As per Temasek’s news statement, GenZero will invest globally across three focus areas: technology-based solutions, nature-based solutions, and carbon ecosystem enablers. The platform seeks to deliver positive climate impact alongside long-term sustainable financial returns. The platform intends to support and scale the deployment of nature-based solutions through investments and project co-development in collaboration with partners in forestry and agriculture sectors, and leverage carbon credits as a market mechanism to accelerate funding into these solutions.
So far, Temasek has invested in several companies such as Newlight, a US-based manufacturer of biomaterial made from methane to displace plastics, South Pole, a company that develops and runs emission reduction projects for companies and New Forests Tropical Asia Forest Fund 2, which develops sustainable forest plantation assets in Southeast Asia among others. The company is currently working with Decarbonization Partners, a Temasek-BlackRock partnership that would launch a series of funds that focus on late-stage venture capital and early growth private equity decarbonisation solutions investments.
Frederick Teo Managing Director, Sustainable Solutions, Temasek Holdings has said “Recognising the importance of immediate action, we will focus on investment opportunities that can deliver positive climate impact by 2030 while ensuring sustainable financial returns,”
Temasek has a net portfolio valued at €354.15 billion (€263.06 billion) as of March 2021. It’s a significant investor in companies such as Singapore Airlines, DBS Bank, and Keppel Corp. According to the company’s chief sustainability officer, Dr. Steve Howard, they plan to halve their emissions by 2030 and achieving a net zero portfolio by 2050 not their own but also of the wider ecosystem.
Currently, it is estimated that less than 3% of climate finance is being directed towards nature-based solutions even though they can provide over one-third of cost-effective climate mitigation. This move by Temasek might other investors too to see the merit inherent in these solutions for an urgent and pressing need for prudent investment for climate action.
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