Strategy
Overview
MAS' carbon footprint is primarily generated by three major components: electricity consumption (Scope 2 emissions), business air travel and outsourced currency operations (Scope 3 emissions). Together, these account for 97% of our total emissions in FY2022. We have successfully reduced Scope 2 emissions by 23% from its peak in 2013, with the key driver being the replacement of the central air-conditioning system in MAS Building.
To guide our environmental sustainability efforts until 2030, MAS has developed a roadmap that outlines its targets and strategies for emissions reduction in Scope 1, Scope 2, and Scope 3 (business air travel and outsourced currency operations) by FY2025 and FY2030.
MAS' approach involves evaluating the potential for reducing the major components of our carbon footprint, conducting cost-benefit analyses to determine the best approaches, and considering the use of carbon offsets for emissions that are challenging to abate.
MAS' 2030 roadmap builds upon the progress made since 2013, including the implementation of energy efficiency measures such as central air conditioning, heat recovery system, and lighting systems in MAS’ Building. By keeping up with technological advancements, MAS has maintained its GreenMark certification (Platinum) for MAS Building since 2015 and received the Energy Efficiency National Partnership ("EENP") Award in 2018.
In addition, MAS has integrated NEWater into its water reticulation system, which supplies water to its air-conditioning cooling system. This initiative has reduced MAS' reliance on potable water. These strategies have played a crucial role in MAS' sustainability achievements.
Net Zero Building Study
As part of MAS' 2030 environmental sustainability roadmap, MAS has initiated a feasibility study to explore the potential for MAS Building and Currency House to achieve net zero carbon emissions for our building operations by 2045. The study will focus on four key areas: passive building design strategies, active building design strategies, smart building technologies and renewable energy sources.
Green Procurement
Public sector procurement is one of the key thrusts to enable a sustainable economy and green citizenry, and MAS is committed to doing our part. Besides adopting green procurement requirements from the GreenGov.SG framework, MAS is starting to collect information on suppliers’ environmental efforts and maturity, to deepen its understanding of market readiness. MAS is also incorporating environmental sustainability criteria in its evaluation of large tenders, including a recent tender relating to currency operations.
Scope 3 Outsourced Currency Operations
MAS remains committed to reducing its carbon emissions in the currency value chain, which comprises outsourced currency operations including currency production, processing and transportation, in-house currency processing and waste incineration. The reduction of carbon emissions from MAS’ outsourced currency operations hinges on a lower public demand for notes and coins. Notwithstanding, MAS continues to identify opportunities across the currency value chain – both upstream and downstream:
- Upstream: For the first time, MAS incorporated environmental sustainability criteria into its recent replenishment tender for $100 notes. MAS hopes to influence change in its potential currency suppliers by making clear that this will be a key consideration in future procurement exercises.
- Downstream: For this year’s Lunar New Year ("LNY"), MAS made a bigger push to encourage the use of “Fit-for-Gifting” currency notes ("Fit notes"), thereby decreasing demand for new notes. Fit notes are more environmentally friendly and reduce MAS’ carbon emissions. MAS worked with the banks to make Fit notes easily accessible to the public through online reservations and at selected pop-up ATMs. Over 11 million pieces of Fit notes were exchanged in LNY 2023, translating into emissions savings of approximately 400tCO2e, equivalent to the annual emissions from powering about 220 four-room public housing flats. MAS will continue with efforts to encourage use of Fit notes and e-gifting for festive gifting, including working with the banks to expand the distribution channels for Fit notes during LNY.
Culture of Sustainability
To promote a culture of sustainability, the MAS Recreation Club ("RC") Sustainability Committee was formed to lead staff-initiated initiatives and interventions. MAS continues to actively encourage staff to deepen their understanding of sustainability issues including through learning events, and develop their environmental sustainability ideas collectively through co-creation workshops. Examples of initiatives include:
- Environmental Sustainability Week: The inaugural MAS Environmental Sustainability Week for staff was organised in September 2022. Staff champions led in organising activities to raise awareness on environmental sustainability issues and encouraged MAS colleagues to adopt environmentally friendly habits. More than 200 staff participated in the week-long activities, which were centred on the 3Rs of reduce, reuse and recycle, and included initiatives such as donation of pre-loved textile and books, as well as workshops on food sustainability and plastic recycling.
- Carpooling: In May 2023, a staff-led carpooling initiative was piloted, with 190 staff carpooling from their homes to our staff seminar. With the successful pilot, MAS will continue to look for opportunities to implement this at suitable staff events, to reduce our collective carbon footprint.