>

CDL to slash carbon emissions by 38% by 2030

By Michael Lim

/ The Edge Property |

May 21, 2017 12:00 PM SGT

Local property giant City Developments (CDL) has pledged to cut its carbon emissions by 38% from 2007 levels by 2030 as part of the group’s sustainability blueprint. The undertaking to reduce its carbon emissions by 38% — an increase from its previous target of 25% set in 2010 — formed part of the group’s Integrated Sustainability Report 2017 that was released on May 15.

CDL says its blueprint encapsulates the company’s long-standing sustainability commitment, over 20 years of best practices, and a set of tangible environmental, social and governance (ESG) goals and targets, with 2030 in mind. This is because 2030 is the target year for the Net Zero Agenda — set by the World Green Building Council — and for Singapore to green 80% of its buildings based on the Building and Construction Authority’s (BCA) Green Building Masterplan.

The target CDL has set for itself is higher than the Singapore government’s pledge of a 36% reduction from 2005 levels by 2030.

CDL’s 11 Tampines Concourse is the first CarbonNeutral development in Asia-Pacific and Singapore

In April 2017, CDL Properties launched the first green bond by a Singapore company, secured against Republic Plaza

“The Singapore government announced in its Budget 2017 that a carbon tax targeting large direct emitters of greenhouse gases will be implemented in 2019. Businesses can no longer ignore the impact of climate-change risks on their bottom line,” says Grant Kelley, CDL’s CEO.

Last year, CDL achieved a 16% reduction in carbon-emissions intensity from 2007 levels, putting it on track to meet its revised goal of 38% reduction by 2030. Carbon-emissions intensity refers to the amount of carbon emissions per sq m of floor area.

CDL has also pledged a 25% reduction target for energy and water use from 2007 levels by 2030. It already met the figure set for energy use last year, 14 years ahead of schedule. CDL recorded a 15% cut in water- use intensity from 2007 levels, and is on track to meet its 25% target by 2030.

Over the past five years, it has managed to save more than $16 million as a result of energy- efficient retrofitting and initiatives for eight office buildings, including Republic Plaza and 11 Tampines Concourse.

Apart from lowering carbon emissions, CDL has pledged to reduce its total waste disposal — both construction waste and general waste from CDL-managed buildings — by 50% from 2016 levels. It has also pledged to ensure that 50% of its construction materials are derived from recycled content or low-carbon sources, or are certified by recognised environmental organisations.

Last month, CDL became the first company here to launch a green bond through its subsidiary CDL Properties. The bond raised $100 million at a 1.98% fixed rate due in 2019. Investors consisted mainly of financial institutions and fund managers.

This article appeared in The Edge Property Pullout, Issue 780 (May 20, 2017) of The Edge Singapore.

Tags: