Aramco launches a $1.5 billion sustainability fund to invest in technology that can support a stable and inclusive energy transition. This was announced in the sixth edition of the Future Investment Initiative (FII).
Managed by Aramco Ventures, the venture capital arm of Aramco, the fund plans to invest in technologies that support the company’s announced net-zero 2050 ambition.
Some of the fund’s initial focus areas include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia, and synthetic fuels.
“The Sustainability Fund reinforces our commitment to leverage innovative technologies that will make a difference in addressing the dual challenge of achieving greater energy security and sustainability, and show how these two great imperatives can and must co-exist. Our participation in the MENA region’s first voluntary carbon market in Saudi Arabia represents another pathway towards our long-term net-zero ambition and demonstrates how we can deliver a multi-pronged approach in addressing the climate challenges we face,” Amin H. Nasser, Aramco’s President and CEO, said.
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