We are pleased to present MPACT’s Sustainability Report (“SR”) for FY23/24. In this report, we detail our environmental, social and governance (“ESG”) journey and achievements in FY23/24. Our ESG approach is anchored in\ four key pillars: safeguarding against the impact of climate change, enhancing social value in our workplace and community, upholding high ethical standards and building a resilient business. Each of these pillars plays a crucial role in our strategy, underscoring our commitment in creating sustainable value for all our stakeholders.
Safeguarding Against the Impact of Climate Change
Our primary ESG focus has been to address the significant impact of the real estate sector, which contributes approximately 40% to global CO2 emissions.1 Driven by the ambition to reach “Net Zero by 2050” – a goal aligned with the Paris Agreement and Singapore’s net zero goals, we have integrated decarbonisation efforts into our day-to-day-operations.
As a start, we have been conducting a detailed net zero study and are developing a decarbonisation roadmap. On climate risk assessment, we have completed the onboarding of a third-party climate risk analysis tool and conducted a climate scenario analysis on our portfolio assets to highlight the potential impacts of climate change on our businesses and align with the Task Force on Climate-related Financial Disclosures approach.
We accelerated the greening of MPACT’s entire portfolio. Initiatives this year include expanding our solar energy capacity, directly reducing emissions and fortifying climate resilience. We also undertook a phased implementation of an environmental data management system with the wider Mapletree Group, starting from the Singapore properties. When completed, the system will help to better identify areas of improvement and measures for further emissions reduction. We have also extended our carbon accounting to include Scope 3 emissions to obtain a more complete perspective of our carbon footprint. These efforts have earned us a fourth consecutive “A” rating in the 2023 GRESB Assessment and a “Five Star” GRESB rating in FY23/24, up from “Three Star” last year.
Enhancing Social Value in Our Workplace and Community
We believe in the importance of community and stakeholder engagement. This year, we conducted an online seminar for tenants to promote efficient resources such as energy and water as well as waste management. We also organised tenant engagement events focused on water conservation in Gateway Plaza and Sandhill Plaza, and participated in global events such as Earth Day, Earth Hour and World Water Day.
Our people matter to us. In FY23/24, we conducted a staff engagement survey of all employees to share their thoughts and feedback about working at MPACT. The survey results were aggregated to help us identify areas for improvement and guide appropriate follow-up actions. The survey saw a 99% response rate with 77% of the surveyed employees reported being engaged, an improvement from the 71% achieved during the previous survey carried out three years ago.
Upholding High Ethical Standards
The Board oversees the management and monitoring of material sustainability matters for MPACT and ensures that they are integrated into our business strategy. In FY23/24, the Board reviewed the existing 12 material sustainability matters and confirmed their continued relevance to MPACT’s operations and stakeholders. Our sustainability practices are guided by the Mapletree Group and specifically led by the Mapletree Group’s Sustainability Steering Committee and management teams. As a responsible REIT manager, our sustainability approach, policies and practices emphasise responsible stewardship. We believe that sustainability is not just ethical, but integral in enhancing MPACT’s competitive edge, talent attraction and retention, and corporate integrity. We also ensure that accountability is cascaded across the organisation by continuing to link ESG-related performance metrics to the remuneration of our employees.
Building a Resilient Business
We remain committed to delivering long-term value to our stakeholders. We do so by maintaining high asset quality through ongoing asset management efforts, underpinned by our proactive capital management strategy. Our focus on incorporating green financing into our management strategies is a reflection of our dedication to building a resilient and sustainable portfolio. With the support of our stakeholders, we will continue to make strides in creating a more sustainable future, marked by mutual collaboration and shared success.
BOARD OF DIRECTORS
To access MPACT’s full Sustainability Report, please click here.