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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.

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 4 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.