為了應對氣候變化，全球領先的房地產基金和公司正在制定去碳化和淨零目標。這些目標可能差異很大，包含許多元素，有些可能比其他更可信。在本報告中，我們概述了評估房地產基金和公司的去碳化和淨零碳目標的方法，本報告以我們的公司淨零碳報告《分解公司淨零碳氣候目標》為基礎。其目的是幫助行業制定淨零承諾，並支持資產所有者評估其所投資的公司和基金的去碳化目標。該報告認為，去碳化和實現淨零碳排放的最佳做法是：
本報告原刊登於 https://www.msci.com/www/research-paper/breaking-down-real-estate-net/03021835623
By Esther An
Environmental, Social and Governance (ESG) integration is no longer a choice today. In the global Race to Zero[1], led by UNFCCC, over 5,200 businesses, 1,040 cities and 440 investors have stepped up their ambition and joined the global alliance to catalyse climate change. Following COP26, over 90% of global GDP has committed to achieving net zero by or near mid-century.[2] According to the 17第 Edition of the World Economic Forum Global Risks Report, environmental risks were perceived to be the five most critical long-term threats over the next 10 years.[3] Climate risks are investment and business risks – the damage caused by climate change is projected to result in an increase of up to 41% of global property premiums until 2040.[4] With the building and construction sector accounting for about 40% of global carbon emissions[5], the real estate sector is in a prime position to advance sustainable development.
Integration: Strong Fundamentals for Business and Climate Resilience
City Developments Limited (CDL)’s ESG strategy stems from its corporate ethos, “Conserving as we Construct” established in 1995. Its value creation business model is anchored on four key pillars—Integration, Innovation, Investment, and Impact; guiding CDL to achieve three key deliverables: “Decarbonisation”, “Digitalisation & Innovation” and “Disclosure and Communication”. The CDL Future Value 2030 sustainability blueprint, implemented in 2017, maps out clear strategic goals and ESG targets across CDL’s business strategies and operations.
CDL’s sustainability portfolio reports directly to the Board Sustainability Committee with ESG factors effectively integrated into its business, operations and growth strategy. In 2018, the CDL Group introduced its G.E.T. strategy—focusing on Growth while adopting an ESG lens, Enhancement of assets to drive operational efficiency and Transformation to deliver long-term and sustained value.
Innovation: Scaling up Sustainable Technologies for a Green Revolution
Recognising that innovation is a key accelerator of climate solutions, CDL set up a Green Building & Technology Application team in 2020. The team collaborates with the organisation’s Enterprise Innovation Committee, leveraging cutting-edge technology to reduce CDL’s carbon footprint in the way it designs, builds, and manages its assets.
To advance circularity solutions, CDL is studying the feasibility of advanced low-carbon construction methods and materials to reduce embodied carbon. To do this, CDL has ramped up on buildable designs moving towards less labour-intensive processes, and focuses on Integrated Digital Delivery and Design for manufacturing and Assembly (DfMA) technologies. Through this, CDL can reduce reliance on on-site workers, enhance workplace safety and health, and drive productivity improvements in construction and facility management.
CDL also capitalises on the power of cross-sector partnerships to develop low-carbon technologies. The company has partnered with the Solar Energy Research Institute of Singapore to pilot Building-Integrated Photovoltaics (BIPV) modules and panels at various developments. The pilot on Bifacial BIPV panels with prints at CDL’s Sustainability Academy aims to optimise aesthetic value whilst generating power.
CDL and SERIS piloted a new generation of PV art wall (bifacial BIPV panels) at the Singapore Sustainability Academy at City Square Mall in 2020. This serves as a testbed for more efficient PV Installations
In order to achieve a net zero world, zero energy buildings are the way forward. To date, CDL has built two net zero facilities using eco-friendly technologies—the Singapore Sustainability Academy (SSA) and the CDL Green Gallery at the Singapore Botanic Gardens. The SSA, a BCA Green Mark Platinum-certified building, is the first in Singapore to have its construction materials, Cross Laminated Timber and Glued Laminated Timber, verified by the Nature’s BarcodeTM system as coming from responsible sources.
The SSA is the first ground-up initiative and zero-energy facility in Singapore dedicated to capacity building and thought leadership for climate action. Since its opening in 2017, it has tapped on 3,200 sq ft of solar panels on its rooftop as its energy source. The entire facility is built with over 80% of structural materials that come from sustainable sources.
In February 2021, CDL became the first real estate conglomerate in Southeast Asia to sign on to the World Green Building Council’s (WorldGBC) Net Zero Carbon Buildings Commitment. At COP26, CDL was one of 44 pioneering companies to expand its commitment towards a net-zero whole life carbon-built environment. Through this commitment, CDL pledged net zero operational carbon by 2030 for its new and existing wholly-owned assets and developments under its direct operational and management control. This also entails a reduction in embodied carbon and compensating residual upfront emissions via offsetting for new developments by 2030 and for all buildings to be net zero carbon by 2050.
To move towards a low carbon economy, CDL has aligned itself with even more ambitious carbon emissions reduction targets that have been successfully assessed and validated by Science Based Targets Initiative (SBTi) in 2021, in line with a 1.5°C warmer scenario. CDL was the first Singapore real estate company to validate its targets by SBTi for a 2°C warmer scenario in 2018.
The CDL Green Gallery is built with several eco-friendly technologies, including two innovative features – the biomaterial known as Hempcrete (largely made from the hemp plant) and a prefabricated modular system.
Investment: Building Leverage for the Future via Sustainable Finance
CDL’s Republic Plaza Green Bond was the first green bond issued by a Singapore company in April 2017.
CDL has secured more than $3 billion worth of sustainable finance, in the form of various green loans, a green bond, and a sustainability-linked loan, to help accelerate its green building action. It takes pride in issuing the first green bond by a Singapore company in 2017, which has helped to tap into alternative financing streams. In September 2021, CDL secured a discount for the SDG Innovation Loan provided by DBS Bank Ltd, for its successful R&D and pilot of digiHUB. This enabled CDL to be the first Singapore entity to achieve a discount on a sustainability-linked loan through the adoption of an innovative project that supports the SDGs on a large-scale basis.
At CDL’s mixed-use development South Beach, PV panels have been installed at the tower roof and louver modules, covering a total area of approximately 1,800 m2.
Impact: Sustainable Buildings, Sustainable Communities
What gets measured gets managed—CDL’s longstanding experience in ESG disclosure and sustainability has helped it identify gaps and improve its ESG performance. Its robust ESG integration and disclosures are widely recognised by 13 global ratings, rankings and indexes, including double ‘A’s in the 2021 CDP Global A List for corporate climate action and water security.
CDL is honoured to have achieved its best performance in the Corporate Knights’ 2022 Global 100 Most Sustainable Corporations in the World, jumping from 40第 place in 2021 to 5第 position this year. In addition, it has maintained its ranking as the world’s top real estate management and development company and Singapore’s top sustainable company for the fourth consecutive year, and has been the first and only Singapore company to be included in the renowned index for 13 consecutive years.
The race to zero requires conviction and engagement with all stakeholders. After two decades of integrating ESG into our business, we have captured growth opportunities while mitigating ESG risks, enhancing value for our investors, communities, and the planet.
[1] Home – Climate Champions (unfccc.int)
[2] COP26 signals accelerated zero carbon investment drive; severe climate risks remain – Investor Group on Climate Change (igcc.org.au)
[3] WEF_The_Global_Risks_Report_2022.pdf (weforum.org)
[4] In a world of growing risk the insurance industry has a crucial role to play | Swiss Re
[5] https://www.worldgbc.org/news-media/WorldGBC-embodied-carbon-report-published
Across the Asia Pacific, what are companies doing to achieve NET ZERO carbon emissions?
APREA’s latest issue of Knowledge Brief, The Race to Net Zero, gathers thought leaders in the region, from real estate developers and investors to assets managers and technology providers, providing insightful perspectives and best practices on how businesses and stakeholders in the real assets sector can embark on a journey to #sustainability.
What will 2022 and the next decade bring? In recent years, climate change has come to surpass corporate governance as the most pressing ESG issue commanding investors’ attention, and ESG investing truly has gone mainstream (and is attracting the regulatory attention to prove it). Yet there are new risks emerging for companies, investors and the planet in the coming decade that will test how well we have learned the lessons of the past.
本報告原刊登於 https://www.msci.com/www/research-paper/2022-esg-trends-to-watch/02900617144
Rajah & Tann 的可持續發展業務為您帶來首期《可持續發展最新消息》，與您分享我們的可持續發展業務合作夥伴與各行各業專家之間就環境、社會和治理（“ESG”）發展和趨勢進行的對話所提煉出的真知灼見。在本期中，可持續發展業務的合作夥伴 Lee Weilin 和 Soh Lip San 將探討基礎設施專案中的 ESG 問題，並與 InfraAsia (「InfraAsia」) 執行董事 Seth Tan 談論他對綠色和可持續基礎設施的看法，以及該地區銀行可接受專案的 ESG 因素。.
Rajah & Tann 的可持續發展業務為您帶來首期《可持續發展最新消息》，與您分享我們的可持續發展業務合作夥伴與各行各業專家之間就環境、社會和治理（“ESG”）發展和趨勢進行的對話所提煉出的真知灼見。在本期中，可持續發展業務的合作夥伴 Lee Weilin 和 Soh Lip San 將探討基礎設施專案中的 ESG 問題，並與 InfraAsia (「InfraAsia」) 執行董事 Seth Tan 談論他對綠色和可持續基礎設施的看法，以及該地區銀行可接受專案的 ESG 因素。.
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APREA 提倡在實體資產產業中採用 ESG 和可持續發展最佳實踐。做出可持續的投資決策日益成為 APREA 會員基因的一部分，APREA 致力於站在向淨零世界轉型的最前沿。.
APREA 提倡在實體資產產業中採用 ESG 和可持續發展最佳實踐。做出可持續的投資決策日益成為 APREA 會員基因的一部分，APREA 致力於站在向淨零世界轉型的最前沿。.
最近，APREA 與其 ESG 與永續發展委員會 進行了一項 ESG 會員調查，以瞭解實體資產公司對其實施 ESG 的看法。.
永續性與 ESG 議題現在比以往任何時候都更受到全球不同利益相關者（包括員工、客戶、供應商、社區、投資者和監管者）的關注。在 Covid-19 大流行的部分驅動下，員工健康與安全、供應鏈適應力和企業文化成為關注焦點，同時，氣候風險對聲譽的影響以及對企業價值創造的相關影響也日益受到關注。.
繼 ESG 網路研討會 在 2020 年 10 月由 DFIN（當納利財務方案）、SGX RegCo 和業界領導者共同舉辦的 「可持續發展 」論壇上，DFIN 的公司治理服務總監 John Truzzolino 繼續與 City Developments Limited (CDL) 的首席可持續發展官 Esther An 進行對話。Esther 是綠色建築和可持續發展的積極倡導者，她於 2008 年率先在新加坡出版了第一份採用 GRI 標準的可持續發展報告。如今，CDL 在 2020 年全球最具可持續性企業 100 強中名列前茅。.
請觀賞完整訪談內容，瞭解 CDL 的永續發展歷程，並聽聽 Esther 對企業的建議，包括如何在後大流行病時代推動氣候變遷的準備工作、改善投資人溝通，以及創造對決策有用的資訊揭露。.
許多機構投資者正面臨多年來最大的挑戰。他們正在高速轉換投資流程，以反映當今的迫切需要，例如環境、社會與治理 (ESG) 投資、創新科技、不斷變更的法規以及對更高透明度的要求。然而，他們必須在複雜、不穩定的金融環境中做到這一點。我將這一挑戰比作在暴風雨中為船隻更換風帆和桅桿。為了撰寫這份報告，我們調查了 200 位資產所有者（退休基金、保險公司、主權財富基金和捐贈基金/基金會），他們擁有約 $18 兆美元的資產。在閱讀這份報告時，我深深感受到大流行病如何進一步加速了向 ESG 的轉移。在被問及未來三到五年影響其機構的三大趨勢時，62%提到了氣候變化或ESG衡量的日益複雜性，遠遠高於其他主題，如市場波動性和監管。但這並非唯一的轉變。新一波的數據技術正在為投資流程帶來非常重大的變化。這些技術為了解市場和提高效率打開了新的大門。.
The physical impacts of climate change on the built environment are becoming more significant and have the potential to be extremely costly. With their locations fixed, buildings themselves may be at risk of suffering significant damage costs from climate change impacts. More so, buildings are often energy-intensive to build and operate. They are responsible for over a third of global final energy consumption and CO2 emissions, with operational emissions mostly through space heating and cooling, and water heating (IEA, 2019). MSCI’s scenario analysis for commercial and residential real estate enables investors and real estate managers to evaluate both transition and physical climate-related impacts in their portfolios.
Find out more about MSCI Real Estate Climate Value-at-Risk solution 這裡
Kemmu Kawai 於 2022 年 9 月加入 Longevity Partners Japan 擔任國家總監。他以東京為基地，負責監督日本、亞太地區及其他地區的所有營運和活動。他擁有超過16年的金融經驗，專門從事房地產和信貸投資。在加入 Longevity Partners 之前，他曾在 Norinchukin Bank 擔任投資組合經理，並在 Center Point Development 擔任投資經理。.
Kemmu Kawai
董事總經理
長壽夥伴
