CDL recognised again for leading efforts to tackle climate change

Singapore

FOR the second year in a row, City Developments Limited (CDL) has been recognised by CDP - an international non-profit organisation - for its corporate climate action.

The company is one of more than 170 that made it to CDP's annual "A List", which hails the world's most pioneering companies that are leaders in environmental transparency and performance.

Non-profit CDP, formerly known as the Carbon Disclosure Project, ranked 2 per cent of more than 8,000 companies that submitted environmental data in the A List of its index.

The "A List" is released to coincide with this week's World Economic Forum annual meeting in Davos, which brings together leading figures from business, government and civil society.

The London-based CDP's work includes helping to drive companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests.

Pratima Divgi, CDP's director for Hong Kong, South-east Asia and ANZ (Australia and New Zealand), noted that CDL is the only company in Hong Kong and South-east Asia on CDP's 2019 A List.

"CDL continues to demonstrate strong leadership in climate action, with an emissions reduction target approved by the Science Based Targets initiative," she said.

"Besides its own business operations, CDL proactively collaborates and engages with key stakeholders in the region. Much work needs to be done in developing climate resiliency and CDP appreciates the involvement of business leaders such as CDL in our common goal towards a transformational change for a low carbon economy."

CDL group chief executive officer Sherman Kwek said in a news release on Monday that soaring record temperatures and high-impact weather continue to plague the living environment, citing the ongoing Australian bushfires as an example.

"In the advent of a new decade, there is a greater need for businesses to actively reduce their carbon footprint and accelerate climate action. As a significant contributor to carbon emissions, the building sector must play a bigger role in driving emissions reduction," he said.

"We are honoured to be recognised for the second consecutive year on the CDP A List and will continue to steer affirmative action to support the global agenda towards a low-carbon economy."

Meanwhile, Reuters reported that Japan and the US were the countries with the headquarters of the most 'A List' companies individually, while regionally, Europe as a bloc was home to the highest number.

Companies are coming under pressure from customers and investors to step up efforts to help slow climate change in accordance with the 2015 Paris climate agreement to phase out greenhouse gas emissions by shifting away from fossil fuels.

Among examples of positive steps, CDP said Japanese electronics giant Sony was making gaming consoles more energy-efficient and Danish toy-maker Lego aims to use sustainable materials for packaging by 2025 and all products by 2030.

CDP said the STOXX Global Climate Change Leaders index, based on the CDP A List, outperformed the STOXX global 1800 of major firms by 5.5 per cent a year over a seven-year period.

"Leading on climate action is good business in today's economy," Steven Tebbe, managing director of CDP Europe, said in a statement.

Other leading global names on the list included L'Oreal, Sainsburys, Nestle, Lego, Walmart, Bayer, BT, Danone, Microsoft and Sony.

Microsoft this week set a new ambition by pledging to remove as much carbon as it has emitted in 45 years and investment manager BlackRock said it would tie its engagements to sustainability.