ON TRACK TO ACHIEVING FUTURE VALUE 2030 GOALS AND ANNUAL TARGETS
The CDL Future Value 2030 Sustainability Blueprint, established in 2017, outlines our environment, social and governance (ESG) goals, including near and long-term net-zero targets in line with the Science Based Targets initiative (SBTi). Our key 2030 and interim annual goals, targets and progress are tracked and reported quarterly and annually. All target years are fiscal year-end. All reporting data is through fiscal year 2024 (31 December 2024), unless otherwise stated. The scope of the Company’s operations in the Future Value 2030 table below covers corporate office, managed buildings and construction sites in Singapore, and exclude hotel properties, unless otherwise stated.
Legend Progress Tracking
Meeting interim targets, maintain performance towards meeting 2030 targets
Falling short of interim target for one year; review current practices
Falling short of interim target for more than two consective years; review and revise targets (if necessary)Please slide left to view more.
| Future Value 2030 Goals | 2030 Targets1 | INTERIM 2024 ANNUAL TARGETS1 | FY2022-FY2024 Performance |
Goal 1: Building Sustainable Cities and Communities |
Achieve Green Mark certification for 100% of CDL owned and/or managed buildings2 | ≥90% | 2022: 98% achieved 2023: 100% achieved2024: 100% achieved |
| Maintain 100% retail and office tenant participation in CDL Green Lease Partnership Programme | Achieve 100% | 2022: 100% maintained 2023: 100% maintained2024: 100% maintained |
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| Maintain high level of commitment to adopt innovations and technology of green buildings | Average of two innovation and technology applications per year | 2022: Average of two innovation and technology applications per year 2023: Average of two innovation and technology applications per year2024: Average of two innovation and technology applications per year
1. A predictive, machine-learning model control |
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| Maintain high level of sustainability engagements and advocacy activities | Average of ≥ 36 engagements and advocacy initiatives and activities per quarter | 2022: Average of 75 engagement and advocacy initiatives and activities per quarter 2023: Average of 71 engagement and advocacy initiatives and activities per quarter2024: Average of 70 engagement and advocacy initiatives and activities per quarter |
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| Obtain Global Sustainable Tourism Council (GSTC) Certification for all Millennium and Copthorne Hotels Limited (M&C) Hotels based in Singapore by 2025 | 2022 and 2023: Not applicable as M&C was in its initial phases of the GSTC certification process 2024: Certification obtained for all six hotels in Singapore in May 2024. (valid until May 2027) |
2022: Not applicable 2023: Not applicable 2024: Certification obtained |
|
Goal 2: Reducing Environmental Impact |
Achieve science-based target of reducing carbon emissions intensity by 63% from 2016 levels3 | 2022 19% reduction 2023: 27% reduction 2024: 30% reduction |
2022: 24% reduction 2023: 33% reduction2024: 25% reduction1 |
| Asset Management (AM)- Office & Industrial3,5: | |||
| Reduce energy use intensity by 55.7% from 2016 levels | 2022: Energy use intensity: 9% reduction 2023: Energy use intensity: 21% reduction 2024: Energy use intensity: 28% reduction |
2022: Energy use intensity: 18.1% reduction 2023: Energy use intensity: 24.8 % reduction2024: Energy use intensity: 24.2% reduction4 |
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| Reduce water use intensity by 9.5% from 2016 levels | 2022: Water use intensity: 1% reduction 2023: Water use intensity: 2% reduction 2024: Water use intensity: 20% reduction |
2022: Water use intensity: 28.7% reduction 2023: Water use intensity: 20.3% reduction2024: Water use intensity: 23.5% reduction |
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| Reduce waste intensity by 8% from 2016 levels6 | 2022: Waste intensity: Limit increase to less than 20% 2023: Waste intensity: Limit increase to less than 17% 2024: Waste intensity: 8% reduction |
2022: Waste intensity: 9.4% reduction 2023: Waste intensity: 22% increase2024: Waste intensity: 19% reduction |
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| AM – Retail3,5: | |||
| Reduce energy use intensity by 55.7% from 2016 levels | 2022: Energy use intensity: 10% reduction 2023: Energy use intensity: 27% reduction 2024: Energy use intensity: 21% reduction |
2022: Energy use intensity: 23.5% reduction 2023: Energy use intensity: 19.9% reduction2024: Energy use intensity: 18.4% reduction4 |
|
| Reduce water use intensity by 10.8% from 2016 levels | 2022: Water use intensity: 9% reduction 2023: Water use intensity: 9.5% reduction 2024: Water use intensity: 39% reduction |
2022: Water use intensity: 48.3% reduction 2023: Water use intensity: 43.9% reduction72024: Water use intensity: 36.9% reduction4 |
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| Reduce waste intensity by 5% from 2016 levels6 | 2022: Waste intensity: Limit increase to less than 10% 2023: Waste intensity: Limit increase to less than 8% 2024: Waste intensity: 2% reduction |
2022: Waste intensity: 0.2% reduction 2023: Waste intensity: 2% reduction2024: Waste intensity: 9% reduction |
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| Corporate Office: | |||
| Reduce energy use intensity by 63% from 2016 levels | 2022: Energy use intensity: 9% reduction 2023: Energy use intensity: 14% reduction 2024: Energy use intensity: 16% reduction |
2022: Energy use intensity: 13% reduction 2023: Energy use intensity: 14% reduction2024: Energy use intensity: 12% reduction4 |
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| Property Development (PD)8: | |||
| Achieve an energy use intensity of 95 kWh/m2 | 2022: Energy use intensity: ≤105 kWh/m2 2023: Energy use intensity: ≤105 kWh/m2 2024: Energy use intensity: ≤105 kWh/m2 |
2022: Energy use intensity: 63 kWh/m2 2023: Energy use intensity: 3 out of 4 TOP projects did not meet target2024: Energy use intensity: 1 out of 1 TOP project met target |
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| Achieve a water use intensity of 1.54 m3/m2 | 2022: Water use intensity: ≤1.72 m3/m2 2023: Water use intensity: ≤1.72 m3/m2 2024: Water use intensity: ≤1.72 m3/m2 |
2022: Water use intensity: 0.98 m3/m2 2023: Water use intensity: 2 out of 4 TOP projects did not meet target2024: Water use intensity: 1 out of 1 TOP project met target |
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| Achieve a waste intensity of 40 kg/m2 9 | 2022: Waste intensity: ≤50kg/m2 2023: Waste intensity: ≤47.5kg/m2 2024: Waste intensity: ≤47.5kg/m2 |
2022: Waste intensity: 28 kg/m2 2023: Waste intensity: 1 out of 4 TOP projects did not meet target2024: Waste intensity: 1 out of 1 TOP project met target |
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| Ensure 100% of appointed suppliers12 are certified by recognised EHS standards | 2022: ≥90% of suppliers appointed by AM; 100% of main contractors and ≥90% of key consultants appointed by PD 2023: 100% of vendors appointed by AM; 100% of main contractors and ≥90% of key consultants appointed by PD 2024: 100% of vendors appointed by AM; 100% of main contractors and ≥90% of key consultants appointed by PD |
2022: 100% of AM appointed vendors; 100% of main contractors and key consultants appointed by PD 2023: 100% of AM appointed vendors; 100% of main contractors and key consultants appointed by PD2024: 100% of AM appointed vendors; 100% of main contractors and key consultants appointed by PD |
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| Reduce embodied carbon of building materials by 41% compared to 2016 baseline | 2022: 7% reduction 2023: 21% reduction 2024: 33% reduction |
2022: 22% reduction 2023: 33% reduction2024: 38% reduction 10 |
|
| Investments11: | |||
| Reduce absolute scope 3 GHG emissions by 58.8% by 2030 from a 2016 base year | 2023: 29% reduction 2024: 34% reduction |
2022: Not applicable 2023: 61.6% reduction2024: 52.1% reduction |
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Goal 3: Ensuring Fair, Safe and Inclusive Workplace |
Maintain zero corruption and fraud incidents across CDL’s core operations | Zero | 2022: Zero corruption and fraud incident 2023: Zero corruption and fraud incident2024: Zero corruption and fraud incident |
| Maintain zero fatalities across CDL’s operations and direct suppliers in Singapore | Zero | 2022: 1 fatality 2023: 1 fatality2024: Zero fatality11 |
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| Maintain zero occupational disease across CDL’s operations and direct suppliers in Singapore | Zero | 2022: Zero occupational disease 2023: Zero occupational disease2024: Zero occupational disease |
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| Maintain a Major Injury Rate (Major IR)12 of 10.0 across CDL’s operations and direct suppliers in Singapore | 2022: ≤ 16.0 2023: ≤ 15.3 2024: ≤ 14.5 |
2022: 28.9 Major IR 2023: Zero Major IR2024: Zero Major IR |
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| Maintain a Minor Injury Rate (Minor IR)12 of 460.0 across CDL’s operations and direct suppliers in Singapore | 2022: ≤ 633.7 2023: ≤ 593.0 2024: ≤ 574.0 |
2022: 317.9 Minor IR 2023: 209.9 Minor IR2024: 395.9 Minor IR |
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| 1 | The 2030 targets and interim 2023 annual targets were reviewed in Q2 2023 and reflected in the table above |
| 2 | Calculated based on % of total gross floor area (aligned with Building and Construction Authority’s (BCA) calculation of green buildings) |
| 3 | Intensity figures were calculated based on per unit net lettable floor area. For 2024, both interim 2024 annual targets and performance for intensity reductions were considered on a like-for-like basis with the prevailing buildings in 2024, compared with the same buildings in the 2016 baseline |
| 4 | The shortfall in meeting the carbon and energy reduction targets was driven by several key factors. Impact of rising national temperatures on energy consumption and refrigerant leak led to lower-than-expected performance. Asset Enhancement Initiatives (AEI) also resulted in energy and water usage inefficiencies which further exacerbated CO2 emissions and resource consumption |
| 5 | Water use and waste intensities include water use and waste disposed by CDL Corporate Office |
| 6 | Waste intensity figures are for non-recyclable waste |
| 7 | The water use intensity was restated to accurately reflect reduction value for 2023 |
| 8 | For CDL managed construction projects that obtained TOP status – Irwell Hill Residences – for the reporting year. As of 2023, targets set for energy, water and waste will be applied to projects commencing in that specific year and measured at the point of TOP |
| 9 | These refer to vendors engaged for proprietary equipment service and maintenance, facility management, security and cleaning service appointed by our asset management team, and main contractors and key consultants (architects, civil and structural engineers, mechanical and electrical engineers) appointed by our property development division |
| 10 | The calculation is based on the best available information on emission factors for building materials and industry accepted approaches at the point of reporting. These changes could have also contributed to this reduction |
| 11 | Investment refers to the Group’s six key subsidiaries: CBM Pte Ltd, CDL Hospitality Trusts (considered an associate of the Group from 2023 onwards), City Serviced Offices, Le Grove Serviced Residences, Tower Club Singapore, hotels owned and managed, and managed by M&C |
| 12 | Major and Minor IR refer to the number of major and minor workplace injuries per 100,000 persons employed, respectively. For the definition of Major and Minor IR, please refer to the Ministry of Manpower’s website |