Climate Change Data

City Developments Limited (CDL)

Climate Impact & Sustainability Data (2022)

Reporting Period: 2022

Environmental Metrics

Carbon Intensity:24% reduction in carbon emissions intensity compared to 2016 levels.

ESG Focus Areas

  • Climate Change
  • Energy Efficiency
  • Renewable Energy
  • Innovation
  • Water and Waste Management
  • Responsible Supply Chain
  • Diversity, Equity and Inclusion
  • Occupational Health and Safety
  • Community Engagement

Environmental Achievements

  • Achieved a 24% reduction in carbon emissions intensity compared to 2016 levels.
  • Achieved more than S$38 million in energy savings from energy-efficient retrofitting and initiatives across all commercial buildings from 2012 to 2022.
  • Secured more than S$3 billion in sustainable financing since 2017.
  • Achieved the first BCA Green Mark Platinum Super Low Energy (SLE) award for Newport Plaza (residential and non-residential components).
  • Achieved Singapore’s first BCA Green Mark Platinum SLE Executive Condominium (EC) for Copen Grand.
  • Maintained an ‘A’ score in CDP Global A List for climate change for five consecutive years.
  • Awarded 2022 CDP Supplier Engagement Leader for the third consecutive year.

Social Achievements

  • Launched Sustainability Connect, a partnership between the Singapore Sustainability Academy (SSA) and Global Green Connect.
  • Maintained an 84% employee engagement score (8% above the Singapore norm).
  • Women represent two-thirds of CDL’s workforce and half of the Heads of Departments at its Singapore headquarters.
  • Received HR Asia Awards 2022 Best Companies to Work for in Asia and HR Fest Awards 2022 Employer of Choice.
  • Conducted over 80 events at the SSA in 2022.
  • Launched the second edition of the Climate Action Exhibition series at the CDL Green Gallery.

Governance Achievements

  • Maintained ‘AAA’ ranking in MSCI ESG Ratings since 2010.
  • Maintained double ‘A’s in CDP for climate change and water security.
  • Revised the Board Diversity Policy in 2022 to align with SGX’s new listing rule 710A.
  • Had zero incidents of non-compliance with socio-economic laws and regulations in 2022.
  • Implemented the CDL Conflict of Interest Guidelines in 2020.

Climate Goals & Targets

Long-term Goals:
  • Achieve net zero emissions by 2050.
  • Achieve net zero operational carbon by 2030 for wholly-owned assets and developments.
  • Achieve maximum reduction of embodied carbon in new developments, compensating for any remaining residual operational and upfront embodied emissions via offsetting by 2030.
Medium-term Goals:
  • Reduce carbon emissions intensity by 63% from 2016 levels.
  • Reduce energy use intensity by 55.7% from 2016 levels.
  • Reduce water use intensity by 9.5% from 2016 levels.
  • Reduce waste intensity by 8% from 2016 levels.
  • Ensure 100% of appointed suppliers are certified by recognised EHS standards.
Short-term Goals:
  • Achieve Green Mark certification for 100% of CDL owned and/or managed buildings.
  • Maintain 100% retail and office tenant participation in CDL Green Lease Partnership Programme.
  • Obtain GSTC Certification for all M&C Hotels based in Singapore by 2025.

Environmental Challenges

  • Climate change risks (physical and transition risks)
  • Supply chain disruptions
  • Increasingly stringent regulations on energy performance of buildings
  • Growing concerns about water and waste management
  • Need to address Scope 3 emissions
  • Maintaining profitability and sustained growth amidst global uncertainties
Mitigation Strategies
  • Completed third climate change scenario analysis in line with TCFD recommendations.
  • Implemented low-carbon strategies for managed buildings.
  • Developed and implemented the CDL Sustainable Investment Principles (SIP).
  • Secured sustainable financing.
  • Engaged with suppliers to adopt sustainable practices.
  • Implemented energy-efficient retrofitting and initiatives.
  • Adopted innovative green building technology and circular economy solutions.
  • Diversified supply chain.

Supply Chain Management

Supplier Audits: 100% of main contractors and key consultants for property development had recognised EHS certifications in 2022. 100% of suppliers appointed by AM were certified by recognised EHS standards.

Responsible Procurement
  • Supplier Code of Conduct
  • Responsible Procurement Guidelines
  • Green Procurement Guidelines
  • Preference for ISO 14001, ISO 45001, and bizSAFE Level 3 certified vendors
  • Use of eco-friendly and recycled materials

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events (floods)
  • Heat stress
  • Increased energy cooling costs
Transition Risks
  • Green construction cost premium
  • Potential loss of green rental premium revenue
  • Increased insurance premiums
Opportunities
  • Development of energy-efficient products and services
  • Investment in renewable energy
  • Sustainable financing opportunities

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, CDSB, UNGC, SBTi

Certifications: ISO 14001, ISO 45001, ISO 50001, BCA Green Mark

Third-party Assurance: LRQA

UN Sustainable Development Goals

  • SDG 7 (Affordable and Clean Energy)
  • SDG 9 (Industry, Innovation, and Infrastructure)
  • SDG 11 (Sustainable Cities and Communities)
  • SDG 12 (Responsible Consumption and Production)
  • SDG 13 (Climate Action)
  • SDG 14 (Life Below Water)
  • SDG 15 (Life on Land)
  • SDG 17 (Partnerships for the Goals)

CDL's initiatives contribute to these goals through green building practices, renewable energy adoption, community engagement, and partnerships with various stakeholders.

Sustainable Products & Innovation

  • Green buildings
  • Energy-efficient technologies
  • Sustainable building materials

Awards & Recognition

  • MSCI ESG Ratings ‘AAA’
  • CDP Global A List for climate change and water security
  • Global 100 Most Sustainable Corporations in the World
  • GRESB 5-star rating
  • FT-Nikkei-Statista Climate Leaders Asia Pacific 2022
  • Sustainalytics 2023 Global 50 Top-Rated
  • Bloomberg Gender-Equality Index
  • BCA Green Mark Platinum awards
  • SGBC-BCA Leadership in Sustainability Awards
  • HR Asia Awards 2022 Best Companies to Work for in Asia
  • HR Fest Awards 2022 Employer of Choice
  • Royal Society for the Prevention of Accidents (RoSPA) Awards 2022 Order of Distinction