BlackRock, Singapore’s Temasek in mammoth climate investing push
Al Jazeera
New joint venture aims to raise billions of dollars for firms that help reduce dependence on fossil fuels.
Two of the world’s most powerful money managers are joining forces to build a business on climate-change investing and raise one of the largest venture-capital funds dedicated to carbon-cutting technologies. BlackRock Inc. and Singapore’s Temasek Holdings Pte. formed a new firm, Decarbonization Partners, to take stakes in startups that have the potential to reduce the world’s reliance on fossil fuels and meet the goal of zero-carbon emissions in three decades. They’re committing a total of $600 million to the effort, including $300 million of seed capital for a $1 billion first fund, and raising the rest from outside investors. Eventually, Decarbonization Partners aims to manage billions across multiple funds, BlackRock Chief Executive Officer Larry Fink said in an interview with Bloomberg Television, adding, “I look at this as one of the greatest investment opportunities over our lifetimes.”
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