2009 was a year
defined by rapid changes. Globally, as businesses
were still reeling from the aftermath of the
financial crisis, the economy took a swift recovery
in the later part of the year, enabling many
of the advanced economies to pull out of recessions.
Although most global economies are on the mend,
some uncertainty still remains.
On the environmental
front, high hopes culminated at the United Nations
(UN) Climate Change Conference held in Copenhagen
in December 2009. While many were disappointed
by the lack of a unified global response to
tackle the pressing environmental issues, on
a positive note, leaders have begun to pledge
their collective commitments towards increasing
their environmental responsibilities –
paving the way for a new era of global eco-consciousness
and responsible green practices.
I am pleased
to report that despite the challenging business
and uncertain climate in 2009, the Company delivered
sterling financial results without cutting back
on its Corporate Social Responsibility (CSR)
efforts and commitments. We continued to focus
on improving and disclosing our performance,
by meeting and even exceeding some of our targets.
For instance, our collective efforts in resource
conservation have resulted in improved environmental
performance of between 2% and 18% achieved across
our business operations in Singapore.
We remain determined
to improve our CSR practices and have externally
assured our sustainability report in accordance
with the AA1000 Assurance Standard this year.
The standard evaluates the reliability of our
reported sustainability performance and shows
the extent to how CDL’s management approaches
adhere to internationally accepted sustainability
principles. As the first company to be assured
under this standard in Singapore, this marks
a new milestone for CDL and for CSR here.
of our sustained efforts, we are honoured to
be listed amongst the 2010 Global 100 Most Sustainable
Corporations in the World. This prestigious
global ranking by Corporate Knights, a magazine
for clean capitalism, was announced in January
2010 at the World Economic Forum. Once again,
we were also the highest ranked company from
Singapore in the Asian Sustainability Rating
by CSR Asia, having achieved a laudable 22nd
place amongst 200 largest listed companies spanning
across 10 countries in Asia Pacific. We also
came in a note-worthy 2nd
position in the environment section. CDL continues
to remain as one of few Singapore companies
to participate and publicly disclose our environmental
data with the Carbon Disclosure Project. Our
achievements have helped place Singapore on
the global map for sustainability.
The CDL Sustainability
Report 2010 is aptly entitled “Grow”.
The vines symbolically articulate the rapid
expansion of the sustainability movement in
our Company. With increased emphasis on economic,
social and environmental performance, and the
growing expectations of stakeholders for CSR,
the vines can only spread and envelop larger
areas which may still have gaps. Hence, as we
enter into a new decade, it is an opportune
time for us to take stock of what we have achieved
so far, and more importantly, what more can
Even though we
have been early adopters of the green building
movement, we still wish to further reduce our
carbon footprint in 2010. We will continue to
invest in initiatives that will encourage capacity
building and innovation to help prepare the
real estate industry for a greener economy.
For instance, in 2009, CDL embraced the incorporation
of three different types of solar technology
in our commercial development – 7 &
9 Tampines Grande, as a showcase to promote
buildings contribute 16% of our nation’s
total carbon emissions. We are supportive of
the Singapore Government’s announcement
to reduce its carbon emissions by some 16% below
“business as usual” levels(1)
by 2020. CDL remains committed to achieving
a minimum BCA Green Mark Gold rating for all
new developments and incorporating more innovative
green features to complement the nation’s
pledge towards sustainable development. We approximate
that some 10,265 tonnes of carbon emissions
or S$4 million in electricity will be saved
annually from the 10 Green Mark awarded buildings
in 2009 (estimated figure upon completion of
the new and existing buildings).
it is our wish to do even more for the community.
Social and economic development programmes will
take precedence. We have expanded our reach
to aid communities in Cambodia and Indonesia.
There are also plans to proactively strengthen
our stakeholder engagement to better determine
their needs and expectations.
As social responsibility
takes greater prominence globally, we look forward
to the launch of the ISO 26000 framework, expected
in the later part of 2010 which will provide
guidance to the refinement of our CSR strategy.
If there is one
lesson to be learnt from the aftermath of this
financial turmoil, it is the affirmation that
companies with sustainability in their DNA are
more resilient and make a better business model.
We believe that this defining difference is
what will propel CDL towards continued sustainable
growth and business excellence.
to legally binding global deal that obliges
all countries to cut emissions, and if
other countries offer significant pledges
(source: Ministry of Foreign Affairs).