Temasek and BlackRock commit $600 million to invest in firms working to reduce carbon emissions

Temasek and BlackRock commit $600 million to invest in firms working to reduce carbon emissions

Singapore state investor Temasek Holdings and asset manager BlackRock will team up to invest in private companies that use technology to reduce carbon emissions, the companies said Tuesday.The partnership, referred to as Decarbonization Partners, will launch a series of late-stage venture capital and early growth private equity investment funds, the two companies said in a statement.Temasek and BlackRock plan to commit a combined $600 million in initial capital to invest across the funds, which would also raise money from third-party investors. The first fund has a target of $1 billion, and will include capital from both companies."The world cannot meet its net zero ambitions without transformational innovation," Larry Fink, chairman and CEO of BlackRock, said in a joint statement.

"For decarbonization solutions and technologies to transform our economy, they need to be scaled," Fink said. "To do that, they need patient, well-managed capital to support their vital goals."He said the partnership will help define climate solutions as a standalone asset class that is essential to the two companies' collective mission, as well as "a historic investment opportunity created by the net zero transition."BlackRock, the world's largest money manager, is pushing companies to disclose how they will survive in a world of