Developing Better
GHG Emissions
In line with global and national climate commitments, the Group aims to reduce Scope 1 and 2 GHG emissions by 46% across our commercial and hospitality properties by 2030 against our 2019 baseline of 41,342 tonnes of CO2e. We adopt a multifaceted approach to achieve this target, including implementing energy efficiency measures, installing onsite solar panels, procuring renewable energy if available and other green initiatives. Any residual emissions that cannot be eliminated will be balanced through carbon credits and offsets. Achieving this 2030 target is dependent on external factors such as the maturity and availability of the renewable energy market. We are also in the process of aligning our carbon reduction targets with the SBTi.
In addition to our Scope 1 and 2 GHG emission reduction targets, the Group is also committed to addressing our Scope 3 GHG emissions. We have made progress by disclosing four material Scope 3 categories since our FY2022 Sustainability Report. Our GHG inventory has been developed in line with the GHG Protocol, and we are committed to enhancing it further to better understand our carbon footprint across the value chain. This includes exploring opportunities to expand our Scope 3 disclosures.
Our Progress
GHG Scope 1 & 2 Emissions1
Direct Emissions (% Change from 2023)
2.7%
Scope 1 and 2
Emissions
-1.7%
Properties
4.6%
Properties
1.0%
Hospitality Properties
(Intensity by GFA)
GHG Scope 3 Emissions
Indirect Emissions (% Change from 2023)
-2.7%
Scope 3
Emissions2
-14.9%
Energy-related
Emissions
-68.5%
in Operations3
35.9%
Travel4
1.0%
Leased Assets
0.3%
Projects
In 2024, the Scope 1 and 2 emissions from our commercial and hospitality properties were 35,192 tonnes of CO2e, reflecting a 2.7% increase compared with 20235. This increase is attributed to higher occupancy rates in our hospitality properties as part of the post-COVID recovery. The Group’s Singapore hospitality properties recorded an occupancy rate of 79% in 2024, up from 67% in 2023. Pan Pacific Orchard was fully operational throughout 2024, following its opening in June 2023, and Odeon 333, which obtained Temporary Occupation Permit (TOP) in May 2024, also contributed to this increase. Despite this, our Scope 1 and 2 emissions have decreased by 15% compared with our 2019 baseline, driven by our energy efficiency initiatives. In addition, we achieved a GHG emission intensity (Scope 1 and 2) by GFA occupied of 87.4 kgCO2e/m2 in 2024, which is 4.6% lower than the emissions intensity of 2023.
Our estimated Scope 3 GHG emissions in 2024 were 20,641 tonnes of CO2e. Currently, we disclose Scope 3 GHG emissions for four categories, namely fuel- and energy-related activities, waste generated from operations, business travel and downstream leased assets. We also disclose Scope 3 GHG emissions from our development projects. To align with the emissions disclosure expectations of the ISSB, GHG Protocol and SBTi, we have conducted an internal review to evaluate the operational boundaries of our Scope 3 inventory. We are working with a third-party consultant to complete our emissions profile, which will encompass all relevant categories of the 15 Scope 3 categories as defined by the GHG Protocol Value Chain Standard. With a comprehensive Scope 3 GHG inventory, we will be well-positioned to set science-based targets in line with the SBTi criteria.
For our development projects, Scope 3 GHG emissions in 2024 was 2,872 tonnes of CO2e.
Latest Performance
GHG Emissions (Scope 1 and 2) (tonnes of CO2e)
GHG Emissions Intensity (Scope 1 and 2) by GFA Occupied (kgCO2e/m2)
- Scope 1 emissions for 2020, 2021, 2022 and 2023 have been restated to reflect a more accurate calculation methodology for piped gas, resulting in an increase in emissions by 0.1%, 5.0%, 80.0% and 80.2% respectively.
- To align with the GHG Protocol, GHG emissions from development projects have been reclassified under Scope 3 (previously disclosed under Scope 1 and 2). UOL began developing the other Scope 3 GHG emissions categories in 2022. Additionally, only the data for Scope 3 development projects are audited; the scope of assurance excludes the other Scope 3 emissions categories.
- The decrease in Scope 3 waste generated in operations is due to the reduction in DEFRA emissions factors from 21 kgCO2e / tonnes to 6 kgCO2e / tonnes in 2024.
- The increase in Scope 3 business travel data in 2024 was attributable to an increase in overseas travel activities from driving business growth.
- Scope 1 emissions for 2020, 2021, 2022 and 2023 have been restated to reflect a more accurate calculation methodology for piped gas, resulting in an increase in emissions by 0.1%, 5.0%, 80.0% and 80.2% respectively. This also resulted in the restatement of the corresponding emissions intensity.