CDL's 18th Integrated Sustainability Report marks progress in IFRS-aligned reporting, enhanced double materiality, expanded TNFD disclosures and a landmark SGD400 million ($296 million) TNFD-linked sustainability loan.
CDL's 18th Integrated Sustainability Report Highlights
- Increased alignment with International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, founded on CDL's harmonised two-pillar reporting framework
- Enhanced double materiality assessment to identify key climate-related Sustainability Risks and Opportunities (SROs)
- Expanded Taskforce on Nature-related Financial Disclosures (TNFD) includes major properties in New Zealand and enhanced use of nature-related tools; Alignment of nature-related goals with GET strategy
- Secured SGD400 million first-of-its-kind TNFD targets-aligned sustainability-linked loan for nature conservation and sustainable development
City Developments Limited (CDL) has released its 18th Integrated Sustainability Report (ISR) 2025, titled "Zero in on Action: Fast-Forwarding Towards Sustainable Ecosystems". Building on last year's focus on nature and biodiversity, this year's report underscores CDL's commitment to advancing sustainable ecosystems and creating value for a resilient, nature-positive future. The report also reflects CDL's pioneering sustainability leadership since 1995, as well as its progress toward ESG goals and targets under the CDL Future Value 2030 Sustainability Blueprint.
In line with its Operational Net Zero 2030 target, CDL has reduced its Scope 1 and 2 operational carbon emissions for assets under direct management and operational control by 25% from 2016 levels. It achieved a 38% reduction in Scope 3 embodied carbon in new developments compared with a 2016 baseline. The group recorded a 52.1% reduction in Scope 3 investment intensity, reflecting CDL's commitment to achieving its Science Based Targets initiative (SBTi)-validated target of a 63% reduction in emissions by 2030. To further advance its climate action strategy, CDL completed an Internal Carbon Pricing (ICP) pilot study on Republic Plaza, its flagship Grade A office building in Singapore, laying the foundation for future implementations of carbon pricing mechanisms across its portfolio.
Esther An, CDL's Chief Sustainability Officer, said: "We are thrilled to announce the launch of CDL's 18th sustainability report, a testament to our unwavering commitment to sustainability for three decades. Guided by our ethos of 'Conserving as We Construct', CDL has consistently integrated environmental stewardship, social well-being, and economic prosperity into our operations. We continue to innovate by 'Cooling by Greening' and collaborate with our ecosystem of partners to step up nature-based solutions and TNFD reporting. This milestone underscores our dedication to creating sustainable spaces that respect nature, advance communities, and ensures a resilient future for all."
Further Alignment with IFRS Sustainability Disclosure Standards with Enhanced Double Materiality Assessment
In June 2023, the ISSB issued its inaugural International Financial Reporting Standards (IFRS) S1 and S2, which many jurisdictions, including Singapore, have adopted using a phased approach. Moving towards greater alignment with the ISSB Standards, CDL worked with external consultants to enhance its double materiality approach, evaluating both financial and impact materiality in 2024. The group identified several SROs with potential financial implications on its business. CDL will prioritise addressing these SROs, given the urgent impact of climate change on its core businesses.
CDL has built up a unique blended sustainability reporting framework anchored on impact and value pillars. Since 2008, CDL's framework has incorporated the Global Reporting Initiative (GRI) Standards at its core, adding various framework over the years: CDP (2010), Global Real Estate Sustainability Benchmark (GRESB) (2013), Integrated Reporting Framework (2015), SDG Reporting (2016), Task Force on Climate-related Financial Disclosures (TCFD) Recommendations (2017), SBTi (2018), Sustainability Accounting Standards Board (SASB) Standards and Climate Disclosure Standards Board (CDSB) Framework (2020), and TNFD Recommendations (2024).
Strengthening Commitment to Nature and Biodiversity Conservation
CDL has secured over SGD9 billion ($6.7 billion) in sustainable financing since 2017. In 2024, it obtained a landmark SGD400 million sustainability-linked loan from DBS Bank, aimed at supporting nature conservation and sustainable development in Singapore. The first-of-its-kind loan is tied to TNFD-aligned targets, reinforcing CDL's leadership in sustainable finance and environmental stewardship.
As one of the first Singapore companies to voluntarily adopt the TNFD Recommendations in March 2024, CDL has expanded its TNFD disclosures this year to include its wholly-managed and owned properties in New Zealand. Additionally, the company has leveraged advanced AI-driven tools for biodiversity and environmental risk assessments, including Xylo Systems, Integrated Biodiversity Assessment Tool (IBAT), ENCORE (Exploring Natural Capital Opportunities, Risks, and Exposure), and the WWF Risk Filter Suite (Water Risk Filter).
CDL continues to advance nature and biodiversity conservation through the launch of two key initiatives in March 2025, the CDL EcoTrain and CDL MicroForest, at City Square Mall, Singapore's first eco-mall. These initiatives align with CDL's TNFD adoption and reinforce its commitment to enhancing urban biodiversity and climate resilience while nurturing future eco-champions and promoting sustainable living.
CDL's ISR 2025 can be found at www.cdlsustainability.com
