Board Statement
We are pleased to present MLT’s Sustainability Report for the financial year ended 31 March 2023 (“FY22/23”). This comprehensive report details our strategic approach to material sustainability matters and highlights our progress towards meeting our sustainability goals.
The Board takes responsibility for overseeing MLT’s sustainability efforts and believes that effective stewardship on environment, social and governance (“ESG”) matters is fundamental to ensuring the future of MLT and its stakeholders. To this end, we have integrated sustainability and ESG considerations into our business strategies and operations. We continue to inculcate a sustainability mindset into our employees by incorporating the values of environmental and social responsibility into our corporate culture and business activities.
Our sustainability practices are guided by our Sponsor, Mapletree Investments Pte Ltd (“Sponsor”, “Mapletree Group” or “Group”), and specifically the Sponsor’s Sustainability Steering Committee (“SSC”) and management. In deciding the material sustainability matters to be managed and reported on, we have considered MLT’s unique operating context and sector-specific sustainability challenges within the logistics industry. We have reviewed the material matters from the prior assessment and found them to have remained relevant for FY22/23.
FY22/23 was a pivotal year in our sustainability journey. We launched a green roadmap which sets out ambitious 2030 targets for green building certification and solar energy generation. These initiatives are critical components in advancing MLT’s commitment to achieving carbon neutrality for scope 1 and 2 emissions by 2030, an intermediate target which is aligned with the Group’s long-term target of net zero emissions by 2050. Working in conjunction with the Group, we implemented new sustainability policies that embed sustainability principles for our investment decisions, operations and development projects. Further demonstrating our commitment to responsible investment, Mapletree became a signatory to the UN-supported Principles of Responsible Investing (UN PRI) in September 2022.
In addition, we achieved all our FY22/23 ESG targets and recorded a significant improvement in our score on the GRESB Real Estate Assessment 2022. As a proactive REIT Manager, we have established more ambitious ESG targets for the years ahead and identified opportunities to continue strengthening our ESG performance.
We believe that sustained engagement with our tenants and gaining their support is vital to achieving our carbon reduction ambitions. To this end, we rolled out a tenant ESG engagement programme and a green lease initiative in Singapore in FY22/23 to raise awareness and promote green practices amongst our tenants. Through these initiatives, we also gained invaluable feedback on our tenants’ ESG-related priorities and concerns, enabling us to identify ways to support them and strengthen landlord-tenant relationships.
With the impact of climate change intensifying across the globe, there has been growing urgency over environmental and climate-related risk assessment and management. We have outlined our risk management framework based on the Monetary Authority of Singapore (“MAS”) Guidelines on Environmental Risk Management for Asset Managers, Banks and Insurers. We continue to progress in our journey to adopt the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”). As we refine our risk management processes to factor in climate-related risks, we strive to achieve a holistic and sustainable approach to our decision-making process.
We remain committed to engage and collaborate with our stakeholders, learn from global best practice to improve our climate-related performance, and share on our progress in this space. We would like to express our heartfelt appreciation to our employees, partners, tenants and other stakeholders for their support in our sustainability journey.
The Board of MLTM
To access the full Sustainability Report, please click here.