Singapore’s City Developments 5th Most Sustainable Corporation in the World
City Developments Limited (CDL) has ranked 5th on the 2022 Global 100 Most Sustainable Corporations in the World and maintains its position as the world's most sustainable real estate management and development company. This marks the company's best performance to date, having jumped from 40th position in 2021. Since 2010, CDL has been the first and only Singapore company to be included in the Global 100 for 13 consecutive years. This year, CDL has also remained as Singapore's most sustainable company in the world, a position held for the fourth consecutive year. CDL will strengthen its emissions pathways and carbon reduction efforts to achieve its net zero target by 2030. It will also continue to leverage existing and emerging technological innovations to reduce building energy consumption. Analysed by Corporate Knights, a Toronto-based international media and investment research firm, the Global 100 ranking is recognised as the world's preeminent sustainability equity index and gold standard in corporate sustainability analysis. Companies listed on the 2022 Global 100 ranking were selected after a rigorous assessment of over 6,900 companies with more than US$1 billion in revenues - each evaluated on a set of up to 24 Environmental, Social and Governance (ESG) indicators relative to their industry peers using publicly available information. Sherman Kwek, CDL Group Chief Executive Officer, said, "It is very encouraging to see companies around the world taking decisive climate action and CDL is deeply honoured to be ranked 5th on the 2022 Global 100 Most Sustainable Corporations. Our unwavering commitment continuously spurs us to set new benchmarks, such as including embodied carbon in our net zero targets. As we join the global momentum towards net zero and do our part in decarbonising the environment, we hope to see more companies join the collective effort. Only by working with our partners and stakeholders can we positively impact our value chain. Together, we can build a more resilient and sustainable future." In 2021, CDL aligned itself with more ambitious carbon emissions reduction targets and commitments. This includes targets validated by the Science Based Targets initiative (SBTi), under which CDL will reduce its Scope 1 and 2 Green House Gas (GHG) emissions 63% per square metre leased area by 2030 from a 2016 base year. The company will also reduce its Scope 3[1] GHG emissions from purchased goods and services 41% per square metre Gross Floor Area (GFA) by 2030 from 2016. Lastly, it will reduce absolute Scope 3 GHG emissions from investments[2] 58.8% by 2030 from 2016, including hotels managed by CDL's wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited. In addition, as the first real estate conglomerate in Southeast Asia to sign on to the World GBC Net Zero Carbon Buildings Commitment, CDL has also extended its pledge towards a net zero whole life carbon-built environment. Through this expanded commitment, CDL's new and existing wholly-owned assets under its direct management and operational control will operate at net zero carbon and achieve maximum embodied carbon reduction in new developments, compensating for any remaining residual operational and upfront embodied emissions by 2030. CDL's robust ESG integration and disclosures are widely recognized by 12 other prominent global ratings, rankings and indexes.
Tags : INTERNATIONAL Singapore Environmental ‘Net-Zero Carbon Social and Governance City Developments Limited Sustainable Corporation World GBC