Accelerating Decarbonisation – Expanding Scope and Managing Performance As a pioneering green developer in Singapore, CDL has achieved 129 BCA Green Mark certified developments since the scheme’s launch in 2005. In 2024, CDL achieved five BCA Green Mark Platinum Super Low Energy (SLE) awards for its commercial properties (City House and Palais Renaissance) and residential developments (The Orie, Norwood Grand and Union Square Residences). All three residential developments also received the BCA Whole Life Carbon Badge and Maintainability Badge, and The Orie earned an additional Health and Wellbeing Badge. We also attained one Green Mark Platinum award for City Serviced Offices located in Republic Plaza, 9th floor and two Green Mark Gold Plus awards for City Serviced Offices located in South Beach and Republic Plaza, 58th Floor. Our longstanding green building efforts have saved over $44 million in energy savings from energy-efficient retrofitting and initiatives in our locally managed buildings from 2012 to 2024. In 2024, nine CDL properties in Singapore maintained the WELL Health-Safety Rating, a globally recognised evidence-based, third-party verified rating that prioritises the health and safety of building users. The Group is committed to enhancing health and wellness design in our buildings. Building on its third analysis completed in 2022, the Group began its fourth climate change scenario analysis in 2024, facilitated by an independent consultant. This study expanded its coverage and methodologies to better assess CDL’s readiness for physical and transitional risks, with expanded timeframes to include short-, medium- and long-term impacts up to the year 2050. Japan, another key market of the Group, was also added to better assess the risks and opportunities across the Group’s overseas markets. In 2021, the Company became Southeast Asia’s first real estate conglomerate to sign the World Green Building Council’s (WorldGBC) Net Zero Carbon Buildings Commitment – a global pledge to achieve net-zero operational carbon emissions by 2030 for new and existing wholly-owned assets under direct operational and management control, and maximising reduction in embodied carbon and compensating for any residual upfront emissions via offsetting for new developments and major renovations. In December 2021, the Company revised its Science Based Targets initiative (SBTi) – validated GHG emissions intensity reduction targets (Scope 1, 2 and 3) to be aligned with a 1.5°C warmer scenario, with additional targets to reduce Scope 3 emissions. In 2022, the Company stepped up on operationalising and tracking its carbon reduction performance for Scope 1, 2 and 3 carbon emissions against these SBTi-validated targets. More information can be found in Chapter 3 of the CDL ISR 2025. STRATEGIC MANAGEMENT OF TOP MATERIAL ESG ISSUES Since 2014, CDL has conducted annual materiality assessments, facilitated by a third party, to determine the key economic, environmental, social and governance (EESG) issues important to our stakeholders. These issues guide CDL Group’s sustainability strategy, focus and midterm target setting in its annual sustainability reporting. Corresponding EESG targets, metrics, initiatives, and progress are reviewed by management, approved by the BSC and published in the ISR. In 2024, in preparation for full alignment with the IFRS S1 and S2, the Group conducted a double materiality assessment looking at material impacts and sustainabilityrelated risks and opportunities (SROs) affecting the organisation’s financials. To incorporate and understand financial materiality, the Group’s stakeholders, including the Company’s ExCo and staff, ranked 17 prioritised ESG issues based on both impact and financial materiality. ANNUAL REPORT 2024 SUSTAINABILITY 51
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