2.4 Cultural dynamics Experts interviewed for this report emphasized that cultural dynamics in Asia present unique challenges and opportunities compared to other regions. A key observation was the prevailing belief in many parts of Asia that impact investments are inherently concessionary or loss-making – an assumption that has largely been overcome in North America and Europe. However, family offices, which play a significant role in the region, are evolving rapidly. These offices are increasingly prioritizing sustainability-driven investment strategies, as their inherited wealth is often tied to family legacy, values and reputation. In particular, the third and fourth generations of family offices are placing greater emphasis on environmental and social impact, reflecting a growing awareness and sense of urgency around climate action. This shift represents a significant opportunity for impact investing in Asia, as these families seek to align their investments with both their financial goals and their broader ethical values. Tsao Pao Chee (TPC) has partnered with like-minded co- investors to drive positive ESG and impact outcomes, making notable strides through various initiatives including the Octave Wellbeing Economy Fund (OWEF). This initiative has led to tangible progress in areas such as agricultural technology, food technology, sustainability and mental well-being. One of its first investments was recently made in Varaha, an Indian climate technology start-up focused on generating verified, high-quality carbon credits, through a financing round led by RTP . Varaha develops NbS and measures greenhouse gas emissions using a combination of field research and remote data collection. By employing advanced technologies like satellite remote sensing, biochemical modelling and machine learning, Varaha is creating value across the entire carbon credit value chain, incentivizing thousands of smallholders towards sustainable practices. Varaha’s industry-leading measurement, reporting and verification (MRV) platformuses remote sensing, machine learning and scientific research to quantify the sequestration and reduction of greenhouse gases from regenerative agriculture, afforestation and biochar projects. Their projects also enhance productivity, boost crop yields, save water, increase biodiversity and raise climate adaptation. The TPC business operation is guided by its Well-Being Mandate, which is established based on its chairman’s grounding principles and guiding values: to serve the well-being economy and create wealth at the same time. TPC’s investment strategy centres on financial outcomes, scalable impact investing, prioritizing local economic benefits and sustainable resource use. The firm has developed a framework that can be replicated across different regions and sectors, providing both technological and financial support to unlock large-scale impact. This model holds the potential for broad application across diverse geographies and contexts.CASE STUDY 8 TPC’s Octave Wellbeing Economy Fund Accelerating Impact Investments for Climate and Nature in Asia 15

Accelerating Impact Investments for Climate and Nature in Asia 2025