What is the current size and growth of Temasek's sustainable living portfolio, and what key investments contributed to this growth?

Temasek's sustainable living portfolio rose about 7% to S$49 billion ($38 billion) in the year ended March 31, 2026, up S$3 billion from S$46 billion a year earlier, driven by S$5 billion in new investments. Key investments included India-based CleanMax (renewable energy), Luminace (solar and energy platform), Amperesand (U.S. and Singapore-based grid technology company), and Commonwealth Fusion Systems (U.S. fusion energy company); the portfolio growth occurred despite divestments including O2 Power.

How does Temasek reconcile its unchanged 2050 net-zero ambition with its likelihood of missing the 2030 emissions target, and what factors explain this gap?

Temasek maintains its 2050 net-zero ambition but acknowledges it is unlikely to meet its 2030 target of 11 million tons of carbon dioxide equivalent due to surging electricity demand, higher capital costs, policy volatility, and exposure to hard-to-abate sectors; portfolio emissions remained flat at 21 million tons in the year ended March 2026 — down 30% from 2020 — but are expected to rise in the near term following the inclusion of Sembcorp Industries' Alinta acquisition, reflecting the reality that 'real-world transition can sometimes increase absolute emissions in the short term.'

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Temasek reported a 7% increase in its sustainable living portfolio to S$49 billion, driven by investments in renewable energy and grid technology. However, the firm expects to miss its 2030 carbon target despite maintaining its 2050 net-zero ambition.

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