Singapore’s state investor Temasek has pledged S$100 million towards combating climate change.
This initiative, named the Concessional Capital for Climate Action (CCCA), was unveiled by Temasek Chairman Lim Boon Heng during the company’s 50th-anniversary celebration.
The CCCA aims to bridge the climate financing gap, particularly in Asia, by providing flexible and favorable financing options for projects that might otherwise struggle to secure funding.
The focus will be on initiatives that promote climate resilience, biodiversity, and sustainable living.
This move signifies a shift in Temasek’s philanthropic strategy, moving beyond traditional grants and actively participating in the green transition.
The S$100 million allocation, sourced from Temasek’s community gifts, reflects the company’s focus on supporting long-term environmental initiatives.
Lim Boon Heng added,
“At Temasek, we have been investing in sustainability across the years, and have deployed commercial capital to scale innovation for the green transition. At the same time, we see the criticality of concessional capital to catalyse financing into emerging markets and developing economies.
Blended finance initiatives like the Monetary Authority of Singapore’s Financing Asia’s Transition Partnership (FAST-P) are key in lining up long term investors and philanthropic entities alongside commercial investors for this purpose. Through the Concessional Capital for Climate Action, we hope our community gift can contribute to concessional capital emerging as an asset class, to mobilise the varied forms of capital necessary to bridge the climate financing gap.”
Featured image credit: Edited from Freepik
