Temasek Review 2023

Independent Practitioner's Report

Independent Practitioner’s Limited Assurance Report on the Selected Portfolio Emissions Metrics of Temasek Holdings (Private) Limited (“Temasek”) for the financial year ended 31 March 2023

We have undertaken a limited assurance engagement in respect of the Selected Portfolio Emissions Metrics contained in the Temasek Review 2023 (the “TR 2023”) for the financial year ended 31 March 2023.

Selected Portfolio Emissions Metrics

Metric 2023 Result
Total Portfolio Emissions
(in tCO2e)
27 million
Portfolio Carbon Intensity
(in tCO2e/S$M portfolio value)
Portfolio Weighted Average Carbon Intensity
(in tCO2e/S$M revenue)

The basis of preparation for the above Selected Portfolio Emissions Metrics can be found here (the “Reporting Criteria”).

Our assurance engagement was with respect to the financial year ended 31 March 2023 information only and we have not performed any procedures with respect to other periods or elements included in the TR 2023 and, therefore, do not express any conclusion thereon.

Management’s Responsibility

Management is responsible for establishing suitable criteria for preparing the Portfolio Emissions Metrics and for the preparation of the Portfolio Emissions Metrics in accordance with the Reporting Criteria.

Management is also responsible for designing, implementing and maintaining internal control over information relevant to the preparation of the Portfolio Emissions Metrics that is free from material misstatement, whether due to fraud or error.

The Selected Portfolio Emissions Metrics has been prepared to assist management to report the Selected Portfolio Emissions Metrics to Temasek’s Board of Directors and for inclusion in the TR 2023 using the Reporting Criteria designed for this purpose. As a result, the Selected Portfolio Emissions Metrics may not be suitable for another purpose.

Practitioner’s Independence and Quality Control

We have complied with the independence and other ethical requirements of the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

Our firm applies Singapore Standard on Quality Management 1 which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

The procedures we performed included inquiries, inspection of documents, analytical procedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconciling with underlying records. Given the circumstances of the engagement, in performing the procedures listed above we:

  • Evaluated the suitability of the Reporting Criteria as a basis to prepare the Selected Portfolio Emissions Metrics;
  • Through inquiries, obtained an understanding of Temasek’s control environment and the information systems relevant to the preparation of Selected Portfolio Emissions Metrics. However, we did not evaluate the design of control activities, obtain evidence about their implementation or test their operating effectiveness;
  • Evaluated whether Temasek’s methods for developing estimates are appropriate and had been consistently applied. However, our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate Temasek’s estimates;
  • For a limited sample of assets, reconciled the emissions data back to the underlying records. However, our procedures did not include the corroboration of the underlying greenhouse gas emissions and financial data; and
  • Considered the presentation and disclosure of the Selected Portfolio Emissions Metrics.

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Inherent Limitations

The absence of a commonly used generally accepted reporting framework or a significant body of established practice on which to draw to evaluate and measure subject matter allows for different, but acceptable, measurement techniques that can affect comparability between entities and over time. As there are currently no legislative requirements or regulation prescribing the preparation, disclosure and verification of the Temasek’s portfolio emissions, the Selected Portfolio Emissions Metrics needs to be read and understood together with the Reporting Criteria.

The quantification of the greenhouse gas emissions data underlying the Selected Portfolio Emissions Metrics is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases, and the estimation uncertainty from the measurement and calculation processes used to quantify emissions within the bounds of existing scientific knowledge. This can affect the ability to draw meaningful comparison of Temasek’s portfolio emissions over time.


Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Selected Portfolio Emissions Metrics for the financial year ended 31 March 2023 is not prepared, in all material respects, in accordance with the Reporting Criteria.

Restriction on Distribution and Use

This report, including our conclusion, has been prepared solely for Temasek in accordance with the agreement between us. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Temasek for our work or this report.