Singapore-based Keppel Corporation Limited and GenZero, a Temasek-owned investment platform specialising in global decarbonisation efforts, have collaborated to expedite Southeast Asia’s shift towards clean energy.
The Memorandum of Understanding (MOU) was signed during the 2023 United Nations Climate Change Conference, COP 28. The alliance aims at conducting joint feasibility studies to facilitate the retirement of coal-fired power plants (CFPP) across Southeast Asia and to move towards cleaner energy alternatives like solar power and geothermal energy.
The firms will also focus on the considerable financing challenges involved in retiring CFPPs. The partnership aims to align with Singapore’s stringent environmental standards, as the government has expressed interest in procuring transition credits.
With GenZero’s expertise in climate financing and project integrity and Keppel’s proficiency in technology-driven sustainability solutions, the collaboration aims to develop high-integrity carbon credit projects.
Cindy Lim, CEO of Keppel’s Infrastructure Division, expressed enthusiasm about working together and to foster cleaner energy alternatives in the Asia Pacific.
While, Frederick Teo, CEO of GenZero, stressed on the importance of transitioning towards cleaner energy for sustainable economic development in the region. He stressed on the need of the commitment to address these challenges through practical solutions.
