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BlackRock offices in New York City. Photo: Erik McGregor/LightRocket via Getty Images

Asset management giants BlackRock and Temasek have created a new investment entity to stake companies capable of scaling up the deployment of climate-friendly technologies.

Why it matters: Decarbonization Partners is the latest sign of how finance giants — under pressure from activists but also seeing a big market — are steering more capital into clean energy tech and companies.

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.

Go deeper

Ben Geman, author of Generate
Apr 13, 2021 - Energy & Environment

New Texas-based VC firm to exclusively invest in energy transition tech

Illustration: Sarah Grillo/Axios

A new Houston-based VC firm called Energy Transition Ventures emerged from stealth mode Tuesday and plans to reach $75 million for its first fund.

Why it matters: It's another sign of how Texas, the nation's largest oil producing state, is increasingly becoming a hub for clean energy innovation.

Updated 5 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.

Updated 6 hours ago - Politics & Policy

"Horrified": AP, Al Jazeera condemn Israel's bombing of their offices in Gaza

A ball of fire erupts from the Jalaa Tower as it is destroyed in an Israeli airstrike in Gaza. Photo: Majdi Fathi/NurPhoto via Getty Images

The Associated Press and Al Jazeera on Saturday condemned the Israeli airstrike that destroyed a high-rise building in Gaza that housed their and other media offices.

What they're saying: The White House, meanwhile, said it had "communicated directly to the Israelis that ensuring the safety and security of journalists and independent media is a paramount responsibility," according to press secretary Jen Psaki.