Temasek Holdings, a Singapore-based investment firm, has promised S$5 billion (US $3.6 billion) to develop GenZero, a worldwide decarbonization investment platform.
GenZero will provide long-term and flexible finance to enterprises in three areas: technology-based solutions, nature-based solutions, and carbon ecosystem enablers, from early to mature stages.
Frederick Teo, the current Temasek International managing director of sustainable solutions, will oversee GenZero as CEO-designate, moving fully into the position by July 1, 2022. Sunny Verghese, CEO of the Olam Group, will serve on the board with Goh Swee Chen, Steve Howard, Ruth Nussbaum, and Alan Thompson.
GenZero has previously invested in Newlight, a biomaterials company located in the United States, and is working with C-Quest Capital, a social impact project developer, to deliver energy-efficient cookstoves to rural homes in Southeast Asia.
To assist with decarbonization and reduced-emissions solutions, the investment platform is collaborating with the Temasek-BlackRock joint venture Decarbonization Partners and the Brookfield Global Transition Fund.
GenZero has invested in climate solutions firm the South Pole, which assists organizations in reducing emissions; Asia-based Climate Impact X, a global marketplace and exchange for high-quality carbon credits; and US-based Perennial, which uses AI to measure carbon sequestration on farmland, as part of its effort to support carbon ecosystem enablers.
