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Bond Market News
Temasek Commits S$5bn for Separate ESG Company
June 7, 2022
Singapore based global investment company Temasek has announced the launch of GenZero, a wholly-owned investment platform company dedicated to accelerating decarbonization globally. To launch the company, Temasek has committed an amount of S$5bn ($3.6bn) as its initial capital. GenZero will deploy long-term and flexible capital to catalyze decarbonization solutions. The company will focus on three areas namely, technology-based solutions (decarbonization through climate-driven technologies), nature-based solutions (protect and restore our natural ecosystems), and carbon ecosystem enabler (companies and solutions supporting the development of an effective, efficient, and credible carbon ecosystem). GenZero looks to deliver positive climate impact with long-term sustainable financial returns. Dr. Steve Howard, Chief Sustainability Officer said, “GenZero expands Temasek’s focus on deploying capital to catalyze solutions for a better world… GenZero will not only support Temasek’s efforts to strive towards halving its portfolio’s net emissions by 2030 and working towards a net-zero portfolio by 2050 but also those of the wider ecosystem.” GenZero has invested in companies such as Newlight (a US-based manufacturer of biomaterial produced from methane to displace plastics), has partnered with Global EverGreening Alliance to support farming communities in Kenya, and has also invested in global climate solutions firm the South Pole, Perennial etc.
Temasek’s dollar bonds were trading lower with its 3.375% 2042s down over 1.16 points to 94.05 yielding 3.8%.
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