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Mar 03, 2022 05:57 PM
FINANCE

Singapore’s Temasek Invests in Forest Fund as Carbon Tax Looms

Temasek is among investors including Sumitomo Mitsui Trust Bank that are investing $120 million into the New Forests Tropical Asia Forest Fund 2. Photo: Bloomberg
Temasek is among investors including Sumitomo Mitsui Trust Bank that are investing $120 million into the New Forests Tropical Asia Forest Fund 2. Photo: Bloomberg

(Bloomberg) — Singapore state-owned investment firm Temasek Holdings Pte is backing a new Southeast Asian forestry fund as the city-state looks to increase a carbon tax on its biggest emitters.

Temasek is among investors including Sumitomo Mitsui Trust Bank that are investing $120 million into the New Forests Tropical Asia Forest Fund 2, according to Sydney-based New Forests Chief Executive David Brand. He anticipates an annualized return of between 14% and 18% over its 10-year life.

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