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ESG Investing / Treasury & Capital Markets
DBS, CDL, sign US$295.5 million SSL
Performance targets linked to biodiversity, waste management, water efficiency
The Asset 26 Jun 2024

Real estate firm City Developments Limited (CDL) has secured a S$400 million (US$295.5 million) sustainability-linked loan (SLL) from DBS Bank to advance nature conservation and sustainable development in Singapore.

The loan, the company and bank say, is the first-of-its-kind, with criteria guided by the ambitious targets set by CDL in its adoption of the Taskforce on Nature-related Financial Disclosures (TNFD) Recommendations.

CDL is the first company in Singapore to publish TNFD-aligned disclosures in its latest Integrated Sustainability Report 2024.

The TNFD targets-aligned SLL is designed to incentivize the company’s ongoing efforts to achieve significant environmental, social and governance (ESG) milestones.

Proceeds will be used for general corporate funding and working capital purposes, which include the redevelopment of its existing assets.

The loan incorporates specific performance targets related to biodiversity conservation, waste management and water efficiency, all of which are crucial components of the TNFD Recommendations.

Launched in September 2023, the TNFD framework is a set of global standards and guidelines designed to help businesses effectively integrate nature and biodiversity considerations into corporate decision-making. This in turn enables greater transparency, accountability and more consistent measurement in nature-related financial disclosures.

“As the importance of biodiversity and ecosystem preservation grows, it is essential that we integrate these considerations into our financial solutions,” says Chew Chong Lim, DBS’ group head of real estate, institutional banking group. “This first-of-its-kind SSL, aligned with CDL’s TNFD-related targets, demonstrates our commitment to exploring new frontiers in the ESG space and helping to build a future where economic growth and ecological stewardship go hand in hand.”

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