Singapore-based Keppel Corporation Limited, in partnership with GenZero, a Temasek-owned investment platform specializing in global decarbonization efforts, has formalized a collaborative agreement aimed at expediting Southeast Asia’s shift towards clean energy. The Memorandum of Understanding (MOU) was inked during the 2023 United Nations Climate Change Conference, COP 28.
The primary focus of this strategic alliance revolves around conducting joint feasibility studies to facilitate the retirement of coal-fired power plants (CFPP) across Southeast Asia. The intention is to transition towards cleaner energy alternatives like solar power and geothermal energy. Recognizing CFPPs as a significant source of global carbon emissions, the collaboration emerges at a pivotal moment as Southeast Asia grapples with burgeoning energy demands and strives to meet ambitious net zero targets.
Drawing on 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. Additionally, the partnership intends to explore bioenergy fuel projects encompassing biomethane, biomethanol, and Sustainable Aviation Fuel (SAF) in the Asia Pacific region. These bioenergy fuels, derived from organic materials, present a promising avenue for decarbonizing challenging sectors like aviation and heavy-duty transport while integrating seamlessly into existing infrastructure.
Cindy Lim, CEO of Keppel’s Infrastructure Division, expressed enthusiasm about leveraging their combined expertise to foster cleaner energy alternatives in the Asia Pacific. Frederick Teo, CEO of GenZero, highlighted the importance of transitioning towards cleaner energy for sustainable economic development in the region and emphasized the partnership’s commitment to addressing these challenges through practical solutions.