Steadfast in Shifting Times
Climate-related risks are intensifying, yet tighter financing conditions, regulatory uncertainties and macroeconomic headwinds continue to impede capital flows. Climate action is not only an environmental obligation, but a driver of resilience, opportunity, and long-term competitiveness. This expanded value proposition is what enables capital and policy to remain aligned across economic cycles, allowing climate progress to persist even amid volatility.
Uncertain market conditions extend beyond our control, but a discerning, practical approach focused on adaptation and resilience ensures our endurance despite it. Spanning nature-based and technology-based solutions, this report demonstrates our steadfast commitment to supporting a credible, sustainable and purposeful transition to net zero.
Investing with a growing emphasis on adaptation & resilience, credible carbon markets and commercially viable, resilient climate solutions.
* Country classification is based on: headquarters for direct investments; countries of the underlying assets for fund investments; and countries of implementation for nature-based solution programmes. Applying this updated methodology, GenZero was invested across 24 countries in FY25.
Building an ecosystem to unite global leaders, drive market integrity, and unlock the scalable climate finance that carbon markets promise.
We have delivered 4.4 MtCO₂e of cumulative direct realised climate impact (equivalent to the annual emissions of approximately one million petrol-powered cars, or around 8% of Singapore’s total annual emissions) and remain on track towards our 7.0 MtCO₂e target.
* Refers to cumulative realised climate impact achieve from CY 2022 to CY 2025, stake-adjusted by GenZero’s equity.
We complement our climate impact measurement data by tracking environmental and social (E&S) metrics, capturing broader co-benefits beyond climate.
Our Growth Journey
GenZero’s evolution reflects our deepening commitment to advancing climate solutions and sustainable investing. Our journey began in 2017 within Temasek, where a dedicated sustainability team was established as a test bed for pioneering sustainability-driven strategies, investments, and innovations. This team laid the foundation for what would become GenZero.
By 2022, this vision matured into reality. With a growing portfolio that included Climate Impact X, South Pole, and Decarbonization Partners, GenZero emerged as a purpose-driven investment platform dedicated to accelerating decarbonisation globally. Our official launch in June 2022 marked a significant milestone, turning years of groundwork, partnerships, and ambition into a bold, focused mission to catalyse climate impact at scale.
2022
JUN
- Launch of GenZero as a decarbonisation investment platform company with an initial capital commitment of S$5 billion
- Initial portfolio including investments in Climate Impact X, South Pole, Decarbonization Partners
JUL
- Partnered with the Civil Aviation Authority of Singapore, Singapore Airlines on a Singapore SAF pilot
OCT
- First investment in Improved Forestry Management (Aurora Sustainable Lands)
NOV
- Sponsored and participated at Singapore’s first pavilion at COP27
2023
MAY
- Launched 1st GenZero Climate Summit “Navigating Climate Crossroads”
- Joined The Earthshot Prize as a Strategic Partner
- First investment in Sustainable Aviation Fuel (CycloKinetics)
JUN
- Launched the GenZero Climate Impact Measurement Framework, in collaboration with Boston Consulting Group
- Launched Southeast Asia’s Green Economy 2023 Report with Bain, Temasek, and AWS
- First investment in low-carbon materials (Newlight)
- First investment that builds on Singapore’s intergovernmental partnerships on Article 6 (AJA Climate Solutions)
NOV
- First investment in South America (SilviPar Astarte Impact Forestry Fund (SAIFF))
DEC
- Anchored carbon markets programming at the Singapore Pavilion at COP28
- Launched GenZero Carbon Markets 2.0 Whitepaper
2024
MAR
- Launched joint paper with Allen & Gledhill on The Legal Character of Voluntary Carbon Credits
APR
- Convened the 2nd edition of GenZero Climate Summit “The Next Steps”
- Launched the Asia Centre of Carbon Excellence, in collaboration with South Pole
- Launched Southeast Asia’s Green Economy 2024 Report with Bain, Standard Chartered, and Temasek
- Launched GenZero Carbon Scenarios paper
AUG
- Partnered with ACEN and Keppel to explore the origination of transition credits to accelerate retirement of coal-fired power plant in Philippines
SEP
- Partnered with Rwanda and Gold Standard to collaborate on Article 6 carbon credit projects
OCT
- Launched the Asia Pacific’s Energy Transition Outlook report, in collaboration with BloombergNEF
NOV
- Anchored carbon markets programming at the Singapore and WWF Pavilions at COP29
- Convened GenZero’s first carbon regulatory roundtable at COP29
2025
MAR – MAY
- First investment exposure in Brazil: The Reforestation Fund, which aims to conserve, restore, and reforest 270,000 ha of degraded landscapes across Latin America
- Joined Steering Committee of ASEAN Common Carbon Framework. This initiative aims to create unified, transparent, and efficient carbon markets across ASEAN to achieve the region’s long-term environmental goals
- Convened 3rd edition of GenZero Climate Summit ‘Overcoming Paralysis’
- Launched inaugural GenZero Climate Summit Insights event with Singapore EDB and EnterpriseSG
- Issued joint Call to Action to strengthen regulatory oversight and integrity in carbon markets
- Launched Green Fuel Forward (GFF) initiative to grow voluntary demand for sustainable aviation fuel (SAF) certificates in Asia Pacific
- Launched Southeast Asia’s Green Economy 2025 Report with Bain, Google, Standard Chartered and Temasek
- Partnered with Mitsubishi and DGA to drive energy transition with transition credits
JUN
- First investment in the built environment sector: Terra CO2, a leading US-based low-carbon construction materials company that transforms abundant, inexpensive, and local feedstocks into supplementary cementitious material that replaces ordinary Portland cement
- Concluded participation in Project Frame’s Case Studies Working Group, focused on measuring the impact of climate solutions in Asia
- Developed and implemented our AI Governance Framework to ensure the responsible deployment of AI tools across the organisation
AUG
- Convened the 2nd GenZero Climate Summit Insights in Manila with ACEN and DBS Bank to discuss accelerating Asia’s coal phase-out
SEP
- Secured a S$15 million contract through Singapore Government’s first procurement exercise for Article 6-aligned nature-based carbon credits for the Kwahu Landscape Restoration Project in Ghana, developed by AJA Climate Solutions
- Published our first Sustainability Report, disclosing our 7 MtCO₂e cumulative direct climate impact target for FY 2028 and establishing a public baseline for institutional and portfolio performance reporting
2026
JAN – MAR
- Joined the All Aboard Coalition, a collaborative investor group that mobilises capital for the scale-up of climate technologies
- Updated GenZero’s ESG Policy, strengthening our approach to ESG risk management with clearer guidelines and defined processes to support consistent implementation across our investment and institutional activities
APR
- Published a position paper “Foundations for the Carbon Market” jointly with Eng and Co. LLC and PwC Singapore, in partnership with Singapore Sustainable Finance Association (SSFA)
- The Good Rice Alliance (TGRA) secured a long-term offtake agreement with Amazon for more than 685,000 tCO₂e of carbon credits generated from methane
- The Imperative Spekboom Ecosystem Restoration Project, closed a US$91 million first-of-a-kind blended finance package with a World Bank Outcome Bond alongside a streaming facility from private investors and backed by a long-term offtake agreement with Amazon
MAY
- Terra CO2 raised US$10 million from All Aboard Fund. This is the Fund’s second portfolio investment
- Published our first OPIM disclosure statement in conjunction with this Sustainability Report
- Convened the 4th GenZero Climate Summit themed ‘Beyond Binaries’, our largest edition to date
- Convened GenZero Climate Summit Insights:
- Nature, Markets, Scale in collaboration with UN Environment Programme (UNEP)
- Legal & Accounting Forum in collaboration with Allen & Gledhill, HFW, and Linklaters
- Acquired a stake in Seraya Partners Fund I through a secondary transaction to support Asia’s energy transition and sustainable infrastructure development
- Supported and launched a report on transition credits by the International Energy Agency (IEA) titled “Financing the Modernisation of Power Systems Beyond Coal”
- Contributed to the launch of the Action for a Resilient Climate Coalition, an industry-led and multi-sector initiative to mobilise demand and financing for carbon credits
- GFF marked its first anniversary, growing to 45 organisations