A collaboration between CDP, the United Nations Global Compact, World Resources Institute and World Wide Fund for Nature (WWF), SBTi is also one of the We Mean Business Coalition initiatives. It helps companies to establish and validate science-based carbon reduction targets that are in line with climate science to limit global warming to below 2°C, as set out by the Paris Agreement. These targets enable companies to stay ahead of increasing regulations, strengthen investor confidence and drive efficiency and profitability through innovative low-carbon solutions.
Having set its science-based targets, CDL will reduce its greenhouse gas (GHG) emissions per square metre3 across its Singapore operations (Corporate Office, commercial and industrial buildings) by 59% from base-year 2007 by 20304. For its development projects, CDL also commits to use sustainable building materials, instead of their conventional equivalents, to reduce embodied carbon5 by 24% by 2030. In addition, CDL will engage its subsidiary, Millennium & Copthorne Hotels plc, which contributes close to 90% of emissions from CDL’s key subsidiaries, to set a science-based emissions reduction target by 2025.
Recognising the financial implications and business risks of climate change, CDL has also embarked on a climate change scenario analysis, as recommended by the international Task Force for Climate-related Financial Disclosures (TCFD). CDL is one of the pioneering Singapore listed companies to pledge its support for the TCFD when it was first launched in June 2017.
In addition, CDL has become the first company in Singapore to attain ISO 16745, by releasing the carbon intensity disclosure for its flagship building Republic Plaza in the heart of the city’s Central Business District. To further enhance the management of emissions from the building sector, ISO 16745 was developed to measure the carbon footprint of buildings. The standard verifies and reports carbon metrics for emissions arising from the buildings’ activities and provides accurate performance baselines. This helps to drive “Advancing Net Zero”, the World Green Building Council’s global project to achieve net zero carbon for all buildings by 2050.
Ms Esther An, CDL Chief Sustainability Officer, said, “Recognising the critical role the building and construction sector has in shaping a low carbon economy, CDL has been proactively implementing initiatives for low-carbon operations. By adopting the science-based emissions reduction targets and climate change scenario analysis, we can identify risks for mitigation and adaptation and accelerate our climate action. These sustainability goals help future-proof our business. We will continue to explore technologies and initiatives for renewable energy and emission reduction to enhance climate resilience.”
More information on CDL’s sustainability efforts can be found at www.cdlsustainability.com.