Here are three ways Temasek contributed to fighting the climate emergency at #COP28
Here are three ways Temasek contributed to fighting the climate emergency at #COP28
As a long-term generational investor, we aspire for every generation to prosper.
At COP28, we had the opportunity to collaborate and engage with stakeholders from governments, businesses and civil society to accelerate climate finance, the energy transition and sustainable food systems.
This pivotal week was also a platform for several important announcements.
World leaders walk down Al Wasl avenue at Expo City Dubai during COP28
The Annual Conference of Parties (COP) is always a catalyst for action, but this year’s COP Climate Conference raised the bar, concluding with a new landmark Global Stocktake Agreement to ‘transition away from fossil fuels’.
Throughout COP28, Temasek engaged in numerous high-level discussions and panels – including a fireside chat with key figures such as Ravi Menon, MD of the Monetary Authority of Singapore (MAS) and Mark Carney, former governor of the Bank of England, as well as a panel discussion at the COP28 Business and Philanthropy Forum.
Our involvement in these events, as well as initiatives announced, emphasised how sustainability is an ongoing journey and resolute commitment for Temasek.
Across the week we had much to announce, launch and share. Among the many important moments, the following make up our COP28 Top Three:
- LeapFrog Climate Strategy Launch, and Launch of the Investor Roadmap for Inclusive Green Growth: LeapFrog Investments announced investment from Temasek and support from the European Investment Bank for its strategy to deploy $500m to address climate change in Africa and emerging Asia. This strategy which targets the energy, mobility, built environment and agricultural sectors, is set to boost green global transitions in emerging markets. Temasek believes that there is a huge potential for emerging markets to leapfrog a generation of traditional technology with access to clean technology, while improving lives and livelihoods. Together with LeapFrog, CGAP and McKinsey, we also launched the Investor Roadmap for Inclusive Green Growth report. The report reveals how dozens of green technologies are now cheaper than incumbent technologies across emerging markets, and this could trigger a bow-wave of new green investments – potentially reaching $330 billion per year over the next decade and catalysing green development across emerging markets. Temasek’s partnership with LeapFrog is one of the core pillars of our impact investing strategy and underscores our belief in the potential of impact investing to unlock capital to build a better, more inclusive, and sustainable world.
- Transition Credits Coalition (TRACTION): MAS launched TRACTION to address the early retirement of coal-fired power plants in Asia through transition carbon credits. We are glad to be a knowledge partner, and this is aligned with our strong commitment to support decarbonisation efforts globally. TRACTION will study the challenges and propose solutions to scale the early retirement of coal-fired power plants, and we will make available our expertise, insights and network to support the deliberations.
- FAST-P: MAS, ACP, IFC, and Temasek signed a Memorandum of Understanding (MoU) to bridge gaps in Asia’s sustainable infrastructure financing needs through the deployment of blended finance, to supercharge Asia's energy transition by increasing the bankability of green and sustainable projects. Known as Financing Asia’s Transition Partnership, this initiative demonstrates how different sources of finance can come together in an innovative and complementary way to address Asia’s financing gap.
During COP28, Temasek, Monetary Authority of Singapore (MAS), Allied Climate Partners (ACP) and International Finance Corporation (IFC) signed a MOU to bridge gaps in Asia’s sustainable infrastructure financing through the deployment of blended finance.
Beyond these collaborations, we also took part in ISSB’s COP28 Declaration of Support. As part of the International Financial Reporting Standards’ institutional membership group, we committed to advancing the ISSB climate global baseline, promoting consistent pan-global climate-related disclosures. The establishment of market infrastructure will enable consistent, comparable climate-related disclosures globally.
Temasek has been doubling down on efforts to achieve a net zero world through new investments, our existing portfolio and businesses, and partnerships. We have a responsibility to not only do well in generating long-term returns, but also to do good and right.
Our active participation at COP28 underscores this.
To accelerate change and build a better future for both people and planet, we need a systems approach where the world’s organisations, businesses, and governments lean in and signal their ambitions clearly. It is through collaborative efforts that we can ensure that every generation prospers.
