CDL’s Future Value Blueprint Aligns with UN SDGs
(3BL Media/Justmeans) – The world population is expected to touch 8.5 billion in 2030, posing new challenges and opportunities for global sustainable development. It is also the target year for major international commitments, including the Paris Agreement and the UN Sustainable Development Goals (SDGs).
Singapore-listed global real estate giant City Developments Limited (CDL) has released its Integrated Sustainability Report 2017, CDL Future Value 2030, which sets clear directions and long-term ESG goals to align with this global sustainability agenda.
In April 2017, CDL launched its inaugural green bond – the first by a Singapore company, which raised S$100 million. In terms of resource efficiency, the company achieved more than $16 million in savings as a result of the energy-efficient retrofitting and initiatives implemented for eight office buildings from 2012 to 2016, directly benefiting the company’s financial bottom line.
As of end 2016, over 95 percent of CDL’s existing tenants have pledged their commitment to the CDL Green Lease Partnership Program by signing a Green Lease Memorandum of Understanding. Tenant satisfaction rate remained high at 94 percent for offices, 96 percent for retail and 100 percent for industrial buildings in 2016.
CDL’s investment in sustainable and productive building methods such as the advanced Prefabricated Prefinished Volumetric Construction (PPVC) technology, adopted for The Brownstone Executive Condominium, is expected to raise productivity by over 40 percent.
In 2016, the company invested $2.25 million in a partnership with the National University of Singapore for two new research laboratories to catalyze innovation in smart and green building technologies which can be test-bedded in its future developments.
The report highlights several other key accomplishments and targets of CDL, which include:
- New carbon emissions intensity reduction target: an increase from 25 percent to 38 percent from 2007 levels by 2030, beyond Singapore’s pledge of a 36 percent reduction from 2005 levels by 2030
- New targets to reduce waste disposed and to ensure sustainable construction materials
- Taking further steps to align CDL’s environmental, social and governance goals and targets with nine relevant United Nations Sustainable Development Goals
- First private developer in Singapore to adopt the latest Global Reporting Initiative Standards for sustainability reporting
To future-proof its business, CDL is embarking on a scenario planning exercise in 2017, to identify and mitigate emerging trends including carbon tax and circular economy, which can impact the company’s supply chain.