Mr Lim Boon Heng, Chairman of Temasek, announced Temasek’s commitment to set aside S$100 million as Concessional Capital for Climate Action (CCCA) at Temasek’s 50th anniversary dinner speech.
About Temasek’s Concessional Capital for Climate Action
CCCA seeks to support climate action initiatives by providing more flexible, patient, and favourable financing which will address these market barriers. This will help to accelerate the green transition and open pathways towards the 1.5 degrees goal, in the process crowding in other forms of capital, whether commercial or concessional, to support marginally bankable opportunities.
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Mr Lim Boon Heng added “Climate change is the defining crisis of our time. At Temasek, we have been investing in sustainability across the years, and have deployed commercial capital to scale innovation for the green transition.”
CCCA represents a novel way of advancing Temasek’s deployment of philanthropic capital, going beyond conventional grant-making, and a deepened commitment towards the climate agenda. It is also the first time that Temasek is contributing concessional capital towards the green transition. Through CCCA, Temasek hopes to mobilise other forms of capital across the broader climate ecosystem which can help finance marginally bankable projects, and hence amplify the impact of its giving activities in support of its community objective of protecting the planet.
emasek collaborated with Allied Climate Partners, International Finance Corporation, and the Monetary Authority of Singapore (MAS) to establish the Green Investments Partnership, which aims to increase bankability of green and sustainable projects in Asia. This is part of MAS’ Financing Asia’s Transition Partnership (FAST-P), a Singapore blended finance initiative.
