Singapore real estate company City Developments Limited (CDL) has made a commitment to be carbon neutral by 2030.
The multinational, which owns more than 24 million square feet of floor area in residential, commercial and hospitality assets in 29 countries, declared on Wednesday (3 February) that it aims to achieve net zero emissions for its new and existing wholly-owned assets, and developments under its direct control, within the decade.
CDL said that it will meet this target with measures that include using only renewable energy and phasing out diesel, using new technologies to maximise energy efficiency, strengthening supply chain engagement, and influencing building users to better manage energy. It declined to give further detail on how it plans to decarbonise.
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The company says it is the first real estate firm in Singapore and Southeast Asia to sign the World Green Building Council’s net zero carbon buildings commitment.
CDL’s commitment comes just over a week after rival Singapore-based real estate company Frasers Property announced its own net zero target, declaring it would be carbon neutral by 2050.
CDL chief executive Sherman Kwek said the commitment was a “critical step” in the company’s sustainability progress, and supported the global agenda towards net zero by 2050.
CDL was recently ranked as the world’s top real estate company in the 2021 Global 100 Most Sustainable Corporations listing by Corporate Knights.