Latest news with #FrederickTeo
Business Times
06-05-2025
- Business
- Business Times
Tencent, Temasek-backed GenZero tie up to cut one million tonnes or more of greenhouse gases via carbon credits deal
[SINGAPORE] Tech giant Tencent will have the opportunity to offtake at least one million carbon credits from GenZero's investment portfolio over 15 years under a partnership with the Temasek-backed investment platform. This will represent an estimated abatement of at least one million tonnes of greenhouse gases, said both companies in a joint statement on Tuesday (May 6). The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, it added. Tencent and GenZero said they will prioritise projects in areas where finance is most needed, while also ensuring that the projects deliver co-benefits such as improved livelihood for the local communities near where the projects are implemented. The carbon credits generated will be from projects that have been verified by international carbon standards developed by Verra or Gold Standard or the carbon crediting mechanism set out in Article 6 of the Paris Agreement – a global treaty seeking to keep global warming under 1.5 deg C by 2050. This is to ensure that the carbon credits purchased ensure real, measurable, and verifiable emissions reductions and removals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Both companies said that a core focus of this partnership is to enhance transparency and rebuild trust in international carbon markets. Criticisms over the integrity of carbon credits over the last few years have been plaguing the growth of the market. Tencent and GenZero will try to de-risk carbon projects by conducting pre-feasibility studies, and strengthen market integrity by deploying monitoring, reporting and verification technologies.. Both parties will also continue to explore opportunities to invest in and scale climate solutions by leveraging their respective networks to identify promising investment prospects that could benefit from co-investment, read the release. Frederick Teo, GenZero's chief executive officer, said that its partnership with Tencent will encompass all three of its core investment areas, which are nature-based solutions, technology-based solutions and carbon ecosystem enablers. Xu Hao, vice-president of Tencent's sustainable social value organisation, said: 'Leveraging our digital capabilities and GenZero's expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.'
CNBC
06-05-2025
- Business
- CNBC
Sustainable aviation fuel an important part of decarbonization: GenZero CEO
Frederick Teo, CEO of Temasek-backed GenZero, explains how the Green Fuel Forward initiative launched with the World Economic Forum supports the aviation industry's decarbonization efforts.
Business Times
06-05-2025
- Business
- Business Times
Tencent has opportunity to offtake at least one million carbon credits from Temasek-backed GenZero
[SINGAPORE] Tech giant Tencent will have the opportunity to offtake at least one million verified, high-quality carbon credits from GenZero's investment portfolio over a period of 15 years, after inking a partnership with the Temasek-backed investment platform. This will represent an estimated abatement of at least one million tonnes of greenhouse gases, said both companies in a joint statement on Tuesday (May 6). The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, it added. Tencent and GenZero said they will prioritise projects in areas where finance is most needed, while also ensuring that the projects deliver co-benefits such as improved livelihood for the local communities near where the projects are implemented. The carbon credits generated will be from projects that have been verified by international carbon standards developed by Verra or Gold Standard or the carbon crediting mechanism set out in Article 6 of the Paris Agreement – a global treaty seeking to keep global warming under 1.5 deg C by 2050. This is to ensure that the carbon credits purchased ensure real, measurable, and verifiable emissions reductions and removals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Both companies said that a core focus of this partnership is to enhance transparency and rebuild trust in international carbon markets. Criticisms over the integrity of carbon credits over the last few years have been plaguing the growth of the market. Tencent and GenZero will try to de-risk carbon projects by conducting pre-feasibility studies, and strengthen market integrity by deploying monitoring, reporting and verification technologies.. Both parties will also continue to explore opportunities to invest in and scale climate solutions by leveraging their respective networks to identify promising investment prospects that could benefit from co-investment, read the release. Frederick Teo, GenZero's chief executive officer, said that its partnership with Tencent will encompass all three of its core investment areas, which are nature-based solutions, technology-based solutions and carbon ecosystem enablers. Xu Hao, vice-president of Tencent's sustainable social value organisation, said: 'Leveraging our digital capabilities and GenZero's expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.'
Business Times
06-05-2025
- Business
- Business Times
Tencent looks to purchasing one million carbon credits from Temasek-backed GenZero
[SINGAPORE] Tech giant Tencent will have the opportunity to offtake at least one million verified, high-quality carbon credits from GenZero's investment portfolio over a period of 15 years, after inking a partnership with the Temasek-backed investment platform. This will represent an estimated abatement of at least one million tonnes of greenhouse gases, said both companies in a joint statement on Tuesday (May 6). The partnership was structured to mobilise capital towards high-integrity climate solutions, enhance market transparency and strengthen trust in global carbon credit systems, it added. Tencent and GenZero said they will prioritise projects in areas where finance is most needed, while also ensuring that the projects deliver co-benefits such as improved livelihood for the local communities near where the projects are implemented. The carbon credits generated will be from projects that have been verified by international carbon standards developed by Verra or Gold Standard or the carbon crediting mechanism set out in Article 6 of the Paris Agreement – a global treaty seeking to keep global warming under 1.5 deg C by 2050. This is to ensure that the carbon credits purchased ensure real, measurable, and verifiable emissions reductions and removals. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Both companies said that a core focus of this partnership is to enhance transparency and rebuild trust in international carbon markets. Criticisms over the integrity of carbon credits over the last few years have been plaguing the growth of the market. Tencent and GenZero will try to de-risk carbon projects by conducting pre-feasibility studies, and strengthen market integrity by deploying monitoring, reporting and verification technologies.. Both parties will also continue to explore opportunities to invest in and scale climate solutions by leveraging their respective networks to identify promising investment prospects that could benefit from co-investment, read the release. Frederick Teo, GenZero's chief executive officer, said that its partnership with Tencent will encompass all three of its core investment areas, which are nature-based solutions, technology-based solutions and carbon ecosystem enablers. Xu Hao, vice-president of Tencent's sustainable social value organisation, said: 'Leveraging our digital capabilities and GenZero's expertise, we aim to enhance carbon market transparency, promote innovative climate technologies, and deploy blended finance models to accelerate global transition to net zero.'
Straits Times
05-05-2025
- Business
- Straits Times
WEF-GenZero aviation initiative aims to boost green fuel uptake in Asia
SINGAPORE - The World Economic Forum (WEF) and Singapore's GenZero launched an initiative on May 5 aimed at boosting regional demand for sustainable aviation fuel (SAF) and to bolster the aviation sector's climate credentials. A key mission of the Green Fuel Forward initiative is to scale up production of SAF, which the industry regards as a vital tool to cut the sector's growing greenhouse gas emissions. Governments globally, including Singapore's , have set mandates that map steady increases in the percentage of SAF in plane's fuel tanks in the coming years. 'The only way to get to net zero, or very close to net zero by the middle of the century, is very, very large amounts of SAF,' said Mr Robert Boyd, Boeing's sustainability lead for the Asia-Pacific. More efficient aircraft designs and engines can get perhaps 20 per cent of the way and operations, such as better route planning, another 10 per cent, he told ST at the launch of the initiative during the GenZero Climate Summit 2025 at the Sands Expo and Convention Centre. The summit aims to showcase ways to hasten the decarbonisation of the global economy. Boeing has been actively promoting the use of SAF and the company aims to ensure its commercial aircraft are certified to operate on 100 per cent SAF by 2030, he said. Lack of awareness and higher costs for the greener fuel remain issues for SAF, which is two or three times as expensive as fossil-fuel derived aviation fuel. And in Asia, the world's largest aviation market, demand is not keeping pace with planned production capacity additions in the coming years. 'The Asia-Pacific region has a unique opportunity to lead in sustainable aviation fuels, but unlocking this potential requires stronger demand signals,' said Mr Frederick Teo, chief executive officer of GenZero, an investment platform owned by Temasek. SAF is designed to be a drop-in fuel for planes, needing no new additional infrastructure at airports. Current rules allow up to 50 per cent of SAF to be blended with fossil-fuel based jet fuel. SAF can reduce carbon dioxide (CO2) emissions by up to 80 per cent compared with conventional jet fuel, according to the United Nations' International Civil Aviation Organization (ICAO), which has set a long-term aspirational goal of achieving net-zero carbon emissions for international aviation by 2050. The fuel is mostly made from waste materials such as used cooking oil and animal fats but can also be made from agricultural residues and even alcohol. The International Air Transport Association (Iata) estimates that SAF will achieve about 65 per cent of the emissions reductions needed for the industry to reach net zero by 2050. And cutting emissions has become increasingly critical, with aviation currently accounting for approximately 2.5 per cent of global CO2 emissions, and possibly doubling or even tripling from 2019 levels by 2050 unless concerted action is taken. Green Fuel Forward is a capacity-building initiative that aims to draw in airlines, refiners, logistics firms, banks and others. A total of 16 companies and organisations have agreed to participate, including Boeing, Climate Impact X, DBS Bank, DHL, the International Energy Agency, Neste, Qantas, Singapore Airlines, Temasek and UOB. Singapore Airlines first started using SAF in 2017 on a trial basis and is hoping for greater market participation to drive up demand and push down prices, said chief sustainability officer Lee Wen Fen. The airline regards SAF as key to its decarbonisation goals. A key focus of the initiative is to boost the take-up of SAF certificates by companies to offset their own emissions or the travel emissions of their employees, for example. The certificates can be bought on exchanges, such as Singapore's Climate Impact X, and each is linked to the creation of one tonne of SAF. Certificate buyers can track and claim the environmental benefits, such as emissions reductions, of using SAF without having to purchase the physical fuel. The emissions reduction can be claimed once the tonne of SAF is burned, with the accounting process approved by ICAO. On average, each SAF credit represents a CO2 emissions reduction of 2.5 tonnes to 2.8 tonnes versus conventional fuel. The initiative will organise workshops and practical guidance tools to help organisations navigate topics such as environmental integrity and reporting practices for SAF and SAF certificates. Globally, SAF still comprises a fraction of total jet fuel use. And in the Asia-Pacific, uptake is far slower than in Europe. In 2024, Iata said SAF production reached 1 million tonnes (1.3 billion litres) – or about 0.3 per cent of global jet fuel production. This is double 2023's production of 0.5 million tonnes but far below the initial projections for 2024 of 1.5 million tonnes. Rules mandating SAF usage will drive up demand over time. Flights departing EU airports must now use 2 per cent SAF in their fuel mix, rising to 6 per cent in 2030 and 70 per cent by 2050. For Japan, SAF must account for at least 10 per cent of domestic airlines' jet fuel consumption by 2030. In Singapore, one per cent of all jet fuel used at Changi and Seletar airports must be sustainable, with a goal to reach 3 per cent to 5 per cent by 2030. Singapore Airlines and its budget arm Scoot are among those committed to reaching a goal of 5 per cent sustainable aviation fuel use by 2030. There are other challenges for the industry, including ensuring the environmental integrity of feedstocks, such as land-based feedstock, which can lead to unintended consequences for deforestation, said Temasek's managing director for sustainability, Ms Park Kyung-ah, during a panel discussion at the launch. In Europe and the United States, governments have also expressed concerns about reports of virgin palm oil being fraudulently added to boost used cooking oil supplies to SAF refineries. The EU forbids the use of virgin palm oil as an SAF feedstock. Find out more about climate change and how it could affect you on the ST microsite here.
