SINGAPORE (Reuters) - Singapore state investor Temasek Holdings and BlackRock, world's largest asset manager, said on Tuesday they have launched a partnership to invest in firms with products and technologies that will reduce carbon emissions.

BlackRock and Temasek are committing a combined $600 million in initial capital to invest in multiple funds launched by the partnership, called 'Decarbonization Partners', which has a fundraising target of $1 billion for its first fund and will also raise third-party capital, the companies said in a joint statement.

Decarbonization Partners will launch a series of late stage venture capital and early growth private equity investment funds, the firms said.

The funds will focus on early stage growth companies in areas including emerging fuel sources, grid solutions, battery storage, and electric and autonomous vehicle technologies.

Ranked among the world's biggest investors, Temasek has committed to halve the emissions from its portfolio by 2030, and move to net zero emissions by 2050.

Last month, BlackRock joined other asset managers pledging to push companies in their portfolios to net zero carbon emissions by 2050 or sooner.

"For decarbonization solutions and technologies to transform our economy, they need to be scaled," said Larry Fink, Chairman and CEO of BlackRock. "To do that, they need patient, well-managed capital to support their vital goals."

(Reporting by Aradhana Aravindan in Singapore; Editing by Rashmi Aich)