DECARBONISATION – ACHIEVING NET ZERO IN PHASES BY 2030 AND 2050
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|Net Zero Commitment||CDL’s Commitment||Action Taken||Achievements|
WorldGBC Net Zero Carbon Buildings Commitment
New developments and 13 Singapore assets (as of February 2021)
|The following targets have been set and endorsed by our top management to take our green building ambitions to the next level:
||In 2022, we updated our interim annual targets 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 management.
The FV2030 targets have incorporated more stringent SBTi-validated targets based on a 1.5°C warmer scenario, which are integrated with CDL’s carbon reduction pathways mapped under our WorldGBC Net Zero Carbon Buildings Commitment.
|One of over 50 global corporations to commit to greater action in strengthening climate policy engagement, in line with the Paris Agreement at the COP27.|
|By 2030, against a 2016 base year, we will:
||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 UN Global Compact (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 2022
|The following targets have been set and endorsed by our top Management, to take our green building ambitions to the next level:
80% of Singapore’s buildings (by GFA) to be green by 2030
80% of new developments to be Super Low Energy (SLE) from 2030
80% improvement in energy-efficiency (from 2005 levels) for best-in-class green buildings by 2030
To maintain CDL’s leadership in green buildings, green and healthy features and design have been incorporated into CDL’s standard provision for new developments.
||Green Mark: CDL has amassed a portfolio of 120 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.
SLEB: CDL attained two SLEB certifications for Newport Plaza (former Fuji Xerox Towers) in 2021 and 2022.
|||SBTi only requires companies’ scope 3 targets to cover 66% of their scope 3 emissions. For CDL, 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.|
|||Investment refers to CDL’s six key subsidiaries: CBM Pte Ltd, CDL Hospitality Trusts, City Serviced Offices, Le Grove Serviced Residences, Tower Club Singapore, hotels owned and managed by M&C.|
|3||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, 25 October 2022|
|4||“Green Building Masterplans”, Building and Construction Authority (BCA), 2022|
3S Green Building Framework
Introduced in 2020, the CDL Smart, Sustainable and Super Low Carbon (3S) Green Building Framework is a key enabler founded on two critical drivers – innovation and digitalisation – to support CDL’s business growth and transition to net zero operation. This holistic framework is aligned with the BCA Super Low Energy (SLE) buildings requirements, as well as international standards for advancing health and well-being in buildings. In 2021, the 3S Green Building Framework was updated to include embodied carbon management. This aims to align with the WorldGBC’s whole life carbon vision in the expanded Net Zero Carbon Commitment.5
|5||Advancing Net Zero. World Green Building Council, 29 November 2021.|