Measures to reduce electricity emissions in MAS’ premises include: 

• Using cool paint to lower the temperature of our water storage tanks,
• Raising indoor air-conditioned temperature to 25°C,
• Using more energy efficient, motion-controlled LED lightings in our office premises,
• Installing solar panels on the rooftop of MAS Building and Currency House, and
• Replacing the central air conditioning system at Currency House 

New norms for international meetings present an opportunity to reduce the air travel of MAS staff. Many international engagements, such as meetings, conferences, courses and workshops, were held virtually during the COVID-19 pandemic. As air travel normalises, we can expect some meetings to return to an in-person format. Others may continue in an exclusively virtual setting, while some organisers may choose to adopt a hybrid meeting format. 

MAS introduced a carbon budget framework and issued guidelines on delegation sizes to work towards meeting our target for business air travel emissions reduction.

MAS’ currency value chain comprises outsourced currency operations, in-house currency processing and waste incinerationThe carbon emissions arising from in-house currency processing (e.g., electricity consumption) and waste incineration are under MAS’ Scope 2 and Scope 3 emissions respectively.. The outsourced currency operations include currency production, processing and transportation. The reduction of carbon emissions from MAS’ outsourced currency operations hinges on a lowering in the public demand for notes and coins, given MAS’ mandate to meet the demand. Nonetheless, MAS seeks to reduce the carbon footprint of our outsourced currency operations where we are able to, across the currency value chain – both upstream and downstream.

Upstream:

• In currency production, we are working with our current polymer note printer, Note Printing Australia (NPA), to reduce carbon emissions from the production of our notes. For example, NPA has increased the use of its renewable energy to 20% of its grid electricity since July 2021 and is planning a production optimisation programme to further reduce its carbon emissions in the coming year.
• In currency-related procurement, MAS will incorporate environmental considerations in selecting future currency vendors. MAS hopes to influence change by making clear that this will be a key consideration in future procurement exercises.

Downstream:

• MAS will continue with our ongoing efforts to reduce the public demand for new notes, by encouraging the use of fit notes and e-gifting during festive seasons including Lunar New Year (LNY), and promoting e-paymentsThe use of e-Payments such as PayNow, FAST and SGQR are convenient alternatives to cash and cheques. By reducing the reliance on physical notes and cheques, we can help reduce the lifecycle carbon and environmental footprint from their production to eventual disposal.. 
• Approximately 100 million pieces of new notes for LNY and other festive periods are issued annually. These new notes are used once for gifting, and the majority of these notes are returned to MAS shortly after each LNY. While most of these returned notes are recirculated to meet demand (e.g., they replace unfit notes in circulation), the excess will accumulate and are subsequently destroyed before the end of their useful life as they far exceed the replacement demand. This wastes resources, resulting in unwarranted carbon emissions.
• MAS aims to shift public preferences by encouraging the use of fit notes during festive gifting and continuing with the progressive reduction of new notes to reduce the environmental impact of new notes issuance. This will pave the way for a sustainable future where MAS will no longer issue new notes for festive gifting.  

MAS will work towards the GreenGov.SG target of reducing our waste disposal by 30% (from 2022) by 2030. MAS continues to actively encourage the three ‘R’s of reduce, reuse and recycle amongst staff, to minimise waste, conserve natural resources and reduce carbon emissions. 

MAS recognises the importance of building a culture of sustainability and encourages staff to actively adopt sustainability-friendly practices through the three ‘A’s of Awareness, Advocacy and Action. MAS actively encourages staff to develop and deepen their understanding of sustainability issues through webinars, learning events and brownbag sessions. This year, sustainability was a key theme in our annual staff seminar, One MAS Connect (OMC), where officers from various departments spoke about their work in sustainability and other ground-up activities in the organisation. We also launched our inaugural sustainability sentiment survey in 2022 to understand staff’s attitudes, willingness and perceptions towards building a culture of sustainability within MAS.

The MAS Recreation Club formed a Sustainability Committee to implement ground-up initiatives and actionable interventions. These aim to change the behaviours and attitudes of staff towards waste generation or resource usage in the office. Initiatives such as plastic free days and reusable bag sharing points will be piloted to encourage staff to adopt environmentally friendly habits.