The Singapore state investor said its investments in companies like Singapore Airlines and oil rig supplier Sembcorp Marine are not contrary to its goals of halving net carbon emissions of its portfolio by 2030.
While Temasek continues to invest in companies that contribute to global warming, it said it is working with its portfolio companies to fund their transition, which it prefers to passing the polluting asset to a third party or shutting it down.
«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 said in an interview with «Bloomberg» (behind paywall) published Thursday.
Net-Zero Target
While the firm aims to achieve net-zero in its portfolio by 2050, emissions attributable to Temasek’s portfolio have been growing – the figure was up 36 percent to 30 million tons of carbon dioxide in 2021, compared to 22 million tons in 2011, according to its annual report, published last week.
However, Temasek said it has stepped up efforts to invest in carbon avoidance opportunities such as renewable energy and plant-based proteins. It is also looking for carbon negative solutions, such as Carbon Capture, Utilisation and Storage, as and when these become feasible.
