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CDL sustainability report shows progress towards achieving targets
CITY Developments Limited (CDL) has announced a range of targets that the group met in 2017, following the release of its 2018 integrated sustainability report on Monday.
Among its more prominent achievements is a 32.8 percent reduction in carbon emissions intensity from 2007 levels. This places CDL on track to meet the 38 percent target set for 2030.
Concurrently, CDL achieved a 27.3 percent reduction in energy use intensity from 2007 levels, exceeding its 25 percent target for 2030.
The group also saved over S$20 million in electricity bills, a big feat in its sustainability progress. These savings were largely due to energy-efficient retrofitting and initiatives implemented for eight CDL-managed commercial buildings from 2012 to 2017.
"Sustainability is fast becoming the norm throughout the business ecosystem," said Sherman Kwek, CDL's group CEO.
These achievements significantly places CDL within sight of hitting the material Environmental, Social and Governance (ESG) goals under its CDL Future Value 2030 sustainability blueprint.
As a supporter of the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), CDL has been among the first to voluntarily publish its climate-related financial disclosures. These disclosures center specifically on four areas - governance, strategy, risk management, and metrics and targets.
Noting that CDL has taken the lead and is one of the five Singapore companies that have pledged support to climate-related disclosures, Yeo Lian Sim, vice-chair of the TCFD said: " An important TCFD recommendation is for resilience of company strategy under different climate-related scenarios. CDL is undertaking this and should gain from what it learns as much as investors will from its disclosure."
The group has also taken other measures to adhere to TCFD's recommendations. One of the measures is the analysis on climate change scenario.
Started in early 2018, the analysis studies the climate-related risks and opportunities across key portfolios in three major markets - Singapore, China and the United Kingdom. Expected to complete by mid-2018, it will add value to its strategy in managing the financial impacts which climate change pose on CDL's businesses.