Declared as the Year of Climate Action for Singapore, 2018 has released a tidal wave of environmental change throughout the country. As Singapore’s Minister for the Environment and Water Resources, Masagos Zulkifli says, “The government alone cannot tackle climate change and shall be rallying Singaporeans to take steps to reduce their carbon footprint with the help of various partners.”
Since attending the United Nations Sustainable Development Summit (2015), Singapore pledged to work with partners to achieve the 17 core goals that feature in the 2030 long-term global development agenda.
With aims to reduce inequality both within and among countries, as well as to promote sustainable economic growth and build resilient infrastructure, the global goals have helped Singaporean businesses and citizens direct their focus towards the future welfare of the country.
One Singapore-based business, in particular, has made a phenomenal effort to ensure these global needs are met. As an established real estate company, City Developments Limited (CDL) has a track-record for developing and managing world-class residences, offices, hotels and serviced apartments, integrated developments and shopping malls.
CDL boasts an incredibly diverse portfolio, not to mention a professional commitment to building quality green spaces. For its green building efforts, the trusted property pioneer has secured prestigious recognition from around the world. CDL is consistently listed on 13 leading global sustainability benchmarks, including FTSE4Good Index Series (since 2002), MSCI ESG Leaders Indexes (since 2009), Global 100 Most Sustainable Corporations in the World (since 2010) and Dow Jones Sustainability Indices (since 2011).
For its ongoing environmental efforts, CDL also won the 20th Annual Singapore Outstanding Environmental Achievement Award 2017 (SEAA) and for an unwavering commitment to quality, CDL rightfully earned the Green Mark Pearl Prestige Award 2017 from Singapore’s Building and Construction Authority.
CDL is undoubtedly a tough act to follow. Once the company integrated the UN Sustainable Development Goals into its CDL 2030 Future Value sustainability blueprint, its aims for conserving the environment were further met with global admiration and recognition. Against the backdrop of increased regulations and demand for sustainable products and investments, the future-fit blueprint entails Environmental, Social and Governance (ESG) goals and drives CDL’s integrated sustainability strategy towards 2030 – a milestone year for global climate agreement and sustainable development.
Mr Sherman Kwek, Group CEO of CDL, says, “Sustainability is fast becoming the norm throughout the business ecosystem. From a very early stage, CDL has recognised the importance of ESG integration. For more than two decades, we have incorporated sustainability into our business and operations to futureproof our business and unlock value. More than just a developer of living and working spaces, we have strived to be a builder of lives and communities.
“Our long-standing commitment to innovation and green building has distinguished CDL as a trusted eco-developer and differentiated our products. The enhanced value of our manufactured capital has benefited our business, customers and investors, and supported the well-being and development of the communities which we operate in. This has not only raised our operational performance, resource efficiency and productivity, it has driven innovation, opened new opportunities and attracted like-minded investors.”
As recent research shows, 56 percent of Singaporeans believe that businesses have a responsibility to prevent environmental damage. Moreover, as sustainability reporting has become a mandatory requirement for many listed companies, there has been a great demand for companies to provide their ESG data.
To keep its sustainability strategies and responsible business practices on-track, CDL constantly refers back to its Future Value 2030 blueprint. Its Integrated Sustainability Report 2018: On Track to CDL Future Value 2030 highlights how the company has made incredible progress towards its 2030 goals and targets.
Here are a few of the core achievements highlighted in the 2018 Report:
- There has been a 32.8 percent reduction in carbon emissions intensity from 2007 levels, meaning CDL is on track to meet its 38 percent target for 2030.
- There has been a 27.3 percent reduction in energy use intensity from 2007 levels, hitting its 25 percent target for 2030 ahead of time.
- CDL has saved over S$20 million in electricity costs due to energy-efficient retrofitting and initiatives implemented for eight CDL-managed commercial buildings from 2012 to 2017.
- The company is proactively reviewing a 100 percent renewable energy target for its operations by 2050.
- CDL is among the first in Singapore to voluntarily publish its climate-related financial disclosures and commence a climate change scenario analysis in line with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
As the CDL Integrated Sustainability Report 2018 explains, the company has taken into the account the high demand for sustainable products and investments and understands the importance of increased regulations. With 2030 set as the target date, CDL’s already huge efforts and contributions to environmental conservation has not gone unnoticed.
This is great news for the company; as the MSCI 2017 study shows, corporations with good ESG conduct outperform in both long-term equity and profitability compared to those with poorer ESG performance. That’s why it’s wise for companies to try and advance their eco-friendly initiatives.
As Chairman of the TCFD, Mr Michael R. Bloomberg advises, “Increasing transparency makes markets more efficient, and economies more stable and resilient.” As companies begin to display their annual reports and efforts to reduce climate change, it’s more likely that the public will follow and support their brand.
Additionally, as TCFD Vice Chairman Ms Yeo Lian Sim adds, “The Task Force recommends what companies need to disclose so investors can assess and respond to climate-related opportunities and risks. Five Singapore companies have pledged their support for climate-related disclosures according to TCFD standards and CDL is one of these companies who has taken the lead.”
By fore-fronting the real estate market in Singapore with innovative and revolutionary goals, CDL has displayed a longstanding commitment to sustainability since 1995. With the release of the CDL Integrated Sustainability Report 2018 and CDL Future Value 2030 blueprint, the company’s dedication to environmental conservation shows no signs of slowing down.
More information on CDL’s sustainability efforts, CDL Future Value 2030 goals, targets and progress, as well as the full CDL Integrated Sustainability Report 2018 can be found on www.cdlsustainability.com.