Temasek’s GenZero backs first phase of project looking to restore 100,000 ha of South Africa land

Business Times | 28 May 2024

Temasek’s GenZero backs first phase of project looking to restore 100,000 ha of South Africa land

Temasek-owned GenZero is among investors backing the first phase of an ecosystem restoration project, which at full scale targets to restore 100,000 hectares (ha) of land across the Eastern and Western Capes of South Africa.

The project will be spearheaded by next-gen carbon project development company Imperative. It is being funded under a syndicated senior secured stream agreement led by Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing.

GenZero, a decarbonisation investment platform company, and Rubicon Carbon are also part of the funding agreement. 

Imperative has established a subsidiary in South Africa, which is locally staffed and led by local leadership with multi-decade major project experience. It has also partnered South African restoration specialist NatCarbon Africa.

The project aims to attract significant foreign direct investment into South Africa, and create training and employment opportunities in an area of the country with some of the highest unemployment rates. It will also return the benefits to local communities and conservation efforts. 

Full-scale restoration, which includes replanting native thicket across the land area, is expected to sequester more than 30 million tonnes of carbon dioxide over its lifespan, contributing to global carbon removal and reduction efforts. 

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