings

Reporting Standards

Frameworks Used: GRI Standards: Core option

Awards & Recognition

  • Runner-up in Singapore Corporate Governance Award (REITs & Business Trusts)
  • Corporate Excellence and Resilience Award
  • Best Governed and Transparent Company (Gold)
  • Best Corporate Communications & Investor Relations (Gold)
  • Certificate for Excellence in Investor Relations

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:14,295.39 t CO2e (Scope 1 and 2) and 17,636.34 t CO2e (Scope 3 – tenant emissions only)
Scope 1 Emissions:1,380.60 t CO2e
Scope 2 Emissions:12,914.79 t CO2e
Scope 3 Emissions:17,636.34 t CO2e
Total Energy Consumption:204,609 GJ
Water Consumption:405,462 m3
Waste Generated:40,460 tonnes (recyclable) and 9,612 tonnes (non-recyclable)

ESG Focus Areas

  • Climate Change
  • Environmental Footprint
  • Tenant Management
  • Health and Safety
  • Talent Retention and Training
  • Regulatory Compliance

Environmental Achievements

  • 26.15% reduction in Scope 1 and 2 emissions from FY2021
  • Installation of 27 EV chargers at Sasseur (Hefei) Outlets
  • Approximately 23,841 sqm of green landscapes across Outlets promoting carbon sequestration

Social Achievements

  • Zero incidents of fatalities, high-consequence injuries, recordable injuries and recordable work-related ill health cases for both REIT Manager and Entrusted Manager
  • Continued fair employment practices at REIT Manager and Entrusted Manager
  • Completion of the “Sasseur Encyclopedia” e-learning system by Entrusted Manager
  • Implementation of a new performance review framework by Entrusted Manager

Governance Achievements

  • Establishment of a Board-level Sustainability Committee in July 2022
  • Zero socioeconomic and environmental non-compliance incidents
  • Zero instances of bribery, corruption, and fraud
  • Zero instances of counterfeit reports
  • Zero substantiated complaints received concerning breaches of customer privacy and zero incidents of identified leaks, thefts, or losses of customer data

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Enhance climate scenario analysis to include quantification of the financial impacts
  • Develop ESG and climate management framework
  • Establish policies and procedures for managing climate-related risks
  • Develop climate strategy to address the climate-related risks and opportunities assessed
  • Identify relevant metrics to measure and monitor performance associated with the management of climate-related risks and opportunities
  • Set targets for the climate strategy and measure progress against the committed targets
  • Integrate climate-related risks into enterprise risk management process
  • Incorporate climate-related performance metrics into the Board and senior management’s remuneration structure
  • Develop specific guidance and policies for investing in high-risk segments
  • Co-develop climate transition plans with tenants
Short-term Goals:
  • Reduce total energy consumption or energy intensity by 1% from FY2022
  • Reduce water intensity by 1% from FY2022
  • Assess emission hotspots to determine expansion of Scope 3 organisational boundary

Environmental Challenges

  • COVID-19 related volatilities in China and macroeconomic challenges
  • Increase in water withdrawal and water intensity due to water leakages at three Outlets
  • Target to reduce energy consumption and energy intensity by 1% in FY2022 not met due to increase in tenanted areas at Sasseur (Hefei) Outlets
  • Annual employee turnover rate increased to 28.6% at REIT Manager in FY2022
  • Entrusted Manager did not meet target of providing three or more legal risk prevention trainings due to COVID-19 lockdowns
Mitigation Strategies
  • Utilising online platforms to boost online sales and digital presence amidst sporadic lockdowns
  • Repairing water leakages at three Outlets
  • Implementing energy saving initiatives resulting in an overall decrease in energy consumption and intensity by 0.07%
  • Conducting exit interviews to understand reasons for resignation and using feedback for improvement
  • Providing one risk management training to key personnel at Entrusted Manager

Supply Chain Management

Responsible Procurement
  • Use of environmentally friendly building materials for tenant fit-out and refurbishment

Climate-Related Risks & Opportunities

Physical Risks
  • Riverine flooding
  • Forest fires
  • Extreme heat
  • Soil subsidence due to drought
Transition Risks
  • Carbon pricing
  • Shifting market demand
Opportunities
  • Renewable energy (solar and wind)

Reporting Standards

Frameworks Used: SGX-ST Mainboard Listing Rules 711A and 711B, Practice Note 7.6 Sustainability Reporting Guide, Global Reporting Initiative Universal Standards (GRI Standards) (updated 2021), TCFD, MAS’ EnRM Guidelines

Third-party Assurance: Internal review by Sasseur REIT’s internal auditors; no external assurance

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:13,823 t CO2e/year (Scope 1 & 2)
Scope 1 Emissions:1,089 t CO2e/year
Scope 2 Emissions:12,734 t CO2e/year
Scope 3 Emissions:20,857 t CO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:216,332 GJ/year
Water Consumption:368,652 m3/year
Waste Generated:17,834 tons/year
Carbon Intensity:0.0698 t CO2e/m2 (Scope 1 & 2); 0.0777 t CO2e/m2 (Scope 3 tenant emissions)

ESG Focus Areas

  • Climate Change
  • Environmental Footprint
  • Tenant Management
  • Health and Safety
  • Talent Retention and Training
  • Regulatory Compliance

Environmental Achievements

  • 5.0% reduction in Scope 1 and 2 emissions from FY2022
  • 10.9% reduction in energy consumption at landlord-controlled areas from FY2022
  • 13.9% reduction in water consumption at landlord-controlled areas from FY2022
  • Expansion of Scope 3 emission categories

Social Achievements

  • Annual employee turnover rate decreased to 23.1% in FY2023 (FY2022: 28.6%)
  • Average training hours per employee increased to 32.30 hours in FY2023 (FY2022: 25.25 hours)
  • Zero incidents of fatalities, high-consequence injuries, recordable injuries and recordable work-related ill health cases

Governance Achievements

  • Establishment of an environmental risk management framework (EnRM Framework)
  • Zero incidents of non-compliance with relevant laws and regulations resulting in fines or non-monetary sanctions
  • Zero incidents of corruption

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Reduce energy intensity for landlord-controlled areas by 1% from FY2023
  • Reduce water intensity for landlord-controlled areas by 1% from FY2023
  • Continue assessing emission hotspots to determine expansion of Scope 3 organisational boundary

Environmental Challenges

  • Increased energy consumption and energy intensity by 4.5% compared to FY2022 (though landlord-controlled areas saw a decrease)
  • Increased tenant emissions in Scope 3 (though like-for-like comparison shows a smaller increase due to increased tenant activities after COVID-19 restrictions)
  • Potential physical risks from floods, heatwaves, forest fires, and soil subsidence due to drought
  • Potential transition risks from carbon pricing, shifting market demand towards green buildings
Mitigation Strategies
  • Implementing energy conservation efforts at landlord-controlled areas
  • Expanding Scope 3 data coverage gradually
  • Actively exploring the possibility of deploying solar power
  • Regularly conducting ESG dialogue sessions with tenants to advocate energy and water saving initiatives
  • Conducting scenario analysis to assess potential impacts of physical and transition risks
  • Implementing various measures to mitigate climate-related risks and tap into associated opportunities

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Riverine flooding
  • Forest fire
  • Extreme heat
  • Soil subsidence due to drought
Transition Risks
  • Carbon pricing
  • Shifting market demand towards green buildings
Opportunities
  • Reduced operating costs due to decreased solar and wind electricity prices

Reporting Standards

Frameworks Used: SGX-ST Mainboard Listing Rules 711A and 711B, Practice Note 7.6 Sustainability Reporting Guide, Global Reporting Initiative Universal Standards (GRI Standards) (updated 2021)

Certifications: Null

Third-party Assurance: Internal review by Sasseur REIT’s internal auditors; no external assurance

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Energy Saving Role Model Award (Sasseur (Chongqing Bishan) Outlet)