A Sustainable Organisation

MAS is reducing its carbon and environmental footprint to support Singapore’s climate ambitions and commitments. 

Metrics and Targets

Environmental sustainability targets

MAS’ near-term targets for FY2025 and FY2030

MAS’ near-term targets for Scope 1, Scope 2 and Scope 3 emissions reduction are set based on the Science Based Targets initiative (SBTi) methodology, which has been independently validated (294.6 KB) by KPMG Services Pte Ltd. In particular, MAS’ Scope 1, Scope 2 and Scope 3 (business air travel) near-term targets are aligned with the well below 2°C science-based pathway, and Scope 3 (outsourced currency operations) near-term targets are aligned with the 2°C science-based pathway. The following targets use FY2018 (ending March 2019) as the base year. 

  • Scope 1, Scope 2 and Scope 3 (business air travel) emissions:
    • FY2025 target: reduce by 17.5% 
    • FY2030 target: reduce by 30%
  • Scope 3 (outsourced currency operations) emissions:          
    • FY2025 target: reduce by 10%
    • FY2030 target: reduce by 20%
MAS is committed to reducing Scope 3 emissions as it forms the bulk of our carbon profile, despite the greater challenges in reducing such emissions. MAS has set higher emissions reduction targets for Scope 3 (business air travel) by aligning these targets with the well below 2°C science-based pathway as this is an area where MAS is able to do more. In contrast, it is challenging to make significant reductions in carbon emissions of MAS’ outsourced currency operations given MAS’ mandate to meet public demand for currency. Nevertheless, MAS has set near-term emissions reduction targets for our outsourced currency operations that are aligned with the 2°C science-based pathway. MAS will continue to monitor our ongoing efforts and explore additional measures to further reduce our emissions.

GreenGov.SG’s targets by 2030

  • Energy Utilisation Index: improve by 10% from 2018-2020 baseline
  • Water Efficiency Index: improve by 10% from 2018-2020 baseline
  • Waste Disposal Index: improve by 30% from 2022 baseline 
Carbon footprint of MAS’ corporate activities

MAS will continue to measure and report our corporate emissions using the Greenhouse Gas (GHG) Protocol. Overall, our FY2021 emissions declined 39% from FY2018 baseline, given the substantial decline in business air travel due to the COVID-19 pandemic. This is an aberration.

MAS’s carbon profileMAS’ carbon profile is calculated in accordance with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard developed by the World Resource Institute (WRI) and the World Business Council for Sustainable Development (WBCSD), using the operational control approach. MAS has applied an operational control approach, instead of equity share or financial approaches because MAS has full authority to introduce and implement its operating policies. comprising Scope 1, Scope 2 and Scope 3 emissions  

FY2018 Tonnes of CO2e (% of total) FY2019 Tonnes of CO2e(% of total) FY2020 Tonnes of CO2e(% of total) FY2021 Tonnes of CO2e(% of total)
 Direct Carbon Emissions (Scope 1)      

Fire Extinguishing AgentFugitive emissions due to fire extinguishing agent calculated using emission factor from the IPCC Fifth Assessment Report, 2014

86 (<1%) 89 (<1%) 89 (1%) 86 (<1%)

MAS-owned vehiclesThe emission factor is obtained from the National Environment Agency (NEA), GHG Emissions Measurement and Reporting Guidelines 2018.

8 (<1%) 8 (<1%) 3 (<1%) 1(<1%)

Other fuelOther fuel is used for standby generators at our premises. The emission factor is obtained from the NEA, GHG Emissions Measurement and Reporting Guidelines 2018.
           

4 (<1%) 2 (<1%) 2 (<1%) 0.7(<1%)

Sub-total CO2e emissions (Scope 1)
           

98 (1%) 99 (1%) 94 (1%) 88(1%)
 Indirect Carbon Emissions (Scope 2)    

ElectricityThe GHG emissions from electricity consumption are computed using the location-based approach instead of market-based approach as MAS currently purchases all electricity from power grids, and the grid emission factors are obtained from the Singapore Energy Market Authority (EMA), UK Department for Business, Energy & Industrial Strategy (DBEIS), USA Egrid (2020) and China’s National Development and Reform Commission Guidelines for Singapore offices and buildings, as well as offices in London, New York, Beijing and Shanghai.  For Singapore, FY2018 carbon emissions is calculated based on 2018 grid emission factor of 0.4206 kg CO2/kWh; FY2019 and FY2020 carbon emissions are calculated based on 2019 grid emission factor of 0.4085 kg CO2/kWh and FY2021 carbon emissions are calculated based on 2020 grid emission factor of 0.408 kg CO2/kWh.(including MAS’ overseas officesMAS’ overseas offices in New York City, London and Beijing only contribute to Scope 2 indirect carbon emissions from electricity consumption. Shanghai office, which started operations in January 2021, has been included in this year’s Sustainability Report. SR FY18: 18 tonnes of CO2e/FY19: 15 tonnes of CO2e/FY20: 12 tonnes of CO2e/FY21:16 tonnes of CO2e)

3,884 (24%)
           
3,848 (25%)
           
3,696 (34%) 3,849 (38%)
 Indirect Carbon Emissions (Scope 3)    

Business air travelEmissions from business travel are calculated with emission factors developed by World Resource Institute and UK DBEIS. The distance between each flight was calculated using www.distancecalculator.net . The FY2018 and FY2019 air travel emissions have been restated from 4,314 tonnes CO2e to 4,417 tonnes CO2e and 3,749 tonnes CO2e to 4,024 tonnes CO2e respectively to include trips that were made on MAS’ business, but not paid for by MAS.

4,417 (27%) 4,024 (26%)
           
296 (3%)
           
324 (3%)

Business travel - LandEmissions from staff travel in Singapore, are calculated with emission factors developed by UK DBEIS.

14(<1%) 15 (<1%)
           
7 (<1%) 5 (<1%)
           

Leased office spaceEmissions from electricity consumption of downstream leased assets are calculated using emission factors obtained from the Singapore EMA.(MAS Building)

370 (2%) 283 (2%) 132 (1%) 161(2%)

Waste incinerationEmissions from waste incineration are calculated using emission factors obtained from the NEA (2018) Singapore's Fourth National Communication and Third Biennial Update Report.

302 (2%)
           
246 (2%)
           
165 (1%)
           
103 (1%)
           

Outsourced Currency operationsMAS’ outsourced currency operations comprise activities such as outsourced currency production, processing and transportation. Carbon emissions arising from in-house currency processing (e.g., electricity consumption) and waste incineration are disclosed under Scope 2 and Scope 3 respectively.
           

7,216 (44%)
           
6,776 (44%) 6,444 (60%) 5,459In addition to our efforts to reduce the impact of currency operations on the environment, the decline in FY2021 emissions for outsourced currency operations was also due to the lower demand of coins during the Covid-19 pandemic. (55%)

Sub-total CO2 emissions (Scope 3)

12,319 (75%)
           
11,344 (74%)
           
7,044 (65%)
           
6,070 (61%)
Total Carbon Emissions
           
16,301
           
15,291
           
10,834
           
10,007
           
Electricity, waste and water usage profile

MAS will introduce new metrics to report our energy utilisation, water efficiency and waste disposal, in accordance with the GreenGov.SG targets. The metrics are computed as follows:

  • Energy Utilisation Index (EUI): annual energy consumption divided by the total Gross Floor Area
  • Water Efficiency Index (WEI): annual water consumption per day divided by the total number of occupants including visitors
  • Waste Disposal Index (WDI): total amount of waste disposed per day divided by the total number of occupants including visitors

Only EUI and WEI are reported in this year’s Sustainability Report. The WDI uses 2022 as the base year, so this metric will only be reported in our 2023 report.                                                                      

   2021
Energy Utilisation Index  118 kWh/m2
Water Efficiency Index  94 litres/person/day
Progress in developing a culture of sustainability

MAS recognises the importance of building a culture of sustainability and encourages staff to actively adopt environmentally sustainable practices through the three ‘A’s of Awareness, Advocacy and Action. The outcomes achieved are highlighted in the table.

Initiatives Year Implemented  Outcomes Achieved
Minimise Plastic Waste    

Removed the provision of single-used bottled water in meeting rooms at MAS’ premises

 2018 Reduced the use of >3,000 plastic bottles per year

Implemented clustered placement of office litter bins

 2017 Reduced the use of >16,000 plastic liners per year 
Reduce Paper Usage
   

Introduced “Bring-Your-Cup” initiative and ceased dispensing paper cups when staff use beverage vending machines

 2017 Reduced the use of >76,000 paper cups per year

Raised awareness and encouraged staff to go digital and print less 

 2016 Reduced paper usage by 18% or 2.3 tonnes (equivalent of 54 trees) year-on-year, as of FY2021
Project Bring-Your-Own (BYO)    

MAS provided staff with reusable utensils and lunchbox to pack meals alongside a pledge to stop using single-use items

 2020 

47% of MAS staff have pledged and signed up for Project BYO