CapitaLand reveals $50m innovation fund to ramp up sustainability drive

The fund was announced at the inaugural CapitaLand Sustainability X Challenge.

CapitaLand has set up a $50m CapitaLand Innovation Fund to support the testbedding of sustainability and other high-tech innovations in the built environment space as the Group steps up its sustainability drive.

The group’s chief executive officer Lee Chee Koon made the announcement during the Grand Finale of the inaugural CapitaLand Sustainability X Challenge, where two sustainability-focused firms won $50,000 from CapitaLand.

The companies who won, INOVUES, INC and Climatec Corp Pte Ltd, beat out four other finalists chosen from a list of 270 countries from 27 countries.

The innovation fund is part of CapitaLand’s efforts to encourage more innovation in the built environment space with a strong focus on sustainability. In October 2020, CapitaLand opened the Smart Urban Co-Innovation Lab at the Singapore Science Park in partnership with the Infocomm Media Development Authority and Enterprise Singapore, with sustainability as one of its focus areas. 

CapitaLand will also redeploy interest rate savings from its sustainability-linked loans towards the group’s sustainability initiatives.

“The CapitaLand Innovation Fund will enable us to catalyse more innovations, accelerate our global sustainability efforts and ensure that we remain at the forefront of technology in the built environment space,” Lee said.