Stepping up in the Global Race to Net Zero

In line with our firm commitment to sustainability, we remain steadfast in taking the lead on decarbonisation towards a low-carbon future. In September 2019, CDL was one of the pioneering 87 companies to sign on to the Business Ambition for 1.5°C led by UNGC, SBTi and We Mean Business coalition. CDL will be setting a more ambitious carbon emissions reduction target in line with a 1.5°C future by September 2021.

Recognising the financial implications and business risks of climate change, CDL also completed two climate change scenario analyses, in line with the TCFD recommendations, as a means of testing our strategic resilience against different plausible and science-based climate scenarios.

After months of review and deliberate planning, we became the first real estate developer in Singapore and the first real estate conglomerate in Southeast Asia to pledge our support to the WorldGBC’s Net Zero Carbon Buildings Commitment in February 2021. By joining the Commitment, CDL is dedicated to achieving net zero operational carbon by 2030 for our new and existing wholly-owned assets and developments under our direct operational and management control. Pledging to the WorldGBC’s Net Zero Carbon Buildings Commitment will entail CDL disclosing, reducing and verifying operating Scope 1 and 2 emissions of our managed buildings, including our corporate office in Singapore.

Our net zero pledge complements the Singapore government’s strong commitment to climate action and sustainability. The latest announcement of the Singapore Green Plan 2030 includes setting ambitious and concrete targets on a sectoral basis and pushing for the adoption of BCA SLE-certified buildings. To achieve the ambitious net zero goal, CDL will strive to reduce our carbon emissions, including retrofitting our managed buildings to further enhance energy efficiency and accelerating the transition to renewable energy.

As a signatory to the Commitment, CDL is also an EP100 member, an initiative led by The Climate Group1 in partnership with the Alliance to Save Energy2. EP100 is a corporate commitment platform through which companies pledge to improve their energy productivity by deploying energy-efficient technologies and practices, and has a global outreach with member companies operating in over 130 markets.

ESG-linked Remuneration

Under the strategic goal of ‘Reducing Environmental Impact’, we have established a set of robust targets to reduce our carbon emissions, energy and water consumption and waste generation, as well as sustainable material use. More details on the blueprint and our progress on each target are here.

CDL recognises that inclusion of appropriate 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 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.

Carbon Emissions Performance for 2020

Given the significant drop in activities3 at our assets and developments due to COVID-19, CDL achieved a significant carbon emissions intensity reduction of 44% as compared to the baseline year of 2007. Total carbon emissions in 2020 was also 14% lower across all CDL’s business operations in Singapore, excluding hotel properties, as compared to 2019.

Historically for CDL, the largest source of emissions is electricity usage reported as Scope 2 emissions in the charts. This frames our carbon mitigation strategy to focus on reducing Scope 2 emissions.

CDL 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.


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 activities (fuel used in power generators, purchased electricity, electricity upstream emissions and transmission losses, and water usage), and other indirect emissions from electricity upstream emissions and transmission losses, local and international courier services, employee commute, business air travel (excluding the influence of radiative forcing) and hotel accommodations, and water supply and wastewater treatment at the corporate office and managed buildings.



Figures stated in charts may not add up due to rounding of decimals.
CDL’s operations in Singapore refer to the corporate office, managed buildings and construction sites. They exclude hotel properties.
Figures stated in charts may not add up due to rounding of decimals.
# In accordance with GHG Protocol, Scope 2 emissions are calculated using both location-based and market-based methods. The figures shown in brackets represent calculations using a market-based method and includes the reduction in emissions from the purchase of RECs.
Corporate Office: CDL Corporate Office in Singapore occupied approximately 5,013m2 across four floors in Republic Plaza. Measurement applies to all environmental performance reported in this chapter.
Managed Buildings: In 2020, CDL managed eight office buildings, two retail buildings and three industrial buildings in Singapore, with an average monthly net lettable area of 165,066 m2, 45,311 m2 and 36,313 m2 respectively. Measurement applies to GHG calculations, with all other environmental performances reported using the net lettable area. Data before 2020 includes an office building, 7 & 9 Tampines Grande, which was divested in Q2 2019.
Construction Sites: In 2020, CDL measured and monitored the environmental impact and performance of seven active construction sites in Singapore with a GFA of 65,675 m2 built for that year. Measurement applies to all environmental performance reported in this chapter.



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 important to us.

* Data represents Le Grove Office only. Le Grove Serviced Residences was closed for renovation from December 2016 to July 2018.
** Data excludes carbon emissions from M&C franchised hotels. These are managed by third party operators and CDL does not have direct operational control over them. The figure for 2019 has been restated in this regard.


Pioneering Adoption of Carbon Neutrality

Since 2009, CDL has been voluntarily reducing our annual carbon emissions to net zero for our corporate office operations including our data centre, and 11 Tampines Concourse – the first CarbonNeutral® development in Singapore and the Asia Pacific.

As an extension of our commitment to carbon neutrality, we joined the UN Climate Neutral Now Pledge in 2020 to commit maintaining carbon neutrality for our corporate office operations and 11 Tampines Concourse. In March 2021, we further committed under this pledge to achieve net zero operational carbon for the rest of our wholly-owned buildings and developments under our direct operational and management control.

1 The Climate Group is an international non-profit organisation, founded in 2004, that works with businesses and government leaders globally to address climate change by focussing on renewable energy and reducing carbon emissions.
2 The Alliance to Save Energy is a coalition consisting largely of industrial, technological and energy corporations that promotes energy efficiency to achieve a healthier economy, a cleaner environment, and greater energy security.
3 Common amenities in retail malls were closed, and no events were allowed at mall atriums. For CDL’s commercial buildings and corporate office, most employees were on WFH arrangements to reduce their risk of exposure to COVID-19. Construction activities were disrupted for months to curb the spread of COVID-19 amongst the workers.