With the completion of the merger with MNACT on 21 July 2022, MPACT has expanded its reach across Singapore, Hong Kong, China, Japan and South Korea. Notwithstanding the increased geographic scope, we remain committed to sustainability as a fundamental aspect of our business. As we strive to achieve sustainable returns over the long term, we recognise our duty to operate responsibly and to secure a better future for all.

The Board is pleased to present our first Sustainability Report (“SR”) for FY22/23 following the merger. This report outlines our policies, practices and targets relating to the sustainability matters, along with their respective performance during the period from 1 April 2022 to  31 March 2023.

To do our part to combat climate change, we have taken proactive steps, such as the introduction of a 2030 target to reduce energy intensity by 40% from the FY11/12 baseline of our Singapore properties. In addition, we target to achieve net zero by 2050 through carbon emissions reduction measures to mitigate any impact on the environment, and minimise the potential impact of climate change on our business. We believe that sustainability provides a competitive advantage. In line with this, the Mapletree Group has also developed a roadmap to achieve our commitment and initiated efforts to decarbonise  our operations.

To lay the foundation, the Mapletree Group has introduced four new environmental policies to further integrate sustainability into investment decisions, operations and development projects. To collect environmental data throughout the Mapletree Group, a group-wide environmental data management system will be deployed. As part of the Mapletree Group, we are a signatory of the United Nations-supported Principles for Responsible Investment (“UN PRI”), further reinforcing our dedication to responsible investment.

The Board is responsible for the oversight of MPACT’s sustainability direction and reviews key sustainability matters to ascertain MPACT’s strategic goals and priorities. The Board also maintains overall responsibility on MPACT’s sustainability strategy and the achievement of its long-term ESG performance. Post-merger, the 12 existing material sustainability matters were assessed for their continued relevance to MPACT’s operating context. They were subsequently presented and approved by the Board.

At MPACT, we adopt a proactive approach towards improving our climate-related disclosures. Building upon our first environmental risk assessment, we have onboarded a climate risk analysis tool to enhance our analysis of climaterelated risks. The analysis tool will be rolled out in phases where we intend to leverage on the tool to enhance the assessment of climate risks and investment due diligence process in the near future. We also continued to enhance our disclosures in accordance with the recommendations of the Financial Stability Board’s TCFD, where practicable.

As part of our commitment to transparency and accountability, MPACT will participate for the first time in the 2023 GRESB Real Estate Assessment, building upon the participation by MCT and MNACT  in prior years. 

In conjunction with the introduction of SGX’s 27 core ESG metrics in December 2021 as well as GRI Standards 2021, we have further updated our reporting framework to align with these enhanced reporting requirements.

We achieved all our FY22/23 ESG targets. Highlights of the year include:

• 85% of our portfolio by lettable area are green-certified and we have put in place a roadmap for the entire portfolio to be greencertified by FY24/25;

• Reduced carbon emissions  by generating more than  1.9 million kWh of solar energy  in FY22/23, made possible  through 2,238 kWp of solar capacity that we have installed across the portfolio;

• Took steps to incorporate green leases for all Singapore properties, with plans to roll them out to our overseas properties;

• Updated MPACT’s Green Finance Framework and subsequently issued  S$150 million of green notes under this framework, bringing the proportion of total green financing to approximately one-third of the MPACT Group’s borrowings;

• Continued to engage various stakeholder groups to raise awareness on ESG topics, with events such as Earth Hour, e-waste collection drive, tree plantings, evacuation drills, fundraising events and fitness classes. These events were attended by employees, tenants and the public;

• Continued to put in place non-financial key performance indicators to promote ESG awareness and practices such as energy-saving habits, training, wellness, participation in CSR events, and engagement with investors and tenants; and

• Staff participated in six CSR events.

At MPACT, we are committed to long-term value creation by managing our business in a responsible way. We believe that sustainability is an ongoing journey, not a checkbox exercise, and we also understand that our responsibility extends to all our stakeholders. We are constantly exploring ways to reduce the environmental impact from our business and will continue to work hand-in-hand with our employees, tenants, shoppers, partners and communities to forge a sustainable future for the generations to come. Together, we can make a positive difference on the environment and society while creating value for all.

BOARD OF DIRECTORS

To access MPACT’s full Sustainability Report, please click here.