Board Statement
We are pleased to present the ninth sustainability report of Mapletree Logistics Trust (“MLT” or the “Trust”). This report captures our overarching approach towards material sustainability matters, and our progress towards meeting our sustainability goals for the financial year ended 31 March 2025 (“FY24/25”).
We remain steadfast in our commitment to build a resilient business, anchored on these key pillars: safeguarding against the impacts of climate change, enhancing social value in our workplace and community, and upholding high ethical standards. Through this approach – focusing on Environmental, Social and Governance (“ESG”) impacts, risks and opportunities, we aim to create long-term value and strengthen our foundation for a resilient and sustainable business.
SAFEGUARDING AGAINST THE IMPACTS OF CLIMATE CHANGE
We are cognisant of the global urgency to address climate change and remain committed to improving the energy efficiency and sustainability performance of our assets.
Demonstrating our commitment to align with global renewable energy goals, we have completed 11 rooftop solar projects in FY24/25, increasing our total solar capacity by 18.9% year-on- year ("y-o-y") to 71.1 MWp. These included our first solar projects in Hong Kong SAR and Malaysia. With this progress, China and Hong Kong SAR as a combined market has reached carbon neutrality for Scope 2 emissions, a notable achievement in our sustainability journey.
Our continued efforts to reduce operational costs and environmental impact also resulted in a 4.3% reduction in portfolio energy intensity from FY23/24 baseline.
We reached a key milestone in our sustainability journey with the successful implementation of ESG Data Connect, a Group-wide Environmental Data Management System (“EDMS”), across our 180 assets in nine markets. ESG Data Connect enhances our ability to collect, analyse and report asset-level data to efficiently manage our buildings. Notably, we have progressed further in the disclosure of greenhouse gas ("GHG") emissions data by presenting our inaugural reporting of Scope 3 GHG emissions in this Sustainability Report. For a start, we are reporting on five categories, including Category 13 which focuses on emissions associated with tenants' operations.
As climate-related risks and their impacts continue to intensify, there is a growing need for companies to assess and mitigate the related financial impact. To this end, the Singapore Exchange (“SGX”) has from FY2025 adopted the recommendations of the International Financial Reporting Standards (“IFRS”) Sustainability Disclosure Standards developed by the International Sustainability Standards Board (“ISSB”). Building on our experience with disclosures aligned with the Task Force on Climate-related Financial Disclosures (“TCFD”), we proactively started to report IFRS S1 and S2- aligned climate-related information in FY24/25, ahead of the mandatory timeline. This reflects our commitment to transparency and accountability in climate-related risk management and resilience.
ENHANCING SOCIAL VALUE IN OUR WORKPLACE AND COMMUNITY
We are dedicated to fostering a work environment that prioritises the well-being of our stakeholders. We strive to create an inclusive and safe workplace that benefits our employees, tenants and the local communities in which we operate.
In response to feedback from the FY23/24 Employee Engagement Survey, we have introduced initiatives to enhance cross-border knowledge sharing and strategic alignment. These initiatives include an immersion programme to facilitate sharing of best practices and strengthen collaboration amongst overseas staff. Additionally, we started regular sessions where senior leaders share MLT’s strategy and key business initiatives with local staff during overseas visits, improving information flow and enhancing alignment across the organisation.
We are pleased to report that in the FY24/25 tenant satisfaction survey, our ESG efforts were rated as ‘Good’, and our property management services as ‘Very Good’, suggesting that we are effectively supporting our tenants across our platform.
During the year, we bolstered our ESG programme with the rollout of a Supplier Code of Conduct in Singapore to ensure ethical supplier practices. This programme will be progressively rolled out to overseas markets. The implementation of the Mapletree Group’s Human Rights Policy this year reinforces our longstanding commitment to advancing human rights, diversity and inclusion across our operations.
We were recognised for our exemplary Board diversity standards in the 2025 Singapore Board Diversity Index. Diversity is also recognised throughout the organisation, with 36% of female representation at the Board, and 48% of management positions held by women.
UPHOLDING HIGH ETHICAL STANDARDS
The Board is responsible for overseeing the management and monitoring of MLT’s material sustainability matters and ensuring that these matters are integrated into our strategies and business plans.
In FY24/25, following a detailed materiality reassessment undertaken at the Group level, the Manager’s Board approved a revised set of material ESG topics. While the list of topics remains largely consistent with previous years, Cybersecurity and Data Privacy was determined as a new material governance topic, reflecting its increasing importance to stakeholders.
Our sustainability practices are guided by the Mapletree Group and led by the Group’s Sustainability Steering Committee and management teams. We continue to equip our teams with relevant sustainability-related knowledge and foster a corporate culture underpinned by environmental and social responsibility. During the year, all employees and Board members completed mandatory ethics trainings, further strengthening our culture of integrity and accountability.
BUILDING A RESILIENT AND SUSTAINABLE BUSINESS
Green and sustainable financing continues to be a crucial lever in the global transition towards a low-carbon economy. As at 31 March 2025, we have raised an aggregate of S$1.3 billion in green and sustainable financing to fund our green projects. Our green initiatives continue to deliver significant outcomes with 23 new assets attaining green certifications for the first time and three sustainable initiatives implemented for the benefit of tenants in FY24/25.
At the end of the period, more than 56% of our portfolio by gross floor area (“GFA”) has been green certified and 51% of our portfolio by net lettable area (“NLA”) is covered by green leases. We remain dedicated to expanding our sustainable portfolio and will continue to collaborate closely with all relevant stakeholders for the efficient use of capital raised through green financing.
Going forward, we will continue to work tirelessly towards delivering long-term value to our stakeholders by decarbonising our portfolio and operations, sharing benefits across our stakeholder groups, and managing our sustainability impacts transparently. We would like to express our heartfelt appreciation to our employees, tenants, investors, business partners and other stakeholders for their support in our sustainability journey.
The Board of MLTM
To access the full Sustainability Report, please click here.