Singapore, 19 October 2021 – City Developments Limited (CDL) has been recognised as Global Sector Leader and Overall Regional Sector Leader in the Global Real Estate Sustainability Benchmark (GRESB) 2021 Diversified – Office/Retail category. This marks the second consecutive year the company was listed as Global Sector Leader and the fifth consecutive year it was named Overall Regional Sector Leader. The company also maintained its GRESB 5 Star rating, which recognises entities placed in the top 20% of the benchmark.
Each year, GRESB assesses and benchmarks the Environmental, Social, and Governance (ESG) performance of assets worldwide, providing clarity and insights to financial markets on complex sustainability topics. The GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of asset investments and are aligned with international reporting frameworks, goals and emerging regulations. In 2021, the GRESB ESG Benchmark grew to cover more than US$6.4 trillion of assets under management, up from US$5.3 trillion the year before.
CDL’s GRESB score complements its bold net zero commitment made this February. As the first real estate developer in Singapore and the first real estate conglomerate in Southeast Asia to sign the WorldGBC’s Net Zero Carbon Buildings Commitment, CDL pledged to achieve net zero operational carbon by 2030. This commitment covers all its new and existing wholly-owned assets and developments under its direct operational and management control.
Stepping up on technology application to decarbonise its older assets, CDL entered a Power Purchase Agreement (PPA) with solar energy provider Sunseap Group last month. The PPA entails installing PV panels across an area spanning around 2,000 square metres (sq m) at Tagore 23, one of CDL’s industrial buildings. With installation slated for completion by end of Q2 2022, the renewable energy generated is projected to offset some 50% of the building’s annual energy consumption.
In August this year, CDL submitted its 1.5°C warmer scenario greenhouse gas reduction targets to the Science Based Target initiative (SBTi) for validation. This complements CDL’s net zero commitment and pledge of support to the Business Ambition for 1.5°C led by UN Global Compact, SBTi and We Mean Business coalition, of which CDL was one of the pioneering 87 signatories of the campaign in September 2019. In 2018, CDL was the first real estate company in Singapore to set the STBi validated GHG reduction targets based on 2°C warmer scenario.
Ms Esther An, CDL Chief Sustainability Officer, said, “2021 is the year of a sustainability reawakening, with ESG issues fast becoming mainstream. To meet the rapidly growing investor appetite for quality ESG disclosure, it is critical for corporates to step up on decarbonisation, disclosure, and digitalisation. We are honoured to be conferred the GRESB Sector Leader recognition in the Diversified – Office/Retail category once again this year.”
Mr Sebastien Roussotte, GRESB CEO, said, “Across the globe, organizations are demonstrating a deep commitment to ESG integration while making important strides towards a more sustainable future for us all. GRESB Sector Leaders are the organisations setting the pace and driving progress toward a net zero future. We are proud to recognize your determination, achievement, and leadership in creating a more sustainable world.”
CDL’s strong ESG track record and listing on global sustainability benchmarks has helped the company and its joint venture (JV) partners gain access to sustainable finance. Since issuing its first green bond in 2017, CDL has secured more than S$3 billion of sustainable financing in the form of various green loans, a green bond, and a sustainability-linked loan. In September 2021, CDL secured a discount for its first-of-its-kind sustainability-linked loan for the SDG Innovation Loan provided by DBS Bank Ltd. It is the first Singapore entity to achieve a discount on a sustainability-linked loan through the adoption of an innovative project that supports the United Nations Sustainable Development Goals on a large-scale basis.