Enhanced Ambition In The Global Race To Zero

Since 2015, CDL has established a Climate Change Policy and set climate-related targets in 2017 to mitigate our environmental impact. In 2018, we were the first real estate company in Singapore to set (Science Based Targets initiative) SBTi-validated targets based on a 2°C warmer scenario. CDL’s renewed SBTi-validated targets complement our pledge to the Business Ambition for 1.5°C campaign led by UN Global Compact, SBTi and We Mean Business coalition, where CDL was one of 87 pioneering signatories in September 2019.

In December 2021, we successfully raised the carbon reduction targets that were assessed and validated by the SBTi, aligned with a 1.5 C warmer scenario. The revised targets also support CDL’s World Green Building Council’s (WorldGBC) Net Zero Carbon Buildings Commitment.

Ambitious goals are effective drivers for action. As a demonstration of our commitment, CDL became the first real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings Commitment in February 2021. This is a global pledge to achieve net zero operational carbon by 2030, covering new and existing wholly-owned assets under our direct management and operational control. In November 2021, during COP26, CDL joined 44 pioneering companies worldwide to extend our pledge towards a net zero whole life carbon emissions approach. Through this expanded commitment, we pledged 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.

Scope of CDL’s Net Zero Carbon Commitment

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

  • 247,016 m2 total floor area
  • 15,044 tCO2e portfolio carbon emissions
  • 16,922 average kgCO2e/m2 Whole Life Carbon Footprint
  • 415 employees

For more details, please refer to WorldGBC’s website.

ESG-linked Remuneration

The inclusion of relevant ESG issues within executive management goals and incentive schemes is an important factor in promoting greater recognition of and accountability in our sustainability practices. Since 2015, CDL has established stronger linkages between employee and executive remuneration and our ESG performance. Performance indicators that are aligned with global standards such as ISO 26000, ISO 14001, GRI Standards and SDGs, to name a few, have been incorporated in the individual goals-setting of all employees, including CDL’s senior management. In 2021, CDL stepped up on strengthening the links between our ESG performance with the Executive Committee (ExCo) members’ remuneration. With HODs reporting to the respective ExCo members, the ESG KPIs will cascade down to every level in our organisation.

Carbon Emissions Performance

In 2021, CDL achieved a carbon emissions intensity reduction of 42%, as compared to the baseline year of 2007.1 Total carbon emissions increased by 7.8% across all CDL’s business operations in Singapore, compared to 2020 where most construction work was suspended2 during the initial stages of the COVID-19 pandemic. This increase is also due to a gradual return to full operations in 2021.

CDL’s largest source of emissions is electricity usage, reported as Scope 2 emissions. This frames our carbon mitigation strategy’s focus on reducing Scope 2 emissions. Details can be found under “Energy Reduction Strategy and Performance”, page 64 of CDL ISR 2022.

CDL also recognises the importance of addressing Scope 3 emissions, which are indicators of exposure to climate risks in our supply chain or use of products. We monitor and report Scope 3 emissions to enhance our carbon reduction efforts by identifying large emission sources along our value chain. Details can be found under “Achieving a Resilient Supply Chain and Sustainable Sourcing”, page 78 of CDL ISR 2022.

1 Total carbon emissions intensity reduction in 2021 is based on our previous baseline year of 2007 as CDL’s renewed SBTi targets were validated in December 2021. CDL will start reporting carbon emissions intensity reduction rates based on the new 2016 baseline year from 2022 onwards.
2 Gradual Resumption of Construction Work from 2 June 2020. Building and Construction Authority, 15 May 2020.



Scope 1 includes direct emissions from fuel used in power generators, petrol for company vehicles, loss of refrigerant in air-conditioning systems, loss of insulating and arc quenching media in switchgear systems and discharge of fire suppression agents.
Scope 2 includes indirect emissions from purchased electricity consumed by the operational activities of CDL at both our corporate office and managed buildings.
Scope 3 includes emissions arising from property development operational activities (e.g. fuel used in power generators and heavy vehicles, purchased electricity, electricity upstream emissions and transmission losses, and water usage), and other indirect emissions (e.g. electricity upstream emissions, distribution and transmission losses, local and international courier services, employee commute, business air travel (excluding the influence of radiative forcing) and hotel accommodations, water supply and wastewater treatment at corporate office and managed buildings).





Since 2014, CDL started reporting the carbon emissions of our key subsidiaries to ensure greater disclosure and accountability of the Group’s carbon footprint. Given CDL’s strong commitment to climate action and environmental protection, the environmental performance and practices of our subsidiaries are also important to us.

* The decrease is due to fewer overseas business trips and less frequent local employee commute due to increased WFH arrangements.
** Data represents Le Grove’s office operations only. Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
# Data excludes carbon emissions from M&C hotels which are managed by third party operators and where CDL does not have direct operational control over them.


Complementing Decarbonisation Efforts through Carbon Offsetting

Since 2009, CDL has adopted carbon neutrality to supplement our efforts to search for innovative solutions to raise energy efficiency and reduce our carbon footprint. Through carbon offsetting, we have achieved carbon neutrality for our headquarters’ operations for more than a decade.

In November 2021, CDL was the only Singapore real estate company amongst 19 pioneering companies invited to Climate Impact X’s pilot auction. Climate Impact X is a partnership by SGX, DBS, Standard Chartered and Temasek to provide a global exchange and marketplace for companies to access high-quality carbon credits. Through the auction, we successfully secured carbon credits from eight global natural climate solutions projects. These credits will be utilised over the next three years to offset an estimated 6% to 7% of emissions from our operations per year3 to complement CDL’s net zero targets by 2030.

3 This is based on CDL’s total carbon emissions from CDL’s operations in Singapore in 2019, which includes Scope 1, Scope 2 and Scope 3 emissions. 2019 data was used as CDL’s operations were substantially impacted by COVID-19 in 2020.