Additional $600m for low-carbon solutions as BlackRock forms new investment partnership
The world's largest investor, BlackRock, has forged a new partnership with Singapore-based Temasek to scale up investment in low-carbon technologies.
The partnership believes it can raise $1bn initially
Called ‘Decarbonization Partners’, the partnership has committed to initially invest a combined $600m in initial funds, that will be used for late-stage venture capital projects and existing early growth equity private funds. Funding will be raised by third parties as well as from Blackrock and Temasek’s own teams. Beyond the initial $600m, the partnership believes it can raise $1bn.
Funding will go towards technologies, products and systems that contribute to the delivery of a net-zero world while also providing long-term, sustainable financial returns at the same level as their higher-carbon predecessors. A statement from BlackRock revealed that focus areas will be next-generation renewable energy generation and distribution systems, emerging low-carbon fuels, autonomous vehicles, electric vehicles and low-carbon solutions for the building and manufacturing sectors. On the latter, this includes innovative materials with less embedded carbon, as well as technologies to improve process efficiency.