Temasek, BlackRock Partner on Decarbonization Investment Partnership

   By Stephen Nakrosis

Temasek and BlackRock Inc. said Monday they would establish a partnership called Decarbonization Partners.

The partnership "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."

Larry Fink, chairman and chief executive of BlackRock, said, "The world cannot meet its net zero ambitions without transformational innovation." He added, "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."

Dilhan Pillay, CEO of Temasek International, said, "Through collective efforts with like-minded partners, we will be able to create sustainable value for all of our stakeholders over the long term, and investors will have the opportunity to help deliver innovative solutions at scale to address climate challenges."

The companies said they intend to commit a combined $600 million in initial capital to invest in multiple funds launched by the partnership, adding that "Decarbonization Partners has a fundraising target of $1 billion for its first fund, including capital from Temasek and BlackRock."

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 12, 2021 19:09 ET (23:09 GMT)

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