(Reuters) – Singapore’s state-owned investor Temasek said on Monday it would invest an initial amount of S$5 billion ($3.64 billion) to establish an investment platform GenZero, in a step towards driving its net-zero emission targets.
Temasek said its wholly-owned unit GenZero will deploy capital across climate-driven technologies, solutions for protecting natural ecosystems and services to reduce carbon emission.
GenZero will be led by chief executive officer-designate Frederick Teo, who is presently the managing director of Sustainable Solutions at Temasek International.
“Recognizing the importance of immediate action, we will focus on investment opportunities that can deliver positive climate impact by 2030 while ensuring sustainable financial returns,” Teo said.
($1 = 1.3740 Singapore dollars)
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