##ci ) of our equities portfolio relative to market benchmarks. carbon intensity measures the carbon emissions per unit of revenue of the company. the waci is derived from the carbon intensity of revenues of each of the companies in the portfolio, weighted by the relative size of the investments in those companies. mas ’ equities portfolio has a lower carbon intensity than its market benchmarks. as at end - march 2021, the waci for mas ’ emerging markets equities portfolio was 30 % lower than its benchmark while the waci for mas ’ developed markets equities portfolio was 3 % lower than benchmark. we will continue to monitor mas ’ portfolio waci over time and seek to understand the impact of our portfolio actions on waci levels. a sustainable organisation finally, as a corporate citizen, mas is accountable for reducing and reporting its own carbon footprint. we aim to build a sustainable organisation and have advanced on two fronts : measuring our carbon footprint ; and developing strategies to reduce our footprint. mas has substantially established its carbon profile across scope 1, scope 2 and scope 3 emissions. scope 1 emissions, namely from sources controlled or owned by mas, are negligible. scope 2 emissions, namely from purchased electricity to power our office premises, have been on a downward trend. scope 3 emissions, namely from corporate activities such as air travel, currency operations, and waste incineration, account for most of our carbon profile. we have reported our scope 1, scope 2, and part of our scope 3 emissions over the past three financial years. scope 3 emissions from mas ’ outsourced currency operations, namely currency production, processing, and transportation are currently not included. we are working with our currency vendors to better understand the carbon profile of these activities, and we will report them in the future. mas ’ carbon footprint has declined over the last two years but the magnitude was amplified by the covid - 19 pandemic. mas ’ carbon emissions declined 47 % from fy2019 / 20 to fy2020 / 21, mainly due to a near collapse in air travel due to the covid - 19 pandemic. emissions in fy2019 / 20 saw a decline of 8 % from fy2018 / 19, reflecting in part the impact on air travel during the start of the pandemic. we will develop a roadmap to set out our targets and strategies for emissions reduction. we will, by next year ’ s sustainability report, set

disclosures. reliable and comparable climate - related disclosures are critical for : better pricing of climate - related risks ; more effective risk management and market discipline ; and effective allocation of capital towards financing green and transition activities. the lack of consistent climate disclosure standards has resulted in selective reporting against different frameworks, impeding the growth of sustainable finance globally. mas is encouraged by the recent acceleration in progress towards a global sustainability reporting standard. the g7 countries have expressed support to move towards mandatory climate - related financial disclosures. the g7 has also agreed on the need for a baseline global reporting standard for sustainability which jurisdictions can supplement. efforts by the international organisation of securities commissions ( iosco ) and international financial reporting standards ( ifrs ) foundation towards a baseline global sustainability reporting standard have gained significant momentum and support. the ifrs foundation plans to set up by the end of this year an international sustainability standards board ( issb ) as a global standard setter. an ifrs work group is already developing a prototype climate reporting standard. the ifrs work group ’ s recommendations on the prototype will be reviewed by a technical expert group co - chaired by mas and the us securities and exchange commission, under iosco ’ s sustainable finance taskforce. the expert group will assess if the prototype could be a basis for developing the issb ’ s standards. mas and sgx will set out roadmaps for mandatory climate - related financial disclosures by financial institutions and listed entities respectively. the roadmap will take a phased approach. a more ambitious timeline can be considered for listed entities that are larger or more exposed to climate risks. larger financial institutions can similarly be prioritised. these details will be worked out in consultation with the industry in the coming months. sgx will soon consult the industry on making climate - related reporting in line with the recommendations of the task force on climate - related financial disclosures ( tcfd ). sgx already subjects listed entities to annual sustainability reporting on a “ comply or explain ” basis, but without specifying any particular framework for them to follow. the tcfd recommendations provide a good baseline disclosure framework. they have gained broad acceptance internationally and will be the basis for future issb climate reporting standards. mas will consult the industry later this year on mandatory climate - related disclosures by financial institutions. mas already expects all banks, insurers, and asset managers to make climate - related disclosures from june 2022, in accordance with well - regarded international reporting 3