ON TRACK TO ACHIEVING FUTURE VALUE 2030 GOALS AND ANNUAL TARGETS
The CDL Future Value 2030 Sustainability Blueprint, established in 2017, outlines our ESG goals, including near and long-term net-zero targets in line with the 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 2023 (31 December 2023), 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 FY2021-FY2023 ANNUAL TARGETS1 | FY2021-FY2023 Performance |
Goal 1: Building Sustainable Cities and Communities |
Achieve Green Mark certification for 100% of CDL owned and/or managed buildings2 | ≥90% |
2021: 85% achieved 2022: 98% achieved2023: 100% achieved
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| Maintain 100% retail and office tenant participation in CDL Green Lease Partnership Programme | Achieve 100% |
2021: 100% maintained 2022: 100% maintained2023: 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 |
2021: Average of two innovation and technology applications per year 2022: Average of two innovation and technology applications per year2023: Average of two innovation and technology applications per year
1. Optimiser to improve AHU energy efficiency |
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| Maintain high level of sustainability engagements and advocacy activities | Average of ≥ 36 engagements and advocacy initiatives and activities per quarter |
2021: Average of 75 engagement and advocacy initiatives and activities per quarter 2022: Average of 75 engagement and advocacy initiatives and activities per quarter2023: Average of 71 engagement and advocacy initiatives and activities per quarter
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| Obtain GSTC Certification for all M&C Hotels based in Singapore by 2025 | 2021 and 2022: Not applicable (This goal was introduced in FY2022) 2023: Not applicable as M&C is in its initial phases of the GSTC certification process |
2021: Not applicable 2022: Not applicable 2023: Not applicable |
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Goal 2: Reducing Environmental Impact |
2021: Achieve science-based target of reducing carbon emissions intensity by 59% from 2007 levels4 2022: Achieve science-based target of reducing carbon emissions intensity by 63% from 2016 levels4 2023: Achieve science-based target of reducing carbon emissions intensity by 63% from 2016 levels4 |
2021: 42% reduction 2022: 19% reduction 2023: 27% reduction |
2021: 42% reduction 2022: 24% reduction2023: 33%3 reduction5
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| Asset Management (AM)- Office & Industrial4,6: | |||
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2021: Reduce energy use intensity by 45% from 2007 levels 2022: Reduce energy use intensity by 55.7% from 2007 levels 2023: Reduce energy use intensity by 55.7% from 2016 levels |
2021: Energy use intensity: 37% reduction 2022: Energy use intensity: 9% reduction 2023: Energy use intensity: 21% reduction |
2021: Energy use intensity: 48% reduction 2022: Energy use intensity: 18.1 % reduction2023: Energy use intensity: 24.8% reduction
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2021: Reduce water use intensity by 50% from 2007 levels 2022: Reduce water use intensity by 9.5% from 2016 levels 2023: Reduce water use intensity by 9.5% from 2016 levels |
2021: Water use intensity: 43.5% reduction 2022: Water use intensity: 1% reduction 2023: Water use intensity: 2% reduction |
2021: Water use intensity: 56.9% reduction 2022: Water use intensity: 28.7% reduction2023: Water use intensity: 20.3% reduction
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2021: Reduce waste intensity by 16% from 2016 levels7 2022: Reduce waste intensity by 8% from 2016 levels7 2023: Reduce waste intensity by 8% from 2016 levels7 |
2021: Waste intensity: 14% reduction 2022: Waste intensity: Limit increase to less than 20% 2023: Waste intensity: Limit increase to less than 17% |
2021: Waste intensity: 29% reduction 2022: Waste intensity: 9.4% increase2023: Waste intensity: 22% reduction
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| Asset Management (AM)- Retail4,6: | |||
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2021: Reduce energy use intensity by 18% from 2010 levels 2022: Reduce energy use intensity by 55.7% from 2016 levels 2023: Reduce energy use intensity by 55.7% from 2016 levels |
2021: Energy use intensity: 18% reduction 2022: Energy use intensity: 10% reduction 2023: Energy use intensity: 27% reduction |
2021: |
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2021: Reduce water use intensity by 9% from 2010 levels 2022: Reduce water use intensity by 10.8% from 2016 levels 2023: Reduce water use intensity by 10.8% from 2016 levels |
2021: Water use intensity: 8% reduction 2022: Water use intensity: 9% reduction 2023: Water use intensity: 9.5% reduction |
2021: Water use intensity: 44% reduction 2022: Water use intensity: 48.3% reduction2023: Water use intensity: 48.3% reduction
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2021: Reduce waste intensity by 12% from 2016 levels7 2022: Reduce waste intensity by 5% from 2016 levels7 2023: Reduce waste intensity by 5% from 2016 levels7 |
2021: Waste intensity: 10.7% reduction 2022: Waste intensity: Limit increase to less than 10% 2023: Waste intensity: Limit increase to less than 8% |
2021: Waste intensity: 16.4% reduction 2022: Waste intensity: 0.2% reduction2023: Waste intensity: 2% reduction
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| Corporate Office: | |||
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2021: Reduce energy use intensity by 31% from 2007 levels 2022: Reduce energy use intensity by 63% from 2016 levels 2023: Reduce energy use intensity by 63% from 2016 levels |
2021: Energy use intensity: 29% reduction 2022: Energy use intensity: 9% reduction 2023: Energy use intensity: 14% reduction |
2021: Energy use intensity: 37% reduction 2022: Energy use intensity: 13% reduction2023: Energy use intensity: 14% reduction
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| Property Development (PD)9: | |||
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2021: Achieve an energy use intensity of 95 kWh/m2 2022: Achieve an energy use intensity of 95 kWh/m2 2023: Achieve an energy use intensity of 95 kWh/m2 |
2021: Energy use intensity: ≤105 kWh/m2 2022: Energy use intensity: ≤105 kWh/m2 2023: Energy use intensity: ≤105 kWh/m2 |
2021: Energy use intensity: 107.09 kWh/m2 2022: Energy use intensity: 63 kWh/m2 (for Whistler Grand that has obtained Temporary Occupation Permit (TOP) in 2022 only)2023: Energy use intensity: 3 out of 4 TOP projects did not meet target10
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2021: Achieve a water use intensity of 1.54 m3/m2 2022: Achieve a water use intensity of 1.54 m3/m2 2023: Achieve a water use intensity of 1.54 m3/m2 |
2021: Water use intensity: ≤1.75 m3/m2 2022: Water use intensity: ≤1.72 m3/m2 2023: Water use intensity: ≤1.72 m3/m2 |
2021: Water use intensity: 0.70 m3/m2 2022: Water use intensity: 0.98 m3/m2 (for Whistler Grand only)2023: Water use intensity: 2 out of 4 TOP projects did not meet target11
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2021: Achieve a waste intensity of 40 kg/m2 7 2022: Achieve a waste intensity of 40 kg/m2 7 2023: Achieve a waste intensity of 40 kg/m2 7 |
2021: Waste intensity: ≤50kg/m2 2022: Waste intensity: ≤50kg/m2 2023: Waste intensity: ≤47.5kg/m2 |
2021: Waste intensity: 45.79 kg/m2 (Environmental performance reported for The Tapestry, which obtained TOP status in February 2021) 2022: Waste intensity: 28 kg/m2 (for Whistler Grand only)2023: Waste intensity: 1 out of 4 TOP projects did not meet target12
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2021: Ensure 100% of appointed suppliers13 are certified by recognised EHS standards 2022: Ensure 100% of appointed suppliers13 are certified by recognised EHS standards 2023: Ensure 100% of appointed suppliers13 are certified by recognised EHS standards |
2021: ≥90% of suppliers appointed by AM; 100% of main contractors and ≥90% of key consultants appointed by PD 2022: 100% of vendors 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 |
2021: 93% of AM appointed suppliers; 100% of main contractors and 100% of key consultants appointed by PD 2022: 100% of AM appointed vendors; 100% of main contractors and key consultants appointed by PD2023: 100% of AM appointed vendors; 100% of main contractors and key consultants appointed by PD
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2021: Reduce embodied carbon of building materials by 24% compared to their conventional equivalents 2022: Reduce embodied carbon of building materials by 41% compared to 2016 baseline 2023: – Reduce embodied carbon of building materials by 41% compared to 2016 baseline – Reduce absolute scope 3 GHG emissions from investments14 by 58.8% by 2030 from a 2016 base year |
2021: 7% reduction for new projects awarded from 2018 onwards 2022: 7% reduction for new projects awarded from 2018 onwards 2023: – 21% reduction compared with 2016 baseline – 29% reduction |
2021: Performance is on track to meet target. Data will be reported at end of 2022 when projects obtain TOP 2022: 22% reduction compared to conventional equivalents2023: 33%15 reduction compared to 2016 baseline 61.6%16 reduction
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Goal 3: Ensuring Fair, Safe and Inclusive Workplace |
Maintain zero corruption and fraud incidents across CDL’s operations | Zero |
2021: Zero corruption and fraud incident 2022: Zero corruption and fraud incident2023: Zero corruption and fraud incident
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| Maintain zero fatality across CDL’s operations and direct suppliers in Singapore | Zero |
2021: Zero fatality 2022: 1 fatality2023: 1 fatality17
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| Maintain zero occupational disease across CDL’s operations and direct suppliers in Singapore | Zero |
2021: Zero occupational disease 2022: Zero occupational disease2023: Zero occupational disease
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| Maintain a Major Injury Rate (Major IR)18 of 10.0 across CDL’s operations and direct suppliers in Singapore |
2021: ≤ 16.7 2022: ≤ 16.0 2023: ≤ 15.3 |
2021: 35.1 Major IR 2022: 28.9 Major IR2023: Zero Major IR
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2021: Maintain a Minor Injury Rate (Minor IR)18 of 250.0 across CDL’s operations and direct suppliers in Singapore 2022: Maintain a Minor Injury Rate (Minor IR)18 of 460.0 across CDL’s operations and direct suppliers in Singapore 2023: Maintain a Minor Injury Rate (Minor IR)18,19 of 460.0 across CDL’s operations and direct suppliers in Singapore |
2021: ≤ 354.7 2022: ≤ 633.7 2023: ≤ 593.0 |
2021: 175.5 Minor IR 2022: 317.920 Minor IR2023: 209.9 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 BCA’s calculation of green buildings) |
| 3 | There has been a change in emission factor applied between 2016 and 2023. The reduction value would be 25% when calculated on a comparable basis |
| 4 | Intensity figures were calculated based on per unit net lettable floor area |
| 5 | Reduction value includes the RECs purchased and retired for the respective year, for year 2023, RECs retired contribute to ~2.6% reduction |
| 6 | Water use and waste intensities include water use and waste disposed by the CDL Corporate Office |
| 7 | Waste intensity figures are for non-recyclable waste |
| 8 | 2023 experienced higher traffic that resulted in a higher cooling load |
| 9 | For the Company’s managed construction projects that obtained TOP status for the reporting year. The projects are, Piermont Grand, Haus on Handy, Boulevard 88 / The Singapore EDITION and Amber Park. As of 2023, project targets set for energy/water/waste will be applied to projects commencing in that specified year and measured to whether the targets are met at their point of TOP |
| 10 | For energy use intensity, the targets were not met for Piermont Grand, Haus on Handy and Boulevard 88 / The Singapore EDITION namely due to the prolonged construction process caused by COVID-19. Projects’ performances are measured against their specific targets set at the point of commencement of the construction |
| 11 | For water use intensity, the targets were not met for Haus on Handy and Boulevard 88 / The Singapore EDITION namely due to the prolonged construction process caused by COVID-19. Projects’ performances are measured against their specific targets set at the point of commencement of the construction |
| 12 | For waste intensity, the targets were not met for Boulevard 88 / The Singapore EDITION due to a higher waste generation from interior design materials associated with a mixed development project that includes a Hotel. Projects’ performances are measured against their specific targets set at the point of commencement of the construction |
| 13 | These refer to vendors engaged for proprietary equipment service and maintenance, facility management, security and cleaning service appointed by Asset Management, and main contractors and key consultants (architects, civil and structural engineers, mechanical and electrical engineers) appointed by Property Development |
| 14 | 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 by M&C |
| 15 | 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 |
| 16 | There have been changes in our investment portfolio as well as emission factors applied between 2016 and 2023. The reduction would be 58.7% when calculated on a comparable basis |
| 17 | There was one reported fatality case that occurred during demolition phase at Newport Plaza construction site in Q2 2023. Investigation is still ongoing by MOM. Site specific corrective action had been implemented on site and reviewed based on preliminary investigation reports |
| 18 | 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 |
| 19 | The 2030 goals for minor injury rates were adjusted to take into account the revised definition of minor injuries by Ministry of Manpower |
| 20 | Minor injury rate for construction sites in 2022 was restated to accurately account for the number of lost-time injury |