CICT is aligned with CLI's transition to a low-carbon business, adhering to the targets outlined in the 2030 SMP and committing to achieve Net Zero emissions for scope 1 and 2 GHG by 2050. The reduction target for absolute scope 1 and 2 GHG emissions is validated by SBTi to align with a 1.5°C scenario. This target is currently the most ambitious designation available through the SBTi process. CICT has also elevated its renewable energy target in alignment with the revised 2030 SMP.

To operationalise its SBTi-approved reduction targets, CLI revised its baseline year from 2008 to 2019 during the scheduled 2030 SMP review in 2023. Aligning with CLI, CICT has adopted 2019 as the baseline year. For scope 3 emissions, CLI and CICT aim to conduct a comprehensive review to better track and disclose their material scope 3 emissions. We are committed to developing scope 3 emission goals aligned with science-based targets.

CICT'S TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES ¹

Since 2019, CLI has pledged its support for the recommendations by the TCFD and has voluntarily reported some of its climate-related financial disclosures in four key areas (i. governance, ii. strategy, iii. risk management, and iv. metric and targets) since 2017. Aligned with CLI’s commitment and in compliance with regulations, CICT has progressively adopted the disclosures of the TCFD recommendations since 2021. We will continue to monitor the evolving requirements to climate-related disclosures as various standards and frameworks shift towards a more unified reporting.

STRATEGY

CICT’s selected ESG issues have been deemed material and applicable to its real estate portfolio and operations. The material ESG issues are subject to regular reviews, assessments and feedback to ensure their relevance in the context of the evolving operating market and climate change environment. Since 2016, climate change and emissions reduction are material ESG issues identified as relevant and critical to CICT and CLI. Climate change risk has been identified as a key risk as part of the ERM Framework and comprised the physical and transition risks. Physical risks are a result of climate change and can be acute or chronic in climate patterns, such as rising sea levels, violent storms, long intense heat waves, flash floods and freshwater depletion. Transition risks result from a transition to a lower-carbon economy, which could entail potentially more stringent regulations and increased expectations from customers and stakeholders. In line with CLI’s focus, CICT has a roadmap in place to identify and address climate-related risks and opportunities throughout the entire real estate life cycle. This includes every stage, from the earliest stage of the investment process to design, procurement, construction, operations or divestment. Adopting a life cycle approach provides CICT the opportunity to build resilience throughout its operations and future-proof its real estate portfolio.

BUILDING CLIMATE RESILIENCE

Committing to Net Zero by 2050 and Elevating Carbon Emissions Reduction Targets to 1.5°C Scenario

In 2022, CapitaLand Group elevated its scope 1 and 2 carbon emissions reduction targets validated by SBTi to be in line with a 1.5°C trajectory, currently the most ambitious designation available through the SBTi process. This will translate to Net Zero in 2050.

To operationalise its SBTi-approved emissions reduction target for scope 1 and 2, CLI has reviewed its carbon intensity reduction targets and other environment targets and has changed the baseline year from 2008 to 2019.

Aligned with the Group’s elevated science-based target, CICT commits to reducing its absolute scope 1 and 2 GHG emissions by 46% by 2030 from a 2019 baseline year and aims to achieve Net Zero by 2050. This is consistent with the effort required to limit global temperature increase to below 1.5°C.

CLI and CICT aim to conduct a comprehensive review of its scope 3 emissions to better track and disclose its material scope 3 emissions. We are committed to developing scope 3 emission goals aligned to sciencebased targets.

Over the next decade, as part of CLI’s roadmap to Net Zero, CLI and CICT will prioritise the decarbonisation levers below. In particular, we continue to source globally for new ideas and technologies to achieve higher energy efficiency and intensify renewable energy integration efforts.

Carbon Mitigation Hierarchy

Green building ratings and certifications serve as a testament to the quality of our portfolio. These externally validated ratings affirm the integration of key environmental considerations into our new acquisitions, refurbishments, developments, and operations.

CICT aims to ensure that by 2030, all its existing properties are environmentally friendly, achieving at least a minimum certification level from a green rating system endorsed by a national government ministry/agency or the World Green Building Council.

For new developments in Singapore, CICT sets the BCA Green Mark GoldPLUS as the baseline target certification. Committed to ongoing sustainability, CICT plans to regularly update and sustain our green certifications, striving to attain at least the BCA Green Mark certification standard or equivalent for all properties.

LIKE-FOR-LIKE CONSUMPTION CHANGE ON YEAR-ON-YEAR BASIS

The like-for-like change in consumption across carbon emissions, energy and water was reported for 20 Singapore operating assets (excluding CapitaSky, which was acquired in April 2022). The increase for energy and water consumption was driven by an increase in business activities, with higher occupancies and return of the office community, and an increase in shopper traffic at our properties in 2023.

CONSERVATION MEASURES

CICT is actively pursuing energy and water conservation measures, emphasising regular maintenance and innovation to realise operational savings and enhance waste management. These measures are detailed in the tables below.

Energy Conservation

Water Conservation

1. Details of the JLD innovation challenge can be found on https://www.smartnation.gov.sg/jldchallenge2023/

Waste Management