The partners will launch a series of late-stage venture capital and early growth private equity investment funds focusing on advancing decarbonization solutions.
Singapore state-owned investment company Temasek and Blackrock have launched Decarbonization Partners, which will invest in next-generation private companies that provide solutions and technologies which accelerate global efforts to achieve a net-zero global economy by 2050.
Decarbonization Partners will launch several funds, and hopes to draw $1 billion in fundraising, which includes a combined commitment of $600 million in initial capital, according to a joint announcement on Wednesday.
Significant Opportunity
«This partnership will help define climate solutions as a standalone asset class that is both essential to our collective mission and a historic investment opportunity created by the net-zero transition,» Larry Fink, Blackrock CEO, said in the statement.
The funds will focus on early-stage growth companies targeting proven, next-generation renewable and mobility technology including emerging fuel sources, grid solutions, battery storage, and electric and autonomous vehicle technologies as well as in building and manufacturing sectors to drive decarbonization, resource efficiencies, and material and process innovation.
Temasek International CEO Dhilan Pillay said the partnership is one of several steps the firm is taking as part of its commitment to halve the emissions from its portfolio by 2030, and ultimately move to net zero emissions by 2050.
