Singapore, 25 September 2024 - With the built environment responsible for some 40% of global carbon emissions, both building owners and users can work together to drive climate action. Beyond implementing infrastructure upgrades to enhance a building's environmental performance, building owners can partner their tenants to encourage the adoption of sustainable practices and promote a reduction in energy usage.
As part of its efforts to drive asset portfolio decarbonisation, major commercial landlord City Developments Limited (CDL) has implemented several engagement initiatives for its tenants and building users.
In 2014, the CDL Green Lease Partnership Programme was introduced to support and encourage its commercial tenants to reduce their energy consumption and environmental footprint. Under the programme, tenants are provided support in greening their offices to obtain the Building and Construction Authority (BCA) Green Mark Office Interior certifications.
In July 2024, CDL piloted its City Green Tenant Bonus Programme, a first-of-its-kind decarbonisation initiative for tenants at its flagship Grade A office building – Republic Plaza to reduce Scope 3 emissions. As an extension of its Green Lease initiative, this programme aims to encourage and incentivise tenants to adopt sustainable practices and effectively reduce energy consumption.
Qualifying tenants who achieve a 10% reduction in their annual power usage will receive a dollar-for-dollar rebate in the form of CDL vouchers at the end of the 12-month programme in June 2025. As part of the programme, tenants can also tap on sustainability knowledge and resource support provided by CDL.
Acknowledging its efforts in adopting a value-chain approach to collectively advance the sustainability agenda at the BCA Awards Ceremony held during the International Built Environment Week (IBEW) 2024 on 6 September 2024, Ms Indranee Rajah, Minister, Prime Minister's Office, Second Minister for Finance and Second Minister for National Development, noted, "Not only has CDL developed its roadmap to achieve net-zero emissions for its assets by 2030, it has also been bringing partners together to drive sustainability through various initiatives.... In addition, CDL has launched a new Green Tenant Bonus Programme that will provide its tenants with rebates for reducing energy consumption. CDL also provides advisory support and best practices guidelines to help its tenants realise energy savings. I hope more firms and stakeholders will join our national effort to build a more sustainable Singapore for generations to come."
Through this initiative, if all qualifying tenants collectively achieve a 10% energy reduction, Republic Plaza can reduce its annual Scope 3 carbon emissions by up to 264,000 kgCO2e, equivalent to the energy needed to power 150 4-room HDB flats for an entire year. Reducing tenants' carbon emissions will also help address CDL's Scope 3 GHG emission source – and support Singapore's net-zero goals.