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The property developer revealed that it also registered a 38% reduction in carbon emissions intensity from base-year 2007.
City Developments Limited (CDL) has achieved over $28 million in savings due to energy-efficient initiatives and retrofitting works at eight of its commercial buildings from 2012 to 2019.
In its 2020 integrated sustainability report, the property developer revealed that it also registered a 38% reduction in carbon emissions intensity from base-year 2007. This means it met its interim 2019 target and that it is on track to achieving its target of a 59% reduction by 2030.
Given the rise of Environmental, Social and Governance (ESG) investing and responsible banking, the developer’s ESG-centric vision also enabled it to tap on green financing. In fact, CDL secured its first $500 million green loan for new developments and a $250 million SDG Innovation Loan last year.
With the privatisation of its former London-listed subsidiary in 2019, now known Millennium & Copthorne Hotels Limited, CDL eyes to enhance the alignment between its longstanding sustainability strategy and the hotel subsidiary’s ESG practices in order to achieve greater synergy in the group.
“CDL’s track record in effective ESG integration and sustained performance has been recognised by 12 leading global sustainability rankings and indices, including the 2020 Global 100 Most Sustainable Corporations in the World by Corporate Knights in which CDL was ranked the world’s top real estate company as well as the top Singapore company,” said the report.
CDL also emerged as the only company in Hong Kong and Southeast Asia to score double ‘A’s in the 2019 CDP Global A List for corporate climate action and water security.
The property developer noted that its ISR 2020 is assured independently by Ernst & Young to ensure transparency and accuracy.
“The current COVID-19 global pandemic serves as a reminder of things that many of us take for granted – our environment, our health, our safety and our freedom. Many countries have implemented unprecedented restrictions to contain the COVID-19 spread and these disruptions to our businesses, communities, supply chains and daily lifestyles have caused us to rethink and recalibrate our way of life,” said Sherman Kwek, Group Chief Executive Officer of CDL.
“One ray of light during this timeout is that it offers Mother Nature a much-needed breather from the impact of rapid globalisation, production and excessive consumption. In this coming decade leading up to 2030, there is an even more urgent need for businesses to collectively reduce their carbon footprint and actively accelerate climate action. Every stakeholder shares the responsibility to protect our fragile environment.”
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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