Singapore State Investor Targets Decarbonization
Singaporean state investment company Temasek has committed an initial $5 billion to launch GenZero, an investment platform dedicated to accelerating decarbonization globally.
Targeted areas include carbon capture and sequestration and sustainable aviation fuel (SAF).
GenZero plans to catalyze decarbonization by deploying long-term capital. The platform plans to invest in opportunities ranging from early-stage startups in need of “patient” capital to commercialize to more mature companies that are ready to scale.
GenZero has three investment focus areas: technology developers that can deliver deep decarbonization impacts; nature-based solutions to protect and restore natural ecosystems; and carbon ecosystem enablers. Any investments in SAF will come under the technology pillar.
In February, the Civil Aviation Authority of Singapore, Singapore Airlines (SIA) and Temasek selected ExxonMobil to supply SAF as part of a pilot project. Under the project, Neste is providing 330,000 liters (87,000 gal.) of neat SAF produced from used cooking oil and waste animal fats.
ExxonMobil is blending the neat SAF with conventional jet fuel for delivery to Changi via the airport’s existing fuel hydrant system by the end of July. Over the one-year pilot, from the third quarter of 2022, all Singapore Airlines and Scoot flights will use this blended fuel.