Mapletree Investments Pte Ltd

Climate Impact & Sustainability Data (2022-04 to 2023-03, 2023-04 to 2024-03)

Reporting Period: 2022-04 to 2023-03

Environmental Metrics

Total Carbon Emissions:18,441 tCO2e/year (Scope 2)

Scope 1 Emissions:13.2 tCO2e/year

Scope 2 Emissions:18,441 tCO2e/year

Total Energy Consumption:46.6 million kWh/year

Water Consumption:663,343 m3/year

Waste Generated:12,066.1 tons/year

Carbon Intensity:0.0105 tonnes CO2e/m2 in FY22/23

ESG Focus Areas

Energy and climate change
Water management
Waste management
Employee engagement and talent management
Diversity and equal opportunity
Health and safety
Community impact
Ethical business conduct
Compliance with laws and regulations
Economic performance
Quality, sustainable products and services
Strong partnerships

Environmental Achievements

Achieved BCA Green Mark Platinum Award for 161 and 163 Kallang Way
Achieved BCA Green Mark Gold Plus Award for Serangoon North Cluster
Installed solar panels at 5 Flatted Factory clusters with generating capacity of about 4,000 kWp
Installed 2 food digesters in the Kampong Ampat Cluster
Improved GRESB Real Estate Assessment score from 50 points in 2021 to 71 points in 2022
Attained ‘A’ for GRESB Public Disclosure Level

Social Achievements

Introduced sustainability clauses for new and renewal leases in Hi-Tech Buildings and Business Park Buildings
Engaged 26% of tenants (by Overall Portfolio’s NLA) on ESG matters (including data sharing)
Organised 3 knowledge sharing events for tenants in Singapore
Average training hours per employee increased to 49.2 hours in FY22/23 from 43.3 hours in FY21/22
100% of employees received professional training relating to ESG topics
Ranked Top 10 in Singapore for Gender Equality in 2022 by Equileap
Organised 1 MIT Corporate Social Responsibility (“CSR”) initiative
Achieved zero incidents resulting in employee permanent disability or workplace fatality

Governance Achievements

Improved female representation on the Board from 18% to 25%
Completed an initial internal process design review for Sustainability Reporting
Adopted responsible investment principles in investment activities, in alignment with the Mapletree Group which is a signatory of the United Nations-convened Principles of Responsible Investment (“UN PRI”)
Improved the quality of disclosures by conducting a review of the climate risk assessment in FY22/23

Climate Goals & Targets

Long-term Goals:

Align with MIPL's commitment to achieve net zero emissions by 2050
Aspire to achieve at least 25% of female representation on the Board by 2025 and 30% by 2030

Medium-term Goals:

Reduce average building electricity intensity by 15% for MIT’s properties in Singapore from the base year of FY19/20 by FY29/30
Reduce average building Scope 2 GHG emissions intensity by 17% for MIT’s properties in Singapore from the base year of FY19/20 by FY29/30
Increase total solar energy generating capacity across MIT’s portfolio to 10,000 kWp by FY29/30
Introduce sustainability clauses for all new and renewal leases for the Singapore and North American Portfolios

Short-term Goals:

Reduce FY23/24 average building electricity intensity by 0.75% for MIT’s properties in Singapore from the base year of FY22/23
Implement water conservation campaign through four initiatives for MIT tenants in Singapore

Environmental Challenges

Rising utilities expenses
Absence of revenue contribution from 19 Changi South Street 1 that was divested in April 2022
Higher borrowing costs due to higher interest rate environment and additional interest expenses arising from the full year borrowing costs associated with the 29 data centres acquired in July 2021
Higher manager’s management fees due to an increase in value of assets under management resulting from the 29 data centres acquired in July 2021
Non-renewal of a lease at 2 Christie Heights Street, Leonia, New Jersey
Data gap in emissions tracking for North American Data Centres due to tenants managing most of the data centre operations
Increase in water consumption due to increase in occupancies and level of activity in MIT’s properties in Singapore
Slowdown in economic activities could pose a challenge for stack-up factories to retain smaller businesses, which may face cashflow constraints

Mitigation Strategies

Resumption of DRP for distributions from 3QFY21/22 to 3QFY22/23 to finance the redevelopment project at Kallang Way
Divestments of non-core properties to recycle capital for investments
Hedging 75.5% of the gross borrowings as at 31 March 2023 to contain the impact of interest rate fluctuations on distributions
Actively engaging tenants ahead of their lease expirations to seek replacement tenants and evaluate possible asset enhancement or repositioning of the assets to minimise the downtime
Engaging tenants to address the data gap in emissions tracking
Implementing water-saving measures such as low flush water systems, water-efficient taps, and motion sensor faucets, as well as adopting recommended water flow rates across MIT’s properties
Engaging tenants to advocate the importance of water as a shared resource
Adopting innovative waste management solutions and technologies as well as encouraging employees and tenants to adopt proper waste management and reduction practices

Supply Chain Management

Supplier Audits: 20 new suppliers engaged; 8 (40%) screened for environmental criteria and 13 (65%) screened for social criteria

Responsible Procurement

Suppliers screened based on environmental and social criteria before being awarded a project; All material contracts awarded to suppliers include anti-corruption clauses

Climate-Related Risks & Opportunities

Physical Risks

Fluvial, coastal, and flash floods
Tropical cyclones
Extreme heat

Transition Risks

Increased pricing of carbon emissions
Mandates and regulations on existing products and services
Changes in stakeholder expectations
Environmental reporting obligations
Exposure to climate litigation

Opportunities

Development of energy-efficient products and services

Reporting Standards

Frameworks Used: GRI Universal Standards, TCFD

Awards & Recognition

GRESB Public Disclosure Level ‘A’
Morningstar Sustainalytics ESG Risk Ratings ‘Low Risk’
Top 10 in Singapore for Gender Equality in 2022 by Equileap

Reporting Period: 2023-04 to 2024-03

Environmental Metrics

Total Carbon Emissions:1,706,492 tCO2e/year (Scope 1,2 & 3 combined)

Scope 1 Emissions:20,648 tCO2e/year

Scope 2 Emissions:422,229 tCO2e/year (location-based), 411,372 tCO2e/year (market-based)

Scope 3 Emissions:1,583,225 tCO2e/year

Renewable Energy Share:10%

Total Energy Consumption:1,163 GWh/year

Water Consumption:7,605,891 m3/year

Waste Generated:623,082 tons/year

Carbon Intensity:1.59 kgCO2e/m2/yr (Scope 1), 21.16 kgCO2e/m2/yr (Scope 2 location-based), 20.61 kgCO2e/m2/yr (Scope 2 market-based)