Property firm City Developments Limited (CDL) significantly improved its environmental performance across several areas in 2014, according to news articles citing its latest sustainability report.
Last year, it slashed carbon emission by 21 percent compared to 18 percent in 2013, while the amount of renewable energy generated by its managed buildings rose nine percent to 217,567 kWh from the previous 199,732 kWh.
Water usage also dropped 29 percent to 508,820 m3 in 2014 from 717,033 m3 in the year before. In particular, water conserved at its construction sites more than doubled to 244,608 m3 from 121,715 m3.
For the first time, the report also revealed the carbon footprints of CDL’s key subsidiaries, namely the Tower Club, CBM, Millennium & Copthorne Hotels, City Serviced Offices and Le Grove Serviced Apartments.
Meanwhile, CDL has set itself apart from other Singapore-listed property developers by being the first to adopt an Integrated Reporting (IR) approach in its latest disclosure based on framework crafted by the International Integrated Reporting Council.
“In line with global trends in sustainability reporting, we have adopted the IR approach this year, connecting social and environmental performance with business and financial impact. The report also addresses stakeholders’ concerns about materiality issues for long-term value creation,” said CDL’s Deputy Chairman Kwek Leng Joo (pictured).
“Globally, calls for greater actions and transparency from corporations have intensified and green consumerism is on the rise. With the Singapore Exchange having announced its plan to adopt the ‘comply or explain’ approach, making sustainability reporting not just a ‘good-to-have’, but a ‘must-have’ for listed firms soon,” he added.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
