CDL Sets New Sustainability Goals to Future-Proof its Business
(3BL Media/Justmeans) – Sustainability has become a mainstream issue in both global political and business arenas. From the point of view of investors, the key driver for considering sustainability issues is to reduce risk. According to PwC research, three in four investors now place this as a priority.
In line with its long-standing commitment to sustainability, City Developments Limited (CDL) has announced new ESG initiatives and goals to future-proof its business. These are encapsulated in its Integrated Sustainability Report 2017, CDL Future Value 2030.
The report outlines some of the major ESG accomplishments of CDL, which has become the first private developer in Singapore to adopt the latest GRI Standards for sustainability reporting. The company has increased its carbon emissions intensity reduction target from 25 percent to 38 percent from 2007 levels by 2030.
CDL is taking new steps to align its ESG goals with nine relevant UN SDGs. The company’s efforts in energy-efficient retrofitting and initiatives implemented for eight office buildings from 2012 to 2016 have resulted in savings of over S$ 16 million.
In view of the move towards a circular economy, CDL has set new targets to reduce its total waste disposed by 50 percent from 2016 levels and to ensure that 50 percent of its construction materials are derived from recycled content, low-carbon sources or certified by recognized environmental organizations.
To provide more timely communication and robust ESG disclosure to its shareholders, investors and partners, CDL has taken the lead to roll out a dynamic digital strategy with a dedicated sustainability microsite. It will update key ESG initiatives and performances on a more timely and regular basis, instead of annually.