Archive for category: Misc

in the Global 100 Most Sustainable Corporations in the World index for second straight year

Singapore mainboard-listed property developer City Developments Limited (CDL) has successfully secured a $400 million sustainability-linked loan (SLL) from DBS Bank. The loan will be used for general corporate funding and working capital purposes, including the redevelopment of CDL’s existing assets.

According to CDL’s Group Chief Financial Officer, Yiong Yim Ming, this is the first SLL of its kind in Singapore and incorporates specific performance targets related to biodiversity conservation, waste management, and water efficiency. These targets are aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).

CDL has been a leader in sustainability reporting, becoming the first company in Singapore to publish TNFD-aligned disclosures in March this year. The company’s latest sustainability report includes TNFD disclosures aligned with Target 15 of the Kunming-Montreal Global Biodiversity Framework, adopted at COP15 in December 2022.

As a real estate developer, CDL recognizes the importance of robust sustainability reporting in channeling capital towards green building and climate action. Yiong Yim Ming says, “We are pleased to partner with DBS in this first-of-its-kind financial solution aligned with our nature-specific climate action targets.”

Since 2017, CDL has secured over $8 billion in sustainable financing to develop smarter, greener, and more nature- and climate-friendly infrastructure. The company aims to enhance its triple bottom line through sustainable development, achieve its net-zero ambitions, and align finance with sustainability performance through innovative capital management initiatives.

At least four other local firms have also committed to making nature-related disclosures by the end of 2025, including United Overseas Bank (UOB), Olam Agri, consultancy firm Oceonomy, and Olam Food Ingredients (ofi).

The TNFD was established in June 2021 with the support of G20 and G7 governments. In September 2023, the TNFD published its corporate reporting recommendations on nature-related issues after a two-year process led by its 40 members and supported by 20 knowledge partners.

The TNFD has published 14 disclosure recommendations, along with a guidance document, for organizations to report and act on evolving nature-related dependencies, impacts, risks, and opportunities. These “drivers of nature change” include climate change, pollution, and the use of land, freshwater, and oceans, among others.

CDL has integrated ESG considerations into its business operations since 1995. In 2015, the company established a climate change policy, and in 2017, it published a set of climate-related targets to mitigate its environmental impact. CDL was the first real estate developer in Singapore and the first real estate conglomerate in Southeast Asia to sign the WorldGBC’s Net Zero Carbon Buildings Commitment in 2021.

The company has a “long-standing partnership” with DBS to advance the sustainability agenda in Singapore. In 2017, DBS supported CDL in launching the first green bond by a Singapore company. In 2019, CDL pioneered its first sustainability-linked loan with DBS, securing a discount on the SDG Innovation Loan provided for piloting DigiHUB, an in-house digital platform to increase building management efficiency.

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Known as the “durian” of Singapore, the Esplanade at Marina Gardens GLS boasts a one-of-a-kind architectural design that never fails to impress. This iconic landmark is a paradise for lovers of arts and culture, offering a plethora of concerts, theater shows, and art displays. For those residing at Marina Gardens Lane Residences, the opportunity to immerse themselves in a world of cultural enrichment is just a stone’s throw away. Adding to the mix is the newly launched Zion Road Condo, making the experience even more enticing.

Earlier this year, DBS was named the financial partner for CDL’s SME Supplier Queen Bee Programme, which aims to help SMEs decarbonize and manage their Scope 3 emissions through enhanced carbon accounting and reporting.

According to Chew Chong Lim, Group Head of Real Estate in DBS’s Institutional Banking Group, it is essential to integrate considerations around biodiversity and ecosystem preservation into financial solutions. He says, “This first-of-its-kind sustainability-linked loan, aligned with CDL’s TNFD-related targets, demonstrates our commitment to exploring new frontiers in the ESG space and helping to build a future where economic growth and ecological stewardship go hand in hand.”

As of 11:30 am, shares in CDL are trading flat at $5.35, while shares in DBS are trading 10 cents higher, or 0.28% up, at $35.64.