Singapore state-owned investor Temasek on November 15 launched a new company called the Asia Sustainable Food Platform, aiming to commercialize alternative protein technologies and popularize sustainable food across Asia, as reported by The Strait Times on the same day. Specifically, the new platform will provide R&D advisory services and pilot-scale facilities to food tech enterprises, and financing channels to the relevant start-ups. The platform is expected to be completed by the fourth quarter of 2022.
This is part of Temasek’s efforts to speed up the commercialization of food technologies. Last year, it set up the Food Tech Innovation Center, which will receive more than USD30m over the next three years from the government’s Agency for Science, Technology and Research (A*Star), and the new Asia Sustainable Food Platform. Citing Deputy Prime Minister of Singapore, Heng Swee Keat, Temasek has spent more than USD8bn on agri-food over the past decade, as the country resolves to develop food science capabilities. Compared with traditional cattle and poultry farming, alternative protein is much more sustainable for the reduced carbon emission during the production process, Heng added. On the other hand, the country is pushing forward the tech upgrade in its agricultural industry to cut its reliance on imported food for a long time. Singapore proposed in 2019 that homemade farm products would account for 30% of the food supply nationwide in 2030, from the current share of less than 10%.