It is the middle of 2019 and the world has already seen a significant spate of extreme weather events.
Record flooding in Mid-Western US; more than 200 weather records broken in Australia last summer, including record temperatures in January (49.5°C in Port Augusta and 35.9°C in New South Wales); and over 40% of Greenland’s ice, or two billion tons of ice melted in one day in June 2019.
As local governments grapple with the impact of climate change, businesses, too, have been adapting to minimise. Besides building processes and infrastructure to deal with extreme weather, companies worldwide have also been introducing measures to reduce the environment footprint of their business.
When the world is 1.5°C warmer
Last year, CDL completed a Climate Change Scenario Planning Study based on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. CDL is the first Singapore real estate company to do so.
The study was conducted to raise CDL Group’s readiness for potential climate-related risks in Singapore and key overseas markets where it has
core business operations. It considered two scenarios where global temperatures rise by 2°C and 4°C.
To align with the landmark Intergovernmental Panel on Climate Change (IPCC) Special Report released in November 2018, CDL has expanded the study to the 1.5°C warmer scenario.
Raised carbon emission targets
CDL has raised its carbon emissions intensity reduction target across its Singapore operations to 59% by 2030 from base-year 2007.
By adopting globally-recognised best practices such as Science Based Targets initiative (SBTi)-validated targets, CDL is on track to take concrete actions to futureproof its business for sustained growth.
Another step in the journey
Since 1995, CDL has been “Conserving as it Constructs”, working towards a greener and more sustainable future for all. In March 2019, CDL released its latest Integrated Sustainability Report (ISR) 2019. Entitled “Changing the Climate: Towards Future Value 2030 Goals”, this fully-digital report communicates CDL’s progress towards its material ESG goals and targets established under the CDL Future Value 2030 Sustainability Blueprint. Its theme is clear: climate action is urgent.
“Climate change has become a mainstream political, business and social issue, said Mr Sherman Kwek, CDL Group Chief Executive Officer. “Today’s investors and consumers are increasingly expecting socially responsible brands and products. The benefits of climate action are greater than ever before, while the costs of inaction continue to mount.”
The report reinforces CDL’s firm commitment to achieve the relevant UN Sustainable Development Goals (SDGs) through its integrated sustainability strategy towards 2030.
The full report is available at CDL’s dedicated sustainability microsite: www.cdlsustainability.com.