City Developments Limited (CDL) has secured a S$400 million landmark sustainability-linked loan provided by DBS Bank (DBS) to advance nature conservation and sustainable development in Singapore.

The loan criteria includes a set of sustainability performance targets set by CDL aligned with the developer’s pioneering adoption of the Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations.

CDL’s Group CFO Ms Yiong Yim Ming said, “CDL takes pride in being the first Singapore company to voluntarily report according to the TNFD Recommendations. We believe that robust sustainability reporting can channel capital to expedite green building and climate action. We are pleased to partner with DBS in this first-of-its-kind financial solution aligned with our nature-specific climate action targets. Since 2017, we have secured over S$8 billion in sustainable financing to develop smarter, greener and more nature and climate-friendly infrastructure. We aim to enhance our triple bottom line through sustainable development, achieve our net zero ambitions and align finance with sustainability performance through innovative capital management initiatives.”

Introduced in September 2023, the TNFD framework is a set of global standards and guidelines designed to help businesses effectively integrate nature and biodiversity considerations into corporate decision-making.

This loan is designed to incentivise CDL’s ongoing efforts to achieve significant environmental, social, and governance (ESG) milestones, with proceeds allocated to general corporate funding, working capital, and asset redevelopment initiatives. It also incorporates specific targets for conserving biodiversity, managing waste and enhancing water efficiency, all integral to TNFD’s Recommendations.