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CAPITALAND 2030 SUSTAINABILITY MASTER PLAN
The world is undergoing profound transformation at a scale and pace never seen before. The global pandemic of 2020 has shone a light on our interconnectedness and underscored the critical link between sustainability issues, the economy, and both human and planetary health. As one of Asia’s largest diversified real estate groups with a presence in more than 220 cities and over 30 countries, CapitaLand has been at the forefront of shaping the built environment, touching the lives of millions of people every day.We believe in creating a more sustainableworld through our business.
At CapitaLand, we place sustainability at the core of everything we do. We are committed to growing in a responsible manner, delivering long- term economic value, and contributing to the environmental and social well-being of our communities.
Since we started our sustainability journey in 2000, we have built a firm foundation that has made our business resilient to the sustainability and economic challenges faced by the real estate industry.We are also honoured that our sustainability performance has earned us major top sustainability accolades and listings on global sustainability indices and benchmarks. WithCapitaLand’s growing global presence,we believewe canmake a larger positive impact to the communities we operate in. With the foundation we have built in the past 20 years, we aim to elevate our environmental, social and governance (ESG) efforts in the decade ahead, anchored by our strong governance and sustainable financial performance.
CapitaGreen, Singapore A high-rise office tower in Singapore that exhibits many inno- vative eco-friendly features. One of the key features is the petal structure that crowns the top of CapitaGreen and serves as a wind scoop.The structure draws in the cooler cleaner air from above the building and channels it into an inner duct called the “Cool Void”. The “Cool Void” then supplies fresh cool air to the building’s air conditioning system, resulting in less ener- gy required to cool the building. This feature and many other aspects of the building’s environmentally conscious design earned it a Green Mark Platinum Award by the Building and Construction Authority of Singapore (BCA).
CapitaLand’s 2030 Sustainability Master Plan is a strategic blueprint which outlines our ambitious goals and directs our sustainability efforts towards a common purpose. CapitaLand aims to build a resilient and resource efficient real estate portfolio, enable thriving and future-adaptive communities, and accelerate sustainability innovation and collaboration.
BUILD Portfolio Resilience & Resource Efficiency
ENABLE Thriving & Future-Adaptive Communities
ACCELERATE Sustainability Innovation & Collaboration
We will also push the boundaries of change and we have set new science-based and other sustainability targets in our Master Plan. We will measure our success by quantifying our sustainability efforts with a new metric, ‘ Return on Sustainability’ . Wewill crowd-source theworld for the best sustainability innovations through our inaugural ‘CapitaLand Sustainability X Challenge’ and pilot new technologies and solutions at our properties. We will accelerate our efforts in augmenting sustainable finance from the capital markets and continue to advance the frontiers in achieving resource efficiencies and operational excellence. This 2030 Sustainability Master Plan is just the beginning. We will stay nimble and review our sustainability goals and strategy every two years in line with shifts in the global landscape. As we continue to create long-term economic value for our stakeholders, theMaster Planwill guide us to grow in a responsible manner and contribute to the environmental and social well-being of our communities. For more information on CapitaLand’s sustainability journey, please refer to our annual Global Sustainability Reports on CapitaLand’s website or here.
Raffles City Chongqing, China Raffles City Chongqing is CapitaLand’s largest integrated development in China and the largest single investment by any Singapore firm in the country. To reduce its embodied carbon, 30% of building materials were regionally sourced and over 30% of materials used had recycled content during Raffles City Chongqing’s construction. In addition, 75% of construction waste was recycled and diverted from landfill. This and its many other sustainable features have garnered the building a LEED Gold pre-certification.
CapitaLand 2030 Sustainability Master Plan Framework
We believe in the power of global collective action. We have set targets that are aligned with the leading international standards and benchmarks, among them are the United Nations Sustainable Development Goals (UN SDGs). The 17 UN SDGs are critical to achieving a sustainable future for all. CapitaLand will prioritise eight UN SDGs that are most aligned with our Master Plan targets, and where CapitaLand can achieve the greatest positive impact.
They are SDG 3, 7, 8, 9, 11, 12, 13 and 17.
Financial Capital Organisational Capital
Measured by Return on Sustainability & global benchmarks
Our sustainability frame- work centres around three key themes: • Build portfolio resilience and resource efficiency • Enable thriving and future-adaptive communities • Accelerate sustainability innovation and collaboration
The three themes drive our sustainabilityefforts towards areas where CapitaLand can make positive material impact for the environment and society. We have set 2030 targets under these three themes. The value we create will be based on the following six ‘capitals’ as defined by the
International Integrated Re- porting Council 1 :
The multiple capitals ap- proach provides a fuller pic- ture of the ways CapitaLand creates value for multiple stakeholders.These ‘capitals’ will be quantified using a new metric we are develop- ing: Return on Sustainability (ROS) . The metric allows us to quantify the value created through our sustainability efforts.
• Manufactured Capital • Environmental Capital • Social and Relationship Capital • Human Capital • Financial Capital • Organisational Capital
1 Adapted from the six capitals defined by the International Integrated Reporting Council (IIRC). Read more here.
BUILD Portfolio Resilience & Resource Efficiency Wewill build resilience throughout our operations and future-proof our real estate portfolio to guard against climate change risks and to avoid premature obsolescence. As a responsible real estate company, we are also committed to reducing the use of energy and water as well as the generation of waste. 2021- 2030 Focus Areas andTargets
Waste Management and Circular Economy
Low Carbon Transition
Water Conservation and Resilience
We will transition to a low-carbon business and set science-based targets for a ‘well-below 2°C’ scenario. This is in line with the Paris Climate Agreement to keep global temperature risewell below 2°C in this century. Targets • Further reduce carbon emissions intensity 2 to 78%, from the previous target of 30%. • Further reduce energy consumption intensity 2 to 35%, from the previous target of 30%, in our day-to-day operations. • Increase the proportion of total electricity consumption from renewable sources to 35%.
We will implement innovative tech- nologies and practices to reduce water consumption and use water efficiently. We will also proactively guard against flood risks by engag- ing in risk-informed planning and structural flood protection.
We will improve our resource use and reduce waste generated at all stages of property development and management, while striving to enable a circular economy.
Target • Further reduce water
Targets • Achieve 25% recycling rate in our day-to-day operations. • Divert 75% of construction waste from landfill. • Work towards setting an embodied carbon target.
consumption intensity 2 to 45%, from the previous target of 30%, in our day-to-day operations.
LogisTech, Singapore First building in Singapore to receive the BCA Green Mark Platinum Super Low Energy Award
2 Reduction targets are relative to 2008 baseline.The previous 2030 targetswere set in 2016. As reported in our 2019 Sustainability Report, CapitaLand has seen a reduction of 29.4% in carbon emission intensity, 19.2% in operational energy consumption intensity and 22.4% in operational water consumption intensity since 2008.The full report is available here.
ENABLE Thriving & Future-Adaptive Communities We recognise our ability to influence and enable actions that can spur positive change. By supporting communities, we hope to inspire everyone in our value chain to rally together to solve common challenges.
2021- 2030 Focus Areas andTargets
Proactive Customer
Dynamic Human Capital
Healthy and Safe Buildings
Robust Supply Chain Management
Relationship Management
We build and develop a dynamic workforce and talent pool who will enable the company to achieve its next phase of growth.
We adopt a zero-tolerance policy on practices that com- promise on the safety and well-being of staff, residents, shoppers, tenants and the public at all CapitaLand prop- erties. This extends to our construction sites and oper- ational buildings where our contractworkers are based. Target • Foster a positive and proactive ‘safety cul- ture’ with zero fatality, permanent disability or major injury across CapitaLand Group and for main contractors where applicable.
We are committed to evolv- ing our products and ser- vices to meet our custom- ers’ changing expectations and address their needs. We will work collaboratively with them to influence and support their sustainability goals. Targets • Strengthen customer relationships and attain consistently high levels of customer satisfaction. • Implement green lease programme andwork togetherwith our tenants to improve their sustain- ability performance.
We are committed to edu- cating and supporting our supply chain contractors, vendors and suppliers to improve their sustainability standards.
Targets • Equip employees with future-ready skills under the CapitaLand Building Capability Framework (BCF). • Diverse mix of employ- ees in the Group.
Target • Build collaborative relationships and
work closely with our supply chain to make a positive impact on their sustainability performance.
Funan, Singapore An integrated development in Singapore, Funan boasts the largest area for urban agriculture in the city with a 12,000-sq-ft food garden and a 4,000-sq-ft urban farm offering the community a green oasis within the heart of the city. Climate- friendly refrigerant chilled-water system is installed at Funan, preventing about 5ktons of CO2e being emitted – equivalent to the annual emissions of about 1,500 cars.
ACCELERATE Sustainability Innovation & Collaboration We will push the boundaries of innovation to make quantum leaps in our sustainability performance by accelerating the adoption of sustainability solutions and strengthening our partnerships in the industry.
2021- 2030 Focus Areas andTargets
Sustainable Operational Excellence
Sustainability Innovation and Technology
Sustainable Finance
We strive to lead the real estate industry in best practices and innovations in environment, health and safety (EHS) solutions that improve the well-being and safety of our customers. Targets • Leverage technology and innovation to raise productivity, elevate service quality and improve the well-being and safety of our customers. • Lead the real estate industry in best practices to ensure sustainable operations across our global portfolio.
We will capitalise on emerging opportunities in sustainable fi- nance to enable us to be a dis- tinct leader in the industry. We will raise capital that rewards our ESG performance and adopt in- novative solutions with financial incentives and benefits. Target • Lead the real estate industry in sustainable finance by tripling the amount of sustainable finance to S$6 billion. 3
Our business thrives on a strong culture built on innovation and purpose. Leveraging our global reach, we will find new ways to reduce our environmental foot- print and strengthen our ability to make our communities thriving and future-adaptive. Targets • Host the ‘CapitaLand Sustainability X Challenge’, an innovation challenge where we source globally for cutting edge technologies and solutions to enable us to meet our 2030 targets. • Establish a sustainability innovation budget to pilot new sustainability solutions and technologies.
3 Includes sustainability-linked loans/bonds, derivative products and green financing. CapitaLand, excluding its real estate investment trusts, has secured about S$2 billion in sustainable financing as of 30 June 2020.
CapitaLand’s Five Pathways to 2030
To achieve our ambitious 2030 targets under our three key pillars of ‘Build, Enable and Accelerate’, we have identified five pathways to get us there. Wewill adapt our strategies as technologies evolve and new scientific data become available.
1. Integrating sustainability in real estate life cycle from the earliest stage of our investment process, to design, procurement, construction, operations and redevelopment or divestment. Sustainability targets will be embedded in policies, processes, best practices, and key performance indicators.
2. Strengthening innova- tion and collaboration to drive sustainability by sourcing globally for new ideas and technologies to meet our bold sustainability ambitions and working with like-minded partners to create shared values.
3. Leveraging sustainability trends and data analytics to track critical progress in water, waste, energy and carbon emissions.We believe these measurements, alongwith social indicators are key to driving performance improvement across our operating properties and development projects.
4. Monitoring and reporting to ensure transparency
5. Increasing stakeholder engagement and communication with key stakeholder groups: employees, investors, customers, and communities to build awareness and collectively effect transformational change to achieve our 2030 targets.
on our sustainability progress. We will continue to validate our performance by external assurance and align our Global Sustainability Report to international standards.
An overview of CapitaLand’s 2030 Sustainability Master Plan
BUILD Portfolio Resilience and Resource Efficiency
ENABLE Thriving and Future-Adaptive Communities
ACCELERATE Sustainability Innovation and Collaboration
✓ Low CarbonTransition ✓ Water Conservation and Resilience ✓ Waste Management and Circular Economy
✓ Dynamic Human Capital ✓ Healthy and Safe Buildings ✓ Proactive Customer Relationship Management ✓ Robust Supply Chain Management
✓ Sustainable Operational Excellence ✓ Sustainable Finance ✓ Sustainability Innovation andTechnology
Anchored by strong Governance & sustainable financial performance
Generating six capitals, measured by Return on Sustainability & global benchmarks
CapitaLand’s Five Pathways to 2030
Strengthening innovation and collaboration to drive sustainability
Leveraging sustainability trends and data analytics
Monitoring and reporting to ensure transparency
Increasing stakeholder engagement and communication
Integrating sustainability in real estate life cycle
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