City Developments Limited (CDL) has been recognised as Global Sector Leader and Overall Regional Sector Leader in the Global Real Estate Sustainability Benchmark (GRESB) 2021 Diversified – Office/Retail category. This marks the second and fifth consecutive year the company was named Global Sector Leader and Overall Regional Sector Leader respectively. CDL also maintained its GRESB 5 Star rating, which recognises entities placed in the top 20% of the benchmark.

Each year, GRESB assesses and benchmarks the Environmental, Social and Governance (ESG) performance of assets worldwide, providing clarity and insights to financial markets on sustainability topics. The assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of asset investments, and are aligned with international reporting frameworks, goals and emerging regulations. CDL’s GRESB score complements its bold net zero commitment made earlier this year.

Stepping up on technology application to decarbonise its older assets, CDL entered a Power Purchase Agreement (PPA) with solar energy provider Sunseap Group last month. The PPA entails installing photovoltaic panels across an area spanning 2,000 square metres (sqm) at Tagore 23, one of CDL’s industrial buildings. With installation slated for completion by the end of Q2 2022, the renewable energy generated is projected to offset some 50% of the building’s annual energy consumption.

CDL Chief Sustainability Officer Ms Esther An said, “2021 is the year of a sustainability reawakening, with ESG issues fast becoming mainstream. To meet the rapidly growing investor appetite for quality disclosure, it is critical for corporates to step up on decarbonisation, disclosure, and digitalisation. We are honoured to be conferred the GRESB Sector Leader recognition in the Diversified – Office/Retail category once again this year.”

CDL was also awarded the inaugural 2021 Terra Carta Seal by His Royal Highness (HRH) The Prince of Wales through his Sustainable Markets Initiative. CDL is the only Singapore company out of 45 global firms to be awarded the Seal, which recognises global companies driving innovation and demonstrating commitment and efforts towards creating genuinely sustainable markets.

HRH The Prince of Wales said, “The Terra Carta Seal recognises those organisations which have made a serious commitment to a future that is much more sustainable, and puts Nature, People and the Planet at the heart of the Economy. We all need to make changes if we are to preserve the planet for our children and grandchildren and these businesses have pledged to make it easier for us all to do so.”

The seal is awarded to companies whose ambitions are aligned with those of the Terra Carta, which provides a recovery plan for Nature, People and the Planet. It also recognises companies who hold a leadership position within their industry and who have credible transition roadmaps underpinned by globally recognised, scientific metrics for achieving net zero by 2050 or earlier.

CDL Group Chief Executive Officer Mr Sherman Kwek said, “In the global race to zero, the private built sector plays a key role in contributing towards a sustainable future and advancing change. Through bold ambition, sustainable investments and innovation, businesses have the power to create long-term value for the environment and their stakeholders across the value chain. CDL is deeply honoured to receive the Terra Carta Seal from HRH The Prince of Wales. We share the same commitment to connect People and the Planet through recognising and promoting the intrinsic value of Nature. In this decade of urgent action, we will continue to push forward with our ESG integration efforts to enhance the value and resilience of our business.”