Strategy
Overview
Our carbon footprint is primarily generated by three major components: electricity consumption (Scope 2 emissions), business air travel (Scope 3 emissions), and outsourced currency operations (Scope 3 emissions). These account for about 96% of our total emissions in FY2024.
We have developed a roadmap that sets out our 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.
Our approach involves evaluating the potential for reducing the major components of our carbon footprint, and conducting cost-benefit analyses to determine the best approaches. It also includes building a culture of sustainability within the organisation focusing on reducing, reusing and recycling.
Scope 2 Emissions Reduction
Energy Efficiency Measures for our Buildings
We have completed the upgrading of our central air-conditioning plant in Currency House in 2024. For MAS Building, we are exploring the feasibility of optimising energy utilisation using innovative technologies.
Renewable Energy
Our solar harvesting system with a 70 kWP capacity in Currency House installation was completed in August 2024.
Green Building Certifications
MAS will be implementing other energy efficient measures over the next 2 years to obtain Building and Construction Authority’s (BCA) Green Mark 2021 Platinum Super Low Energy certification for Currency House by 2028.
Building Decarbonisation Feasibility Study
Building Decarbonisation Study for our Building Operations
Based on the consideration on whole life carbon cycle and costs, our building decarbonisation feasibility study in 2024 concluded that it is more carbon-reducing and cost effective to refurbish the existing MAS Building and Currency House, as compared to constructing new buildings.
MAS will implement the recommended measures from the study over the next 3 to 5 years. These include converting air-conditioned spaces to hybrid cooling, natural or mechanical ventilated spaces.
Scope 3 Waste Emissions Reduction
In 2024, MAS participated in the pilot waste audit commissioned by the National Environment Agency (NEA). The prevalent waste type in MAS Building was food and single-use takeaway food packaging, while Currency House’s top wastes were plastics and paper/cardboard from MAS’ currency operations.
MAS has since implemented recycling bins for plastics and paper/cardboard waste at Currency House. MAS will explore segregation of food waste and packaging with the availability of off-site food waste recycling facilities.
Scope 3 Outsourced Currency Operations
MAS remains committed to reducing carbon emissions across the currency value chain through our on-going initiatives . For Lunar New Year (LNY) 2025, MAS enhanced its multi-pronged approach to encourage greater adoption of Fit notes for festive gifting. We intensified our outreach efforts across different demographic segments through a mix of social media and outdoor advertisements.
We also worked with the banks to expand their network of pop-up and branch ATMs to dispense Fit notes. These initiatives have produced encouraging results, with more members of the public choosing Fit notes. In LNY 2025, 16.2 million pieces of Fit notes were exchanged, an increase of 38% compared to LNY 2024.
This translates to emissions savings of around 517 tCO2e from not issuing an equivalent amount of new notes to meet festive demand during LNY. This is comparable to powering about 280 four-room HDB flats annually.