SUSTAINABLE FINANCE
With sustainable financing as a powerful enabler in building a greener and better future, mitigating and adapting to climate risks presents huge investment opportunities. This is evident from the establishment of the UN PRI, an investor initiative in partnership with UNEP Finance Initiative (UNEP FI) and the UNGC, which CDL became a signatory of in September 2021. As at March 2024, the total assets under management of companies that are committed to PRI was more than US$128.4 trillion, signalling an accelerating transition towards sustainable assets.1
In December 2021, CDL rolled out our Sustainable Investment Principles (SIP). This reinforces the Company’s commitment in taking proactive steps to assess potential portfolio risks and opportunities for sustainable investments. The SIP complements our existing ESG policies and guidelines, and is aligned with the Glasgow Climate Pact, UN SDGs, UN PRI, TCFD, UNEP FI and other global frameworks.
Completed over S$9 billion sustainable financing since 2017
Since the issuance of our first green bond in 2017, we have completed over S$9 billion in sustainable finance, including various green loans, a green bond, green revolving credit facilities, and sustainability-linked loans. At at 31 December 2024, S$6.7 billion of our sustainable finance amassed has been utilised to finance our existing investments and/or assets.
In June 2024, the Company secured a S$400 million landmark sustainability-linked loan provided by DBS Bank to advance nature conservation and sustainable development in Singapore. The loan is a first-of-its-kind, with criteria guided by the ambitious targets set by the Company in its adoption of the TNFD Recommendations. The TNFD-aligned targets incorporate specific performance targets related to biodiversity conservation and waste management, all of which are crucial components of the TNFD Recommendations. They are designed to incentivise the Company’s ongoing efforts to achieve significant ESG milestones. For this achievement, in February 2025, the Company was awarded Best Sustainability-Linked Loan – Real Estate award at The Asset Triple A Sustainable Finance Awards 2025.
In December 2023, the Company became the first Singapore corporate to secure the OCBC 1.5°C loan, Singapore’s first net-zero aligned loan for corporates to drive the transition to a low-carbon economy. The £200 million sustainability-linked loan (approximately S$342 million) is aligned with our commitment to achieve operational net-zero by 2030 for our new and existing wholly-owned assets and developments under our direct operational and management control, with the entire portfolio achieving operational net-zero by 2050. In 2024, the Group successfully achieved a maximum discount on the interest rate for this loan after meeting all the sustainability performance targets set out in the loan.
Aligned with good practices, our Sustainable Finance Framework has embraced leading global frameworks including the Green Bond Principles, Green Loan Principles and Sustainability Linked Loan Principles. More than just demonstrating the Company’s good governance in sustainable financing, the framework also supports building sustainable and climate-resilient cities and communities.
CDL is a Signatory of the UN PRI
In September 2021, CDL was accepted as a signatory of the UN PRI, an investor initiative in partnership with UNEP FI and UNGC. The PRI is the world’s leading proponent of responsible investment and supports its international network of investor signatories in incorporating ESG factors into their investment and ownership decisions. As an asset owner and manager, integrating PRI’s Six Principles with our investment decisions will have a profound impact beyond financial value.
From January 2022, CDL’s CSO was appointed as a member of PRI’s inaugural Real Estate Advisory Committee, which succeeds the Property Working Group coordinated by UNEP FI.
