Beyond generating electricity, how does waste-to-energy support a more circular system?
Jackson: Waste-to-energy is not just treatment for disposal – it’s recovery. We recover energy first. Then, from the bottom ash, we extract metals for recycling. We are also studying how to treat the ash so it can be used as aggregate in building materials instead of going to the landfill, providing another avenue for reuse. Keppel has applied similar technology in Europe, China, Australia, and the Middle East – the core idea is the same: reduce landfill use and recover as much material as possible.
Weixiang: Circularity is about using resources more responsibly. Waste-to-energy handles the part we cannot meaningfully recycle, while still recovering value from it. As new technologies for ash treatment or emissions reduction mature, we can close more loops and further reduce pressure on landfills.
What role do companies and investors play in making waste systems more sustainable?
Jackson: Temasek is one of our key shareholders, and it encourages the companies it invests in – including Keppel – to become more sustainable. For us, that means aligning our business with long-term environmental goals while continually innovating to serve the industry’s needs. We also work with key partners such as the National Environment Agency (NEA), and these partnerships help us move the wider ecosystem forward.
Weixiang: Reducing and reusing often start with individuals, but recycling and resource recovery require a broader ecosystem – robust infrastructure, advanced technology, and organisations that can enable these processes. That’s where investors play a critical role. At Temasek, waste management and circularity are an integral part of our Nature Roadmap, reflecting our commitment to adopting Nature Positive business models and practices. We focus on solutions that divert waste from landfills, avoid emissions, reduce landfill pressure, and reduce reliance on fossil fuels – and that are practical and financially viable to scale. When those conditions align, we can manage risks, capture opportunities, and drive systemic change that benefits both the environment and the economy.
Looking ahead, what might waste-to-energy look like in 20 years – and could it help us reach net zero?
Jackson: Technology will change what waste-to-energy can do. We’re already studying how to integrate carbon capture with our plants – we’ve run feasibility studies in Singapore and the UK, and early results show we could capture more than 90% of the CO₂ at the chimney. If that CO₂ is stored or put to use, the system could move towards net-zero – or even net-negative.
Weixiang: From an investment perspective, this is why we stay focused on long-term, scalable solutions. As carbon-capture technologies advance and costs come down, integrating them into essential infrastructure like waste-to-energy plants becomes increasingly more realistic. The potential is significant: reducing emissions, extending the life of landfills, and recovering more value from the same waste stream. These benefits compound over time – supporting climate goals, conserving resources, and building resilience across the system. That’s the kind of transformation we look for when investing for a sustainable future.