CDL says it saved over $28m from energy-efficiency measures

Republic Plaza is one of the eight office buildings by City Developments which achieved over $28 million in savings due to energy-efficiency initiatives and retrofitting works from 2012 to last year.
Republic Plaza is one of the eight office buildings by City Developments which achieved over $28 million in savings due to energy-efficiency initiatives and retrofitting works from 2012 to last year.PHOTO: CITY DEVELOPMENTS LIMITED

Property developer City Developments (CDL) achieved over $28 million in savings due to energy-efficiency initiatives and retrofitting works at eight office buildings from 2012 to last year, it announced yesterday.

It also attained a 38 per cent reduction in carbon emissions intensity from base year 2007. This met its interim 2019 target and put it on track to achieve the target of a 59 per cent reduction by 2030.

CDL said in its integrated sustainability report (ISR) that the focus on environmental, social and governance (ESG) practices allowed it to tap more green financing.

Last year, CDL secured its first set of green loans - $500 million for new property projects and a $250 million revolving credit facility to promote United Nations Sustainable Development Goals.

CDL noted last year's privatisation of its former London-listed hotel subsidiary, now known as Millennium & Copthorne Hotels, and said it is looking to enhance the alignment between that subsidiary's ESG practices and its sustainability strategy so as to achieve greater synergy within the group.

The group's ISR, which is independently vetted by Ernst & Young, outlines efforts in accelerating green building and sustainability efforts.

CDL group chief executive Sherman Kwek said: "The pandemic serves as a reminder of things that many of us take for granted - our environment, our health, our safety and our freedom.

"Many countries have implemented unprecedented restrictions to contain the Covid-19 spread and these disruptions to our businesses, communities, supply chains and daily lifestyles have caused us to rethink and recalibrate our way of life.

"One ray of light... is that it offers Mother Nature a much-needed breather from the impact of rapid globalisation, production and excessive consumption.

"In this coming decade leading up to 2030, there is an even more urgent need for businesses to collectively reduce their carbon footprint and actively accelerate climate action. Every stakeholder shares the responsibility to protect our fragile environment."

A version of this article appeared in the print edition of The Straits Times on April 14, 2020, with the headline 'CDL says it saved over $28m from energy-efficiency measures'. Subscribe