BLACKROCK, TEMASEK TO RAISE BILLIONS FOR CARBON CUTTING FIRMS

Black Rock and Temasek are committing $600 million to finance various funds focused on cutting carbon emissions, Erik Schatzker reported for Bloomberg News.

Temasek has pledged to cut carbon emissions by its portfolio companies to net-zero by 2050. Since the sovereign wealth fund controls Singapore Airlines, one of Temasek’s priorities is finding a sustainable and cost-effective alternative to jet fuel.

By engaging in this venture, two of the world’s most powerful money managers are seeking to build a business on climate-change investing and raising one of the largest venture-capital funds dedicated to carbon-cutting technologies.

BlackRock and Temasek 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.

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