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Temasek to Report Air Miles, Paper, Water Usage in Green Push

The group is also committed to halve the greenhouse gas emissions of its entire portfolio by 2030.

Temasek to Report Air Miles, Paper, Water Usage in Green Push
An employee walks past a sign for Temasek Holdings Pte at the company’s offices in Singapore. (Photographer: Munshi Ahmed/Bloomberg)

(Bloomberg) -- Singapore state investor Temasek Holdings Pte will start reporting its air miles, water, paper and electricity usage from this financial year, according to Chief Executive Officer Ho Ching.

“We encourage others to join us to report electricity and water consumption, as well as any direct emissions,” she said at a summit in Singapore Tuesday.

Ho also reiterated the group’s commitment to “halve the greenhouse gas emissions of our entire portfolio by 2030” and said Temasek would study how it can shape a carbon neutral portfolio “sooner than later.”

“The biggest challenge in the coming decade is to reduce the greenhouse gases, like CO2, or methane,” she said. “The risk of stranded assets is real. Ask any coal-fired power-plant owner in the U.S., and now increasingly, in India.”

Temasek is pushing clean energy and ESG -- environmental, social and governance -- initiatives, saying last month it’s considering setting up a new unit to house renewable power projects as it increasingly eyes investments outside of fossil fuels.

Read more: Temasek International Unveils Changes at Top, Names Deputy CEO

Its stance on ESG issues mirrors many other large global investors that now actively favor sustainable deals. People familiar with the matter said in October that Temasek had decided against investing in Saudi Aramco’s initial public offering, in part over environmental concerns.

Temasek is one of the world’s largest deal-makers, investing S$24 billion ($17.6 billion) in the financial year ended March alone across a range of asset classes. About 3% of its portfolio is tied up in energy and resources and its ability to invest for the long term makes it an ideal shareholder for many companies.

Read more: ABC World Asia Closes S$385 Million Impact Investing Fund

The move not to back Aramco doesn’t preclude Temasek from making other potentially contentious investments in the future. It’s a legacy investor in oil-rig builder Keppel Corp., which it plans to take control of in deal worth about S$4 billion.

To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe

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