GlobalData offers a comprehensive analysis of Melco Resorts & Entertainment, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Melco Resorts & Entertainment’s ESG performance. GlobalData’s company profile on Melco Resorts & Entertainment offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Melco Resorts & Entertainment, a leading hospitality and entertainment company, is committed to reducing its carbon emissions. The company aims to achieve carbon-neutral resorts by 2030 and zero waste across its resorts by the same year. Additionally, Melco Resorts aims to contribute to circular economy leadership in Asia, source sustainable goods and services, and reduce its water footprint. In 2022, the company’s absolute GHG emissions reported scope 1 was 17,142 metric tonnes of CO2e and scope 2 GHG emissions (both location-based and market-based) were 208,510 and 210,241 metric tons of CO2e respectively. The company has further enhanced and standardized the disclosure of its Scope 3 emissions in 2022, totaling 377,625 metric tonnes of CO2e.
Melco Resorts has formulated a comprehensive Roadmap and Action Plan to attain their overarching objectives of achieving carbon neutrality and zero waste generation by 2030. This plan incorporates specific initiatives for sustainable buildings, clean energy, waste reduction, water management, and sustainable sourcing. To achieve these goals, Melco Resorts has established specific targets for its properties based on a baseline year of 2019. The company aims for a 5% tCO2e/m2 intensity reduction in scope 1 and 2 greenhouse gas (GHG) emissions intensity by 2030, with ambitions for a 22% reduction. It also targets a 3% kWh/m2 intensity reduction in fuel and electricity consumption intensity by 2030, with ambitions for a 22% to 28% reduction at the property level. Melco Resorts aims for a 19% m3/m2 intensity reduction in water consumption intensity and a 5% tonnes/m2 intensity reduction in non-hazardous waste generation intensity by 2030, with ambitions for a 24% reduction.
In 2022, against the goal of achieving carbon-neutral resorts by 2030, the company achieved a remarkable 22% reduction in energy intensity compared to 2019, exceeding the targeted 3% reduction set for 2030. Ongoing energy-efficiency measures since 2018 have resulted in substantial annualized savings exceeding 51.3 million kWh. Additionally, the company received a BREEAM "Excellent" rating for the design stage of City of Dreams Mediterranean and Studio City 2, showcasing its unwavering commitment to sustainable practices. Implementation of solar photovoltaic (PV) systems at all properties in Macau, Manila, and Cyprus, along with the incorporation of 53 electric coaches and vehicles into the combined fleet, supported by a 25% increase in charging stations compared to 2021, is currently underway.
Melco Resorts is actively pursuing its targets through technological innovations, renewable energy adoption, and considering Science-Based Targets Initiative (SBTi). The company invests in low-carbon technologies for green financing, conducts carbon emission assessments for capital investments, and explores cost-of-capital reduction options, including green bonds.
Melco Resorts acknowledges the risks and opportunities related to climate change and has implemented ISO 14001 Environment Management System and ISO 50001 Energy Management System certified systems to manage daily operational risks. The company is also considering different climate scenarios and their impact on the business to determine its response and mitigating measures.
Overall, Melco Resorts & Entertainment is committed to reducing its carbon emissions and the company is taking concrete steps and investing in sustainable practices to contribute to a lower-carbon environment and mitigate climate-related risks.