Singapore, 18 May 2016 - Ahead of the new rules and guide for sustainability reporting that the Singapore Exchange (SGX) will soon introduce on a ‘comply or explain’ basis, City Developments Limited (CDL) has continued to push forward with more robust sustainability performance tracking and disclosure. This was shared in its 2016 Integrated Sustainability Report titled ‘Integrating our Strengths, Creating Future Value’. CDL has introduced robust targets for reduction in energy and water use intensity1 of 22% by 2020 and 25% by 2030, across its core business, from baseline year 2007, and 35% sustainable building materials2 usage with effect from 2016. These new targets are in addition to CDL’s carbon emissions intensity3 reduction targets set in 2011 – 22% by 2020 and 25% by 2030, from baseline year 2007.
SGX expects the new rules and guide on sustainability reporting to apply to companies from the financial year ending on, or after 31 December 2017. The move, in response to the growing global interest in sustainability information, is a step closer towards requiring Singapore-listed companies to report their Environmental, Social and Governance (ESG) performance. SGX’s survey of institutional investors in 2015 found that more than 90% of respondents consider ESG aspects of business and strategy when investing. In line with the SGX proposed Guide, ahead of its implementation, a board statement has been included in this year’s report.
CDL further took the lead as one of the first Singapore companies to align its material issues to the United Nations (UN) Sustainable Development Goals (SDGs) launched in September 2015. The SDGs are expected to form a global standard that will inform future policy decisions and legislation by governments. Thus, businesses that support the SDGs are more likely to be aligned with emerging policy priorities, potentially enhancing their licence to operate. The global goals also present opportunities for companies to innovate their products and services to address sustainable development needs, and benefit from multi-stakeholder partnerships around a shared set of global priorities. CDL has identified nine SDGs that are relevant to the company, based on its potential impact on and contributions to the goals.
To align with globally-recognised standards in carbon emissions measurement and reporting, CDL is also the first developer in Singapore to achieve the ISO 14064-1 certification in Greenhouse Gas (GHG) emissions reporting. The assurance covers stringent audits of processes on GHG emissions control and a review of emission factors used for diesel, petrol, refrigerant gases, electricity grid, transmission and distribution losses, employee commuting, and business air travel.
Based on the International Integrated Reporting Council’s (IIRC)’s framework, CDL’s 2016 Integrated Sustainability Report continues to connect the company’s ESG performance with economic impact and translate the benefits into six capitals – Financial, Organisational, Natural, Manufactured, Social and Relationship, and Human – to make stronger business sense for its investors and stakeholders. In 2015, CDL became the first property developer in Singapore to adopt an Integrated Reporting approach for its Sustainability Report.
Mr Grant Kelley, CDL Chief Executive Officer said, “SGX’s move to introduce sustainability reporting on a ‘comply or explain’ basis is timely as sustainability is becoming mainstream in today’s global business environment. It creates value for businesses, investors, stakeholders and the environment. Through sustainability reporting, we can benchmark our performance, enhance corporate governance, transparency and stakeholder engagement.”
“To drive improvement, we have continued to raise the bar in target setting and impact reporting based on global best practices. In particular, being among the first to align our business with the UN SDGs will give us first-mover advantage as we expand our business globally.”
Strong Environmental Performance for 2015
In 2015, CDL achieved:
- 19% reduction in carbon emissions intensity against the baseline year of 2007, on track to meet its 22% target for 2020
- 27% reduction in energy use intensity against the baseline year of 2007, exceeding its 22% target for 2020
- 17% reduction in water use intensity against the baseline year of 2007, on track to achieve its 22% target for 2020
- More than S$31 million worth of savings from annual electricity consumption from 57 Green Mark certified buildings between 2008 and 2015
CDL’s sustainability efforts have received international recognition. It is ranked Top Real Estate Company and 10th in the prestigious Global 100 Most Sustainable Corporations in the World 2016, and the only Singapore company that has been listed in the Global 100 for seven consecutive years. CDL also remains the first Singapore company to be listed on three of the world’s leading sustainability benchmarks – FTSE4Good Index Series (since 2002), Global 100 Most Sustainable Corporations (since 2010) and Dow Jones Sustainability Indices (since 2011). In 2014 and 2015, CDL was named the Top Property Developer in Asia, Top Singapore Corporation and among the top 10 sustainable companies in Asia in the Channel NewsAsia Sustainability Ranking.
CDL’s 2016 Integrated Sustainability Report is its ninth dedicated sustainability report. It is aligned with Global Reporting Initiative (GRI) G4 guidelines at the Comprehensive level. In 2008, CDL published Singapore’s first GRI Application Level checked report. In 2012, CDL became the first Singapore property developer to receive GRI Level A+. CDL’s 2016 Integrated Sustainability Report has also been submitted to UN Global Compact (GC) as a Communication on Progress at the highest “GC Advanced” level, making CDL the only Singapore company to have attained this status since 2012.
