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  "documentTitle": "SOUTHEAST ASIA’S GREEN ECONOMY 2024",
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      "text": "We believe that an acceleration of effort by countries, corporates and investors is imperative as Southeast Asia remains woefully off-track despite significant progress in 2023.",
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      "text": "To further fuel the shift towards clean energy and sustainable fuel projects across the region, we signed a Memorandum of Understanding with Keppel Limited at COP28. The partnership aims to explore opportunities to drive the early retirement of coal-fired power plants, and to advance Southeast Asia's transition to renewable alternatives like solar and geothermal energy. As a financial investor, we are acutely aware that commercial acumen and capital is not enough and must be married with operating capability and know-how to drive real change in Southeast Asia's transition. GenZero also recognizes the potential that carbon markets have in channeling financing to support the scaling and adoption of sustainable solutions and practices in Southeast Asia. We are heartened by the steady progress made by Southeast Asian countries in establishing national carbon markets and registries, as well as the related policy frameworks and infrastructure to support trading and investment. We believe this will enable the scale up of nature-based solutions projects in Southeast Asia, and constitute the foundation for the use of carbon credits within blended finance models to create additional revenue streams that can lower the cost of financing the transition. The report goes beyond a description of the current state of play, to offer a proposed path to action and specific initiatives for countries, corporates, and investors. We hope that this catalyzes concrete action that can bend the emissions curve for Southeast Asia to get to Net Zero by 2050.",
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      "text": "It is therefore critical that all stakeholders act collectively and decisively to drive the system-level change required to accelerate and scale decarbonization across Southeast Asia. We remain optimistic about the region as a destination for green investment given the ample headroom for increased deployment of commercially ready and cost-effective technologies from low penetration levels today. We believe this could unlock incremental annual revenues of $300 billion by 2030 and present a meaningful opportunity to invest into companies with fit-for-purpose technologies and business models which could become the new market leaders in the green economy. However, capital flows have been hampered by the overall lower bankability of Southeast Asian projects, greater offtake risk and lack of political commitment to long-term policies which hinder investor willingness to take long-term bets. We believe that governments must develop more coherent policies and frameworks and more targeted incentives to allow Southeast Asia to compete globally for finite investment dollars amidst robust industrial policy by other markets.",
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      "text": "GenZero is a double bottom-line investor. The success of our investments is not measured solely in terms of financial returns but also in terms of the positive climate impact we generate. It is with this mindset that we invested into Rize.Farm alongside Temasek, Breakthrough Energy Ventures and Wavemaker Impact. Rize.Farm is a technology-enabled platform that reduces methane emissions in rice cultivation by providing the right economic incentives across the value-chain, from input financing to market aggregation, to drive the adoption of sustainable cultivation techniques by smallholder rice farmers. We believe that Rize.Farm's use of finance and technology to scale the dissemination and implementation of better agronomic practices will improve the livelihood of smallholder farmers while also reducing greenhouse gas emissions, and is a good example of a business where financial success and positive climate impact are deeply intertwined.",
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      "text": "As a decarbonization-focused investor located in Singapore, GenZero is deeply committed to deploying capital to bridge the gap between Southeast Asia's Net Zero ambitions and concrete achievement. We believe that an acceleration of effort by countries, corporates and investors is imperative as Southeast Asia remains woefully off-track despite significant progress in 2023. Emissions increased by 13% or 400 MtCO2e in 2023 and will continue to increase as primary energy consumption increases alongside GDP growth. Renewable energy investment in Southeast Asia increased by 9% in 2023. However, renewable energy constitutes less than 10% of electricity generation in the region. Total green investment increased by 20% from $5.2 billion to $6.3 billion in 2023 but remains far short of the $1.5 trillion needed to fund the Southeast Asia's transition by 2030.",
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