Temasek pivots to ‘plain vanilla’ renewable energy amid global climate pullback

[SINGAPORE] Amid the global pullback on climate action and uncertain business environment, Temasek is looking to allocate the bulk of its environmental, social and governance (ESG) investments in renewable energy technologies, including transmission infrastructure as well as battery storage.

While investing in such projects may seem “plain vanilla” and also increasingly competitive –given the falling prices of solar electricity – these technologies are deemed to be “geopolitically resilient” as they are “scaled opportunities” with a “narrower range of outcomes”, said Temasek’s senior executives.

Solar energy projects combined with energy storage can be deployed faster than conventional forms of energy. It is also becoming one of the cheapest forms of energy around the world, while being inflation-protected and cashflow-generating, said Park Kyung-Ah, chief sustainability officer of Temasek.