11 Tampines Concourse is the first CarbonNeutral development in Asia Pacific and Singapore. (Photo: CDL)
City Developments Limited (CDL) has received the ‘Best Sustainability Report for Established Reporters (Mainboard and Catalist)’ at the inaugural Singapore Sustainability Reporting Awards (SSRA) held on Tuesday (12 September).
Organised by the Singapore Institute of Directors (SID) and EY Singapore, the SGX-supported awards recognise excellence among SGX Catalist-listed and Mainboard-listed companies that produce sustainability reports.
SEE ALSO: CapitaLand receives global recognition for sustainable practices
The judging panel at the SSRA commended the property developer for its strategic Environmental, Social and Governance (ESG) integration and value creation model as well as its newly introduced sustainability blueprint ‘CDL Future Value 2030’.
CDL also emerged as the Regional Sector Leader for the Office Sector in Asia in this year’s Global Real Estate Sustainability Benchmark (GRESB).
As such, the company is listed on 12 leading global sustainability benchmarks, which includes the Dow Jones Sustainability Indices, FTSE4Good Index Series, Global 100 Most Sustainable Corporations and MSCI Global Sustainability Indexes.
According to CDL chief sustainability officer Esther An, the growing recognition of the strategic connection between business performance and sustainability saw governments and the international investment community “increasingly holding corporations accountable for ESG factors”.
“For instance, businesses can no longer ignore the impact of climate change risks on their bottom line. In Singapore, businesses that do not adopt sustainable practices may face reputational or operational risks that will impact their license to operate, and be exposed to higher operating costs, with the water price increase and impending carbon tax.”
In fact, sustainability reporting has become mandatory for listed companies in most Asian markets, including Malaysia, Singapore, Indonesia, Taiwan and Thailand, she said.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org