Temasek continues investments in carbon-emitters amidst green goals
The state investor says these investments are meant to help these firms shift to a different path.
Temasek continues to invest in firms that contribute to global warming, with companies like Singapore Airlines and Sembcorp Marine in their portfolio.
In an interview with Bloomberg, the state investor said that their investments are not contrary to its goal to halve the net carbon emissions in its portfolio by 2030.
"We never said we will not invest in an emitter of carbon–as long as this emitter is on a journey, a path and we can be helpful in terms of how we can shift them," Nagi Hamiyeh, Temasek International's joint head of investments said.
According to its annual report, the emissions attributable to Temasek’s portfolio was up 36% to 30 million tonnes of carbon dioxide in 2021 compared to the 22 million tonnes in 2011.
Temasek said they are working with their companies to fund their adaptation.
“We much prefer to work with our investee companies: Can you reduce your emissions? Can you replace your emissions with different technology?” Neo Gim Huay, Temasek International’s climate change strategy management director, said.