City Developments : CDL first in Singapore to publish TNFD-aligned disclosures in its 17th Integrated Sustainability Report 2024 – zeros in on nature to enhance value and impact

Commitment to nature and biodiversity preservation through TNFD framework

The Company has built up a unique blended sustainability reporting framework comprising the Global Reporting Initiative (GRI) Standards at its core since 2008, adding CDP since 2010, the Global Real Estate Sustainability Benchmark (GRESB) since 2013, Integrated Reporting Framework since 2015, SDG Reporting since 2016, Task Force on Climate-related Financial Disclosures (TCFD) framework since 2017, SBTi since 2018, and the Sustainability Accounting Standards Board (SASB) Standards and the Climate Disclosure Standards Board (CDSB) Framework since 2020. This year, CDL adopted the Taskforce on Nature-related Financial Disclosures (TNFD) framework.

CDL is one of the pioneering Singapore companies amongst 320 companies worldwide to voluntarily report according to the TNFD Recommendations. CDL aims to assess, disclose and manage nature-related risks and opportunities and provide consistent and comparable reporting to its stakeholders. Adopting the TNFD Recommendations represents a natural progression and expansion of the Company's sustainability framework since embracing the TCFD Recommendations in 2017. To manage its biodiversity footprint, the Company is using a cloud-based AI platform that supports the measurement and management of biodiversity impact by relying on data-backed information.

Transition towards full compliance with ISSB's S1 and S2 requirements

In June 2023, ISSB launched the International Financial Reporting Standards (IFRS) S1 and S2 globally. In February 2024, Singapore announced mandatory Climate-Related Disclosures (CRDs) in a phased approach, in line with the recommendations from the Sustainability Reporting Advisory Committee (SRAC). Starting from FY 2025, listed issuers such as CDL will be required to report ISSB-aligned CRDs. To prepare for the transition to the new standards, CDL worked with an external consultant to perform a comprehensive gap analysis evaluating its sustainability disclosures in ISR 2023, focusing on TCFD and SASB disclosures against the ISSB Standards' CRDs. The gap analysis revealed that CDL's disclosures are largely well-aligned with the ISSB Standards. CDL's ISR 2024 has been expanded, where applicable, with a view to transiting towards full compliance with ISSB Standards by FY 2025.