JetBlue’s corporate venture capital subsidiary JetBlue Technology Ventures (JTV) announced an investment in global alternative asset firm TPG’s climate solutions-focused strategy, TPG Rise Climate, joining as a limited partner.

TPG launched Rise Climate early last year and announced in July that it had raised $5.4 billion at its first close, with a $7 billion hard cap. The strategy aims to build a portfolio of companies that can enable carbon aversion in a quantifiable way, combining impact capital and business building skills to grow the range of commercially viable climate technologies.

One of the strategy’s key focus areas is decarbonized transport, along with other climate sub-sectors including clean energy, enabling solutions, greening industrials, and agriculture and natural solutions.

Amy Burr, President of JetBlue Technology Ventures, said:

“All industries have something to gain from working collaboratively on climate solutions that matter. TPG Rise Climate is deploying capital quickly to tackle the world’s rising carbon emissions, and we are eager to work alongside their team to ensure that the future of travel is a sustainable one.”

JTV stated that the investment continues “its commitment to creating a more sustainable travel industry.” As part of the investment, Jetblue Technology Ventures will also join the TPG Rise Climate Coalition, consisting of the fund’s other corporate investors, which include Alphabet, Apple, Bank of America, Boeing, GE, General Motors and Nike. The coalition aims to accelerate knowledge, investment opportunities, best practices and knowledge-sharing.

Hank Paulson, Executive Chairman of TPG Rise Climate and former U.S. Treasury Secretary, said:

“We are delighted to have JetBlue Technology Ventures join TPG Rise Climate as we work together to scale technology and solutions that have the ability to meaningfully reduce global greenhouse gas emissions. Like JTV, we see a tremendous opportunity to deploy capital towards decarbonizing transportation and greening mobility.”

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