Asset giants BlackRock and Temasek commit $600 million to new climate funds

How it works: The companies said the partnership will launch multiple late-stage VC and early-growth private equity funds.

• They're together providing a joint $600 million in initial capital and, along with other investors, hope to raise $1 billion for their first fund.
• They're targeting companies with "proven, next-generation renewable and mobility technology," as well as tech that helps decarbonize buildings and manufacturing.
• Via Bloomberg, the aim is to eventually manage billions of dollars across multiple funds.

Catch up fast: It's the latest of several recent BlackRock moves to bolster its low-carbon energy investments and offerings.

Last week BlackRock announced the $4.8 billion close of its latest renewable power fund, claiming commitments from over 100 institutional investors.

Yes, but: BlackRock and the financial sector more broadly remain under pressure from activists to take stronger steps on fossil fuels.

• The umbrella group BlackRock's Big Problem is calling on BlackRock to take an aggressive posture in upcoming shareholder votes at major oil and power companies.
• However, the group praised BlackRock's new hiring of climate finance and diplomacy veteran Paul Bodnar as its new head of sustainable investing.