Decarbonization Partners

Decarb 3rd Anniversary Video – Fireside Chat Transcript

Meghan Sharp: I've loved the last three years. It's been an amazing journey. The partnership with the two of you has been beyond my expectations. And so, I really just want to take a moment to hear from you all, our clients want to hear from you all, a little bit on reflecting over the last three years.

The partnership between BlackRock & Temasek

Dilhan Pillay: I remember the call that Larry and I had, and we talked about the fact that both of us were investing in climate tech solutions, and why don't we do things together?

Larry Fink: Correct.

Dilhan: And we said great idea and we just went off to the races, right? And the idea of putting two teams together was not an easy one.

Larry: But I also believe the combination of the two teams from the individual backgrounds make Decarb a better organization. The frequency of our conversation between the two firms have never been this robust. I would say the trust, but more importantly the partnership behaviour, it's not just with us two, it is embedded more and more with the organization. To me, those are the fun things to watch.

Competitive technologies for a decarbonized future

Dilhan: And what's really missing if you ask me is climate finance at a large scale in different parts of the value chain. So you know, we're putting risk capital to work, right with Decarb Partners, you know, BlackRock ourselves, the LPs, and you need people to put risk capital. +And while we're doing late stage ventures, we're also looking to invest in companies where scalability is possible. That scalability also is dependent upon other sources of funding to come in. And you've got to now put together the different pieces and figure out how it works. Now, Decarb partners is in a good position to do that, because you're providing the tech solutions which the companies need to see in order for them to bring their pieces to work and make it a reality.

Larry: We have to be working with the traditional energy companies, not against them, never divest. And I think that's resonating more and more today. In some of the conversations we're having, as you know, and Decarb Partners is working with the traditional energy providers and looking for solutions. I had a conversation today with another organization talking about building data centres, but also paying for carbon capture, related to that one build out of it. You didn't have those conversations five years ago.

Decarbonization Partners is built to last

Larry: Three years into this and other things, there's enormous buy in.

Dilhan: The commitment of BlackRock and Temasek for Decarb is not just this one fund. I think that what we're trying to address is a multi-decade opportunity set. 

Larry: And way beyond us.

Dilhan: And way beyond us.

Dilhan: If we can be successful, Decarb Partners, it will catalyse other participants in the marketplace and that'd be good for Decarb.

Meghan: Thank you for being here. Thank you to our clients, and I look forward to the journey.