PHNOM PENH, CAMBODIA  - 6 June 2024 - In a bold step towards redefining the urban development landscape in Cambodia, Canopy Sands Development ("CSD") announced today its appointment of Alaya Consulting ("Alaya") as the Environmental, Social, and Governance (ESG) consultancy firm for its 934-hectare Bay of Lights project.

Canopy Sands Development ("CSD") announced its appointment of Alaya Consulting ("Alaya") as the Environmental, Social, and Governance (ESG) consultancy firm for its 934-hectare Bay of Lights project.

The appointment of Alaya by CSD is a strategic move to ensure that the Bay of Lights leverages its data-driven expertise to integrate comprehensive sustainability strategies into the project. CSD believes that sustainable practices can lead to cost savings, increased operational efficiency, and enhanced development values, positioning itself for sustained success and positive impact.

"We are excited to partner with Alaya to drive the sustainability agenda for the Bay of Lights project forward. This appointment reaffirms our commitment to creating sustainable and resilient communities that prioritize both environmental stewardship and social responsibility," said Jimmy He, Managing Director of CSD.

The Bay of Lights project is an ambitious coastal development aimed at redefining urban living with a focus on sustainability and innovation. This mixed-use development will feature some of the key sustainability features below.

* Public Transportation Integration: Emphasizes transit-oriented development to reduce reliance on private vehicles, thereby lowering traffic congestion and emissions.

* Walkability and Cycling: Designed to promote walkability and cycling, with all key areas within a 5–10-minute walk or bike ride, reducing the need for car travel, encouraging physical activity, and contributing to a healthier environment.

* Energy Efficiency: Aims to commit to energy-efficient designs and green building certifications to ensure long-term environmental benefits.

Alaya, a pioneer in ESG consulting in Hong Kong, brings a wealth of experience and a track record of successful projects in the sector. Since its inception, Alaya has completed over 500 ESG reports and is the first ESG consultancy in Asia approved for science-based emissions target setting.

"We believe our combined efforts will serve as a model for future projects, demonstrating how modern urban developments can harmonize with nature and benefit the community," said Tony Wong, Founder of Alaya. "By leveraging our extensive ESG expertise, we aim to set new standards for sustainable urban development in Cambodia," he added.

Beyond the Bay of Lights project, Canopy Sands Development is actively advancing sustainability through a range of initiatives. At the Global Climate Action Forum 2024, the company reaffirmed its dedication to sustainable urban development, spotlighting the Bay of Lights as a flagship project exemplifying their environmental commitment.

Canopy Sands Development

Canopy Sands Development is a pioneering real estate development company, established in 2019 and headquartered in Phnom Penh, Cambodia. Led by a dynamic team of highly experienced professionals, both local and international, Canopy Sands Development is committed to laying the foundations that catalyze economic opportunities. With each project, it aims to create a significant economic, social, and educational impacts, delivering sustainable and lasting benefits to Cambodian communities.

Alaya Consulting

Alaya Consulting is a specialist advisory firm focused on ESG disclosure, pre-assurance, and training. As the first ESG consultancy in Asia to have a Science Based Target approved, Alaya Consulting leverages its sustainability expertise and cross-industry experience to empower clients and create long-lasting value while fostering continuous growth. The Alaya team comprises professionals with diverse experiences, blending compliance, process improvement, stakeholder engagement, and training, aiming to combine insights with passion to solve reporting and communication challenges and to earn the trust of all its stakeholders.

The issuer is solely responsible for the content of this announcement.

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