CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 SUSTAINABILITY 76 77 Community Investments CDL’s community outreach initiatives are aligned with SDG 11 (Sustainable Cities and Communities) and SDG 17 (Partnerships for the Goals). The Company has been actively initiating and providing sustained support to programmes that deliver lasting and positive impact, focusing on these key areas: • Thought Leadership on Climate Action and Sustainable Development • Women Empowerment • Youth Engagement and Development • Community Outreach • Charity Initiatives SUSTAINABILITY BOARD STATEMENT Gender Diversity at CDL’s Corporate Office Full-time Employees 279 (69%) 127 (31%) Part-time Employees 2 (100%) HODs 15 (47%) 17 (53%) Female Male Total: 406 Total: 2 Total: 32 Employee Volunteerism Since 1999, CDL’s dedicated employeeled volunteering body, City Sunshine Club (CSC), has been actively reaching out to the less fortunate and underprivileged, providing an avenue for CDL employees to serve the community. CSC organises monthly food distribution drives where CDL employees distribute household necessities to the low-income elderly living in rental flats. During festive seasons, CSC collaborates with the North West Community Development Council (NWCDC) by distributing festive packs to families staying in one-room rental f lats and organises fest ive celebrations for terminally-ill patients and beneficiaries at Assisi Hospice and Arc Children’s Centre. Notwithstanding the restrictions and strict adherence to social distancing and safety measures, CDL’s employees managed to achieve a participation rate of 28.9% and clocked more than 350 volunteer manhours in 2021. LOOKING AHEAD The world is in a climate emergency. In early 2021, the Intergovernmental Pane l on C l ima te Change ’ s 6th Assessment Report was deemed a “code red for humanity”.4 Embracing sustainability is no longer a choice. COP26 gave renewed hope and urgency for global collaboration to galvanise change for a 1.5°C warmer scenario. At CDL, sustainability has been integral to its business strategy and has sharpened its competitive advantage for the past two decades. With the support of multiple stakeholders, CDL will continue to step up its climate action and advance the transition to a low-carbon future. Zeroing in on Future Value CDL is well placed to navigate the everevolving sustainability advancements globally and locally. Its ESG strategy and firm commitment to its ethos Notes: 3 Calculated as the mean salary of female employees over the mean salary of male employees. 4 Climate change: IPCC report is ‘code red for humanity’. BBC, 9 August 2021. of “Conserving as We Construct”, established in 1995, has positioned it well in the race to zero. The Company remains committed to achieving three de l i ve r ab l es : “Deca r bon i sa t i on”, “Digi tal isat ion & Innovat ion” and “Disclosure and Communication”. Decarbonisation - Commitment to Green Buildings and a Low-Carbon Economy Ambitious goals are effective drivers for action. As a demonstration of its commitment, CDL became the first real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings Commitment in February 2021. This is a global pledge to achieve net zero operational carbon by 2030, covering new and existing wholly-owned assets under its direct management and operational control . In November 2021, during COP26, CDL extended its pledge towards a net zero whole life carbon emissions approach. Through this expanded commitment, CDL pledged to achieve maximum reduction of embodied carbon in new developments, compensating for any remaining residual operational and upfront embodied emissions via offsetting for new developments by 2030 and for all buildings to be net zero carbon by 2050. CDL has also aligned itself with more ambitious carbon emissions reduction targets that have been successfully assessed and validated by SBTi in 2021, in line with a 1.5°C warmer scenario. CDL was the first Singapore real estate company to validate its targets by SBTi for a 2°C warmer scenario in 2018. CDL was also the only Singapore real estate company amongst 19 pioneering companies to participate in Climate Impact X’s pilot auction of high-quality carbon credits. Whilst CDL has made good progress over the past two decades, there is always room to do more. CDL wi l l embrace change, transform its business, and champion innovative solutions to future-proof its business and create value for its stakeholders. Racing to net zero as one will remain the cornerstone for its sustainability strategy in this decade of action. Digitalisation & Innovation - Sustainable Technologies for a Green Revolution Innovation has been one of CDL’s top ESG issues since 2017. In 2021, it was once again ranked as one of the top three material issues. In the past year, the Company has prioritised and intensified its search and application of viable green technology solutions, whilst tapping on cross-sector partnerships. CDL’s strategic R&D partnership with the NUS College of Design and Engineering, formerly known asNUS School of Design and Environment, to develop smart home innovations continues to deliver impactful results. CDL piloted the Acoustic Friendly Ventilation Window at Irwell Hill Residences in 2021. This provides four times better ventilation as compared to an open conventional window, and reduces environment noise four times more than usual. CDL iswell placed toaccelerateSingapore’s national sustainability agenda. From encouraging Electric Vehicle (EV) adoption to greening the city, its first foray into setting EV chargers in its property since 2009 has given it a head start in expanding the deployment of similar energy-efficient technologies and practices. To further complement CDL’s net zero goal for its buildings by 2030, CDL introduced its Smart, Sustainable and Super Low Carbon (3S) Green Building framework in 2020. This was established to expand CDL’s green procurement guidelines and is aligned with BCA’s SLE programme requirements, as well as international standards for advancing health and wellbeing in buildings. In 2021, CDL updated the 3S Green Building Framework to include embodied carbon management, in alignment with WorldGBC’s expanded Net Zero Carbon Commitment. Innovation in new technology and R&D is vital not only to achieving net zero carbon emissions for its buildings, but also for the long-term resilience of businesses and communities. CDL will continue to revolutionise sustainable building technologies in support of the national vision for a smarter, greener and more liveable Singapore. Disclosures - Unlocking Financial Value with Global Growth of ESG Investing As the demand for green financing grows in the acceleration towards climate action, companies with strong ESG performance will gain easier access to ESG investment funds and sustainable finance. In September 2021, CDL became a proud signatory of the UN Principles for Responsible Investment (PRI), an investor initiative in partnershipwithUNEPFinance Initiative and the UN Global Compact. As of November 2021, the PRI’s total AUM was worth more than US$121 trillion, signalling a rapidly accelerating transition towards sustainable assets. As an extension of its commitment towards sustainable investments, the CDL Sustainable Investment Principles (SIP) were developed to steward responsible capital al location and investments decision-making. The SIP is aligned with the Glasgow Climate Pact, UN SDGs and several other global best practices and frameworks such as UN PRI, TCFD, UNEP FI. It also integrates CDL’s existing ESG policies and guidelines, including the Climate Change Policy, EHS Policy, Green Building Policy, Biodiversity Policy and Human Rights Policy. Since issuing its first green bond in 2017, CDL has amassed more than $3 billion of sustainable finance in various green loans, a green revolving credit facility, and a sustainability-linked loan. In April 2021, CDL’s South Beach Consortium secured a five-year green loan totalling $1.22 billion – one of Singapore’s largest green loans to date. In August 2021, CDL and its JV partner secured green loans amounting to $847 million for the financing of two upcoming developments at Piccadilly Grand and TengahGardenWalk. As a green developer, CDL’s strong sustainability track record enabled the Company to tap the fast-growing sustainable financing pool to benefit its JV projects, sharing its green vision of a low-carbon future with like-minded partners. For its successful R&D and pilot of DigiHUB, CDL also secured a discount for the SDG Innovation Loan provided by DBS Bank Ltd., making it the first Singapore entity to achieve a discount on a sustainability-linked loan through the adoption of an innovative project that supports the UN SDGs on a large- scale basis. Creat ing Greater Impact through Partnerships and Thought Leadership Building a sustainable future requires the collaboration of a larger ecosystem and value chain. Through the years, CDL has multiplied its impact by investing its time and resources into thought leadership and partnerships. In 2021, CDL actively hosted, moderated and participated in a record 104 speaking engagements from global forums to webinars, in partnership with esteemed institutions. CDL’s Chief Sustainability Officer represented both the Singapore private sector and CDL at COP26, where she joined leaders from different key markets to speak on theBuilt Environment Leaders Panel, hosted by the COP26 organising committee. CDL also supported a series of programmes by Singapore Youth for Climate Action, aimed at turning climate anxiety into positive action. The SSA has been a key platform for CDL’s advocacy work in climate action aligned with the UN SDGs. Some of its key initiatives included The Conscious Festival by Green is the New Black, Sustainable Fashion 2.0, the second instalment of My TreeHouse’s Eco-Storytelling Contest, and its Youth4Climate Concert 2021. Active collaboration with the public sector continues to be critical in CDL’s sustainability drive, as seen through its “Change the Present, Save the Future” exhibition in support of MSE’s Climate Action Week 2021 and the Singapore Green Plan 2030. Employee Categories at CDL’s Corporate Office Mean Salary of Female Employees to Male Employees (%)3 Executive 90% Non-management 102% (Females were paid higher than males) Management 89% Diversity and Inclusion CDL is committed to providing equal opportunities throughout employment. Its recruitment process adheres to strict guidelines on non-discrimination and fair treatment, regardless of gender, ethnicity, religion, or age. Women made up a significant 69% of CDL Corporate Office’s workforce and 47% of HODs. The internal Diversity and Inclusion Task Force was formed in 2017 to promote diversity and inclusion within the workplace and the wider community.
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