GlobalData offers a comprehensive analysis of City Developments, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on City Developments‘s ESG performance. GlobalData’s company profile on City Developments offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
City Developments (CDL) CDL pledged to achieve net zero operational carbon for owned assets by 2030 and extended this commitment to attain net zero carbon for all buildings by 2050, compensating for embodied emissions through offsetting measures. It has implemented risk mitigation measures and incorporated them into their operations through their Enterprise Risk Management framework. The company tracks its performance against their 2030 goals through the CDL Future Value 2030 Sustainability Blueprint and continuously refines environmental management systems and carbon performance metrics. CDL conducts climate change scenario analyses to assess their exposure to climate risks and opportunities. By 2030, the company has set to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 63% per square metre (per m2) leased area, compared to 2016 base year. According to its 2022 ESG report, Managed Buildings accounted for 1,795 tonnes of Scope 1, 11,533 tonnes of Scope 2, and 1,894 tonnes of Scope 3 CO2e emissions.
CDL has set specific targets for reducing scope 1, scope 2, and scope 3 emissions. It aims to reduce scope 3 emissions from purchased goods and services by 41% per square meter of gross floor area (GFA) by 2030 from a 2016 baseline. It also aims to reduce absolute scope 3 emissions from investments by 58.8% by 2030 from the same baseline. CDL has included a new target for all Millennium & Copthorne (M&C) Hotels in Singapore to obtain Global Sustainable Tourism Council certification by 2025.
CDL has taken steps to reduce energy consumption and promote energy efficiency. It adopts initiatives that maximize energy efficiency, increase energy conservation, and promote the use of renewable energy. CDL integrates building energy management considerations into their property investment analysis and operational strategy. It has achieved significant reductions in energy consumption for their portfolio area, with improvements ranging from 86% to 106.1% for different property sectors.
CDL is committed to proper accounting of their GHG emissions and follows the GHG Protocol Corporate Accounting and Reporting Standard. It has validated their greenhouse gas emissions data against the ISO 14064-1 certification, becoming the first developer in Singapore to do so. CDL also undergoes verification of their emissions control processes and emission factors used.
In conclusion, CDL is actively working towards achieving net-zero targets and reducing GHG emissions. It has set specific goals for scope 1, scope 2, and scope 3 emissions using Science Based Targets initiative (SBTi) to align with a 1.5°C warmer scenario and has taken steps to reduce energy consumption and promote energy efficiency. CDL's commitment to proper accounting and verification of their emissions data demonstrates their dedication to sustainability and environmental responsibility.
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