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(L-R) Russell THAM, Rohit SIPAHIMALANI, LIM Ming Pey and Martin FICHTNER (Temasek)

Temasek increases internal carbon price to US$50 per tonne of emissions

It will be increased to US$100 by 2030.

Temasek has increased its internal carbon price to US$50 per tonne of emission from US$42 to achieve net-zero carbon emissions by 2050.

The state-owned investment company said it also plans to increase the price progressively to US$100 by the end of 2030.

“Given the urgency, scale and breadth of the necessary transitions, governments, corporations and investors need to work together to define transition roadmaps as well as promote and drive adoption of new solutions,” Steve Howard, Temasek’s Chief Sustainability Officer, said.

Apart from increasing its internal carbon price, Temasek also accelerated its efforts to invest in climate-aligned opportunities over the year, like Ambercycle -- a circular economy company which uses novel molecular separation technologies to recycle textiles into virgin-grade polyester.

READ MORE: HSBC, Temasek partner to fund sustainable infrastructure projects in Asia

The company also increased its exposure in Solugen, a speciality chemicals manufacturing platform working to decarbonise the chemicals industry; and formed a joint venture with Nanofilm Technologies to provide nanotechnology capabilities and solutions that enable mass adoption of hydrogen fuel systems.

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