SINGAPORE: Singapore state investor Temasek said on Wednesday its sustainable living portfolio rose about 7% to S$49 billion ($38 billion), as it put more money into renewable energy, power grids and other businesses tied to the global energy transition.
Temasek invested S$5 billion in the area in the year ended March 31, 2026. The portfolio rose S$3 billion from S$46 billion a year earlier, after divestments including O2 Power.
"We're pragmatic because we retain our ambition towards net zero, while remaining commercially disciplined in how and where we deploy capital," Jasmine Teo, Temasek International's director of sustainability strategy, told a media briefing.
The investments include India-based renewable energy firm CleanMax, solar and energy platform Luminace, U.S. and Singapore-based grid technology company Amperesand, and Commonwealth Fusion Systems, a U.S. fusion energy company.
Temasek said S$42 billion of the portfolio was in companies whose products support lower emissions, nature-positive outcomes or inclusive growth. Another S$7 billion was in higher emitting companies shifting towards cleaner products and services.
Temasek said its 2050 net-zero ambition remained unchanged, though it was unlikely to meet its 2030 target of 11 million tons of carbon dioxide equivalent, citing surging electricity demand, higher capital costs, policy volatility and exposure to hard-to-abate sectors.
Its portfolio emissions stayed flat at 21 million tons in the year ended March 2026, down 30% from 2020. Temasek expects emissions to rise in the near term as Sembcorp Industries' Alinta acquisition is added.
"Real-world transition can sometimes increase absolute emissions in the short term," Teo said. - Reuters
