Singapore’s Temasek invests in forest fund as carbon tax looms

The investment comes as Singapore plans to ratchet up the tax it charges on green-house gas pollution to S$25 (RM77.29) a tonne from S$5 (RM15.45) when it was first implemented by 2024.

SINGAPORE: Singapore state-owned investment firm Temasek Holdings Pte is backing a new South-East Asian forestry fund as the city-state looks to increase a carbon tax on its biggest emitters.

Temasek is among investors including Sumitomo Mitsui Trust Bank that are investing US$120mil (RM503.01mil) into the New Forests Tropical Asia Forest Fund 2, according to Sydney-based New Forests chief executive David Brand.