NET-ZERO BUILDING COMMITMENT

Our net-zero commitment has been at the heart of our green building and energy management practices since we pledged to the WorldGBC Net Zero Carbon Buildings Commitment, as well as revalidated our Science Based Target initiative (SBTi) carbon reduction targets in 2021.

In this critical decade for climate action, we have embraced bold innovations in green building design and energy efficiency and continuously strive towards accelerating global decarbonisation goals.

Advancing Net-Zero: Formation of CDL’s Net-Zero Committee
In March 2024, the Company convened our inaugural net-zero committee meeting, chaired by our Group Chief Financial Officer, Yiong Yim Ming. Comprising representatives from key business units, the committee, which meets bi-annually, was established to accelerate decarbonisation efforts of the Group’s portfolio, align net-zero targets with performance standards, cultivate a net-zero culture and drive sustainable investment initiatives. As the first key milestone, the committee introduced corporate-wide operational net-zero key performance indicators (KPIs) for all employees, including key subsidiaries. This reinforces shared accountability and commitment towards our net-zero goals.

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Net Zero Commitment CDL’s Commitment Action Taken Achievements

WorldGBC Net Zero Carbon Buildings Commitment
Scope of CDL’s Net Zero Carbon Commitment

New developments and 13 Singapore assets (as of February 2021)

  • 247,016 m2 total floor area
  • 15,044 tCO2e portfolio carbon emissions
  • 16,922 average kgCO2e/m2 Whole Life Carbon Footprint
  • 415 employees
 The following targets have been set and endorsed by our senior management to take our green building ambitions to the next level:

  • To achieve net-zero carbon with whole-life cycle approach for wholly-owned and directly managed buildings in Singapore by 2030
  • To achieve maximum reduction of embodied carbon in new developments, compensating for any remaining residual operational and upfront embodied emissions via offsetting for new developments by 2030 and for all buildings to be net-zero carbon by 2050
 Updated our interim annual targets in 2022, since SBTi’s successful validation of our carbon reduction targets in 2021.

Operationalised revised interim Future Value 2030 Sustainability Blueprint (FV2030) targets in Q3 2022, endorsed by senior management.

The FV2030 targets have incorporated more stringent SBTi-validated targets based on a 1.5°C warmer scenario, which are integrated with the Company’s carbon reduction pathways mapped under our WorldGBC Net Zero Carbon Buildings Commitment.

The Company has also submitted our annual interim progress to WorldGBC.

 One of over 50 global corporations commit to greater action in strengthening climate policy engagement, in line with the Paris Agreement at COP27.
By 2030, against a 2016 base year, we will:

  • Reduce Scope 1 and 2 (GHG) emissions by 63% per square metre (per m2) leased area
  • Reduce Scope 3[1] GHG emissions from purchased goods and services by 41% per m2 gross floor area (GFA)
  • Reduce absolute Scope 3 GHG emissions from investments[2] by 58.8%, including hotels managed by CDL’s wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C)
 2021: Renewed SBTi-validated targets aligned with a 1.5°C warmer scenario
2019: One of 87 pioneering signatories to the Business Ambition for 1.5°C campaign led by UNGC, SBTi, and We Mean Business coalition
2018: First real estate company in Singapore to set SBTi-validated targets based on a 2°C warmer scenario

  • Achieve net zero emissions by 2050
  • 2030 Nationally Determined Contribution: Reduce 2030 emissions to 60 MtCO2e after peaking emissions earlier3

  • The Singapore Green Building Master Plan aims to deliver three key targets of “80-80-80 in 2030”
  • As of end 2023, 57.9% of Singapore’s buildings have been greened (by GFA)4
 The following targets have been set and endorsed by our senior management, to take our green building ambitions to the next level:

80% of Singapore’s buildings (by GFA) to be green by 2030

  • To achieve BCA Green Mark certification for 100% of the Company’s owned and managed buildings by 2030

80% of new developments to be SLE from 2030

  • To achieve SLE buildings for 80% of the Company’s owned and managed buildings by 2030

80% improvement in energy efficiency (from 2005 levels) for best-in-class green buildings by 2030

  • Asset enhancements with smart and low-carbon technologies towards BCA Super Low Energy Building (SLEB) certification
 Introduced the CDL Smart, Sustainable and Super Low Carbon (3S) Green Building Framework in 2020.

Updated the 3S Green Building Framework in 2021 to include embodied carbon management.

Aligned with refreshed Green Mark 2021 standards.

In 2023, we concluded a Whole Life Carbon Assessment (WLCA) in Singapore using five existing Group assets across different typologies.

In July 2024, the Company piloted the City Green Tenant Bonus (CGTB) Programme, a first-of-its-kind decarbonisation initiative aimed at tenants at our corporate office, Republic Plaza, to reduce Scope 3 carbon emissions. Building on our Green Lease initiative, this programme incentivises tenants to adopt sustainable practices and cut energy consumption.

By Q2 2025, hybrid cooling fans will be installed at levels 10 to 12 of our corporate office at Republic Plaza, to complement a raised air-conditioning temperature of 25°C in our offices. A business casual dress code was introduced to ensure the comfort of our employees.

In 2024, the Company piloted a smart workspace system at Republic Plaza. The system integrates occupancy and daylight sensing, with automatic daylight-responsive controls. It also includes a dashboard that provides occupancy insights, supporting space optimisation.

 Green Mark: The Company has amassed a portfolio of 129 BCA Green Mark certifications for our developments and office interiors. This makes us one of the leading private developers with the most BCA Green Mark Platinum awards since the launch of this scheme in 2005.

  • In 2024, the Company achieved five BCA Green Mark Platinum SLE awards for City House, Palais Renaissance, The Orie, Norwood Grand, and Union Square Residences
  • The Orie, Norwood Grand, and Union Square Residences were awarded the BCA Whole Life Carbon Badge and Maintainability Badge, with The Orie earning an additional Health and Wellbeing Badge
  • One Green Mark Platinum award for City Serviced Offices at Republic Plaza Level 9, and two Green Mark Gold Plus award for City Serviced Offices in South Beach and Republic Plaza Level 58

Over 130 tenants participated in the CGTB Programme.

 

[1] SBTi only requires companies’ Scope 3 targets to cover 66% of their Scope 3 emissions. For the Company, category 1 (purchased goods and services) and category 15 (investments) have reduction targets as these categories cover more than 80% of our Scope 3 emissions
[2] Investment refers to the Group’s six key subsidiaries: CBM Pte Ltd, CDL Hospitality Trusts (considered as associate of the Group from 2023 onwards), City Serviced Offices, Le Grove Serviced Residences, Tower Club Singapore, hotels owned and managed by M&C
2 Singapore Commits to Achieve Net-zero Emissions by 2050 and to a Revised 2030 Nationally Determined Contribution; Public Sector and Jurong Lake District to Lead, NCCS Singapore
3 Media Release: Initiatives to Support Transformation in the Built Environment Sector
4 The Company achieved three SLE awards in 2023 for Republic Plaza, Tembusu Grand, and Lumina Grand
5 Comprises residential, retail, office and hotel

 

CREATING BUSINESS AND FINANCIAL VALUE WITH GREEN AND HEALTHY BUILDINGS

Green and Healthy Buildings

The Company prioritises environmental responsibility and occupant well-being in our buildings. We design for acoustical and visual comfort, using silencers in aircon and ventilation ducts to minimise noise, double-glazed windows to reduce external sound and heat, and high-colour rendering index lighting with smart dimmable features in selected spaces for enhanced adaptability and comfort.

The Company has been committed to achieving green mark certification for 100% of our owned and/or managed buildings via our Future Value 2030 Sustainability Blueprint targets. Similarly, our key subsidiary, M&C, has also stepped up efforts to green our hotels in Asia, Europe, the US, Middle East and New Zealand. At the end of 2024, 17 of our hotels based in the United Kingdom (UK) achieved green tourism eco-labels awarded by the UK sustainable tourism authority, Green Tourism.

The Company achieved the Elite Level in Eco-Office Certification by the Singapore Environment Council in 2023, an accolade awarded biennially to organisations demonstrating exceptional environmental stewardship. Similarly, the Company received the BCA-HPB Green Mark for Healthier Workplaces, for our efforts in creating energy- and resource-efficient and healthier interior spaces.

WELL Health-Safety Rating

In 2024, nine of our properties in Singapore maintained the internationally recognised WELL Health-Safety Rating (HSR) which was originally awarded in 2023. These properties are also undergoing recertification for 2025. They are: Republic Plaza, City Square Mall, King’s Centre, Palais Renaissance, Quayside Isle, JW Marriott Hotel Singapore South Beach, South Beach, Grand Copthorne Waterfront Hotel Singapore and M Hotel Singapore City Centre.

WELL is a performance-based system for measuring, certifying, and monitoring features of the built environment that impact human health and well-being. It focuses on aspects such as air quality, water quality, thermal comfort, lighting and user experience to ensure that buildings promote a healthy and supportive environment for occupants.