Sustainability in Our Operations

Enabling a Sustainable Company​

Measuring and managing our environmental footprint remains a major enabler for change.

As a company, we uphold our commitment to carbon neutrality, and we are carbon neutral for the fourth year running. Over the year, we saw a moderate increase in our indirect emissions relating to our operations, mainly due to progressive resumption of business travel activities as global travel restrictions ease. 

The pandemic has transformed the way we work, including the way we organise meetings and conferences. While our emissions per employee have declined significantly since pre-COVID, from 28.8 (tCO₂e) per employee for year ended 31 March 2020 to 12.1 tCO₂e per employee for year ended 31 March 2023, we have experienced a pent-up demand, like many other companies, for in-person interactions post-pandemic. We continue to make efforts to keep emissions levels lower than pre-COVID levels and will closely monitor the need for business travel, which include guiding our teams to leverage technology-based solutions such as teleconferencing. This will inform our efforts as we progress to further reduce emissions from our operations. 

As part of these efforts to decrease the environmental impacts of our operations, we have procured electricity from renewable energy sources for our Singapore office through Renewable Energy Certificates. Temasek has also made our Green Nation Pledge, an environmental sustainability initiative by Singapore’s Ministry of Sustainability and the Environment, signalling our commitment to help make Singapore a sustainable, resource-efficient, and climate-resilient nation.

¹ tCO₂e refers to tonnes of carbon dioxide equivalent, a standard unit of measurement used in greenhouse gas emissions accounting and reporting.

We measure total emissions as well as carbon intensity (carbon emissions / employees) from our operations, and we aim to reduce emissions both in absolute and relative terms. With respect to the risks and opportunities in the context of our operations, electricity consumption across our offices and business travel activities constitutes a significant part of our emissions. Over the longer term, we will continue to explore opportunities to source electricity from renewable energy sources, review the need for business travel closely, as well as leverage technology such as teleconferencing as we seek to reduce our emissions footprint.  

For a detailed breakdown, please click here to view the sustainability indicators of our operations.

To address our residual emissions, we purchased carbon credits through Climate Impact X (CIX), which is a global marketplace and exchange for high-quality carbon credits. More information on CIX’s carbon verification mechanism can be found here. 

Over the years, we have supported a range of carbon avoidance and removal projects that accrue varied benefits to diverse geographical regions. For example, we supported the Tambopata-Bahuaja Biodiversity Reserve Project in the Madre de Dios Region in Peru, which creates an economic buffer zone of a forested area, covering a total land area of approximately 573,000 hectares and is home to 30 endangered species. It provides technical training to some 330 families on agroforestry activities. We also supported the Delta Blue Carbon project, a mangroves and wetlands afforestation and restoration project located in the Indus River Delta area in Pakistan.

Inclusivity

Our focus on sustainability as an institution extends from planet to people.

We value diversity, equity, and inclusion. We are committed to creating an inclusive and cohesive work environment that respects and celebrates unique personalities, diverse perspectives, skill sets, and experiences. 

Our Inclusivity@Temasek initiative continues to strengthen our diversity practices and reinforce our culture of belonging. These efforts include the Temasek Women’s Network (TWN), which supports and inspires our female staff in their career journeys. Highlights included talks by former PepsiCo CEO Indra Nooyi and co-founder of Singapore fashion label Love, Bonito, Rachel Lim, who both shared how they overcame challenges in their respective career journeys; as well as dedicated female leadership workshops and a mentoring programme for our female staff. TWN is open to all staff members at Temasek, regardless of gender. We also invite our portfolio companies to participate in TWN initiatives, where possible. 

Today, our staff represents 34 nationalities with a gender mix of 54% male to 46% female. Our senior management is 75% male and 25% female. We will continue to work towards diversity while ensuring a meritocratic, inclusive workplace. 

To foster an environment where we can grow and thrive individually and collectively as an institution, we are committed to ensuring a respectful workplace, with zero tolerance for harassment of any form. Our Temasek Code of Ethics and Conduct ― which includes our Workplace Anti-Violence, Harassment and Victimisation Policy ― outlines our responsibilities and conduct for creating an inclusive workplace that provides equal employment, as well as development and promotion opportunities. 

Capacities Building and Knowledge Sharing 

Talent development has always been a key area of focus for us and is a pillar of our T2030 strategic roadmap. We adopt a holistic approach in shaping our talent agenda and our staff are encouraged to embrace a mindset of continuous learning and to take ownership of their own growth. 

As part of our institutional focus to build a future-ready team, we have anchored our learning programmes on leadership competencies and agility frameworks. Over the year, we refreshed these frameworks to ensure that our staff are equipped with skills to stay relevant. We are also expanding our range of learning and leadership programmes to include topics such as sustainability, diversity and inclusivity, to increase awareness and understanding of these important focus areas among our staff.

We believe in upskilling our workforce and equipping them with diverse skill sets and competencies to navigate a complex world and stay relevant for the future. For the year ended 31 March 2023, each staff member underwent an average of 29.8 hours of training. 

Our staff undergo mandatory training in anti-bribery and corruption, anti-harassment and discrimination, as well as the prevention of insider trading, underscoring our commitment to a zero-tolerance approach in these areas. We have also expanded our range of learning and leadership programmes to include topics such as sustainability, diversity, and inclusivity to increase understanding of these important areas. We work to transform for relevance and impact, as we have done through the years.

We encourage mobility as a way of developing our talent, both between functions and across geographies. Our colleagues are given opportunities to broaden their experiences and exposure outside their home base, and to build their skill sets and leadership capabilities across our global network. This is critical, as we strive to deliver our goals for a more resilient and sustainable future.

To build our talent pipeline, we piloted a foundation traineeship programme in Singapore, curated for students to gain an early understanding on the role as an investor. We aim to partner institutes of higher learning in Singapore to advance this initiative and encourage students to explore a career with Temasek.

Health & Safety

We believe that a robust and holistic approach to taking care of the overall well-being and health of our staff is critical for the resilience of our workforce. We have put in place various initiatives, resources and support measures for our staff to take care of their emotional, social, and physical well-being.

During the COVID pandemic, we have been distributing COVID-19 care packages containing essential supplies such as masks, health supplements and wellness equipment to our staff. We also piloted an Immunity Monitoring Programme in our Singapore office, to provide our staff with information on their immunity levels against COVID-19 so that they can take appropriate measures to protect themselves.

All our offices comply with local safety regulations, and we strive to create a safe and conducive workplace environment for our staff. There were no fatalities or high consequence work-related injuries in the past year.

We have also introduced resources and programmes that focus on caring for the emotional, social, and physical well-being and health of our staff, such as the Because you matter: #together initiative. To create a safe and conducive physical workplace, we ensure compliance with local safety regulations and our workplace health and safety policies. 

Sustainability-Linked Remuneration

We believe that it will take a firmwide effort to achieve our sustainability-related targets. To foster alignment of incentives, we have embedded carbon reduction goals in our staff’s long term incentives. 

Awareness Building and Contributing To The Environment

We recognise that our employees are critical to advancing a more sustainable organisation, and continuously upskill them with training modules on climate change and our Environmental, Social, and Governance approach.

Our staff also supported the tree planting efforts of partners such as the Global Evergreening Alliance, an international non-profit organisation overseeing grassroots land restoration and sustainable agriculture programmes or planted trees themselves. More than 240 colleagues participated in tree planting activities across Singapore, China, Belgium, and the US.