CDL Issues Singapore’s First Climate Bonds Certified Green Property Bond
10 April 2017
From Climate Bonds:
Singapore-listed City Developments Limited, has issued Singapore’s first green property bond certified under the Climate Bonds Low Carbon Buildings (LCB) Criteria.
Proceeds of the SGD 100m (USD 70.7m) Climate Bonds Certified issuance will be allocated to the repayment of a SGD 100m loan extended by CDL to CDLP which owns Republic Plaza, one of Singapore’s tallest skyscrapers and a premium Grade A office building in the heart of Singapore’s Central Business District.
Since its completion in 1996, Republic Plaza has continuously been upgraded, including the major retrofitting of chiller plants and installation of energy efficient lightings with motion sensors, to improve the building’s energy efficiency, resulting in an estimated 33% reduction in overall emissions.
Climate Bonds Certification of this green bond issuance has been verified by KPMG against the Climate Bonds Standard. Sustainalytics provided a second party opinion. Certification of Singapore green property bonds has been available since Climate Bonds released the emissions performance trajectory for Singapore commercial office buildings in April 2016.