The Singapore Economic Development Board (EDB) has partnered with TT Foundation Advisors (TTFA), the philanthropy advisory arm of Temasek Trust, to launch a donor-advised fund (DAF) that will mobilise capital from family offices and foundations for projects that generate high-integrity Article 6 carbon credits under EDB's Carbon Project Development Grant.
Announced at the start of the inaugural GenZero Climate Summit Insights 2025 on May 5, the partnership will enable private capital owners to participate alongside EDB in catalysing high-quality carbon projects, and further boost Singapore's carbon market development while delivering climate, nature and community benefits.
Managed by TTFA, the new DAF has been set up to augment EDB's Carbon Project Development Grant, a pool of capital announced in November 2024 that EDB has committed to catalyse early-stage Article 6 carbon projects.
According to EDB and TTFA, early-stage carbon projects often face critical funding gaps, particularly at the feasibility-stage, before they are registered with a recognised standards body.
These projects also struggle with limited access to financing, and long-term buyers or offtakers, they add. The new DAF addresses these challenges by accelerating financing in the early stages of carbon project development across Southeast Asia and beyond.
The DAF provides private capital owners with a pathway to co-fund high-quality carbon projects alongside EDB and follow up with further financing throughout their lifecycle. It is designed to offer flexibility for interested family offices, allowing contributions from their own DAFs, aligning capital with shared impact goals.
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Through the DAF, family offices and foundations can also offtake partnerships and signal demand to increase the viability of carbon projects.
To date, $20 million has been secured to co-fund the development of high-quality carbon projects, and several family offices are in discussions with EDB and TTFA.
TTFA head Dickson Lim says the partnership provides family offices with a trusted platform to support climate solutions and "opens up pathways" for philanthropic opportunities across the Temasek Trust ecosystem and beyond. "This reflects our commitment to building collaborative platforms that unlock private capital for good, and to working alongside like-minded partners to drive lasting, systems-level impact."
Separately, EDB announced on May 5 the three recipients of the Carbon Project Development Grant: 3Degrees, Climate Bridge International and The Nature Conservancy. The grant will support early-stage carbon project development and financing activities for Article 6 carbon credit projects.
