Promising signs for the green transition

Feeling gloomy about climate change and the loss of nature? Fear not. Plenty of positive steps are being taken to hasten the green transition. This week, two key announcements underscored the importance of protecting and restoring nature in the global effort to combat global warming. On May 28, investment firm Temasek’s green investment platform GenZero announced it is co-funding the initial phase of an ecosystem restoration project in South Africa. The first phase focuses on 10,000ha of degraded land, replanting it with carbon-absorbing native shrubs. When fully scaled up, the 100,000ha project is estimated to remove more than 30 million tonnes of carbon dioxide from the atmosphere over 40 years, generating tradeable carbon credits in the process.

On May 27, the governments of Singapore and Ghana signed a bilateral carbon credit agreement to support investment in projects that will channel financing towards efforts to cut carbon emissions and support local communities. In 2023, Singapore and Papua New Guinea signed a similar agreement. Singapore has a key role in driving the green transition, which hinges on ramping up funding for innovations that cut emissions across a swathe of industries and saving nature.