SINGAPORE—City Developments (CDL) has pledged to reduce its carbon emissions by 38 per cent from 2007 levels. The developer aims to achieve this target by 2030, up from its previous target of 25 per cent, the group stated in its Integrated Sustainability Report 2017 released yesterday.

The blueprint encapsulates the company’s long-standing sustainability commitment, over 20 years of best practices, and a set of tangible environmental, social and governance goals and targets.

“Governments and the international investment community are increasingly holding corporations accountable for their carbon emissions. 2016 saw the growth of carbon pricing, particularly in Asia.

In Singapore, the Government announced in its Budget 2017 that a carbon tax targeting large direct emitters of greenhouse gases will be implemented in 2019. Businesses can no longer ignore the impact of climate-change risks on their bottom line,” said Mr Grant Kelley, CDL chief executive officer.

The group also announced a S$2.25 million investment to establish a research and development partnership with the National University (NUS) School of Design and Environment. Through the NUS-CDL Smart Green Home and NUS-CDL Tropical Technologies Lab, CDL will be able to test-bed future developments in smart and green building technologies.

Last year, CDL achieved a 16-per-cent reduction in carbon emissions intensity from 2007 levels, putting it on track to meet its stated goal of 38 per cent reduction by 2030. The developer also realised a 25-per-cent reduction in energy use last year from 2007, 14 years ahead of its target. Over the past five years, more than S$16 million in savings were attained as a result of energy-efficient retrofitting and initiatives for eight office buildings.

Last month, CDL launched the first green bond by a Singapore company, through its subsidiary CDL Properties. The bond raised S$100 million at 1.98 per cent fixed rate due in 2019. Investors consisted mainly of financial institutions and fund managers.