Saudi’s state-owned oil company Aramco announced yesterday the launch of a venture capital fund that will focus on sustainability-related projects, according a press release from the company and reports.
The $1.5 billion fund will “invest in technology that can support a stable and inclusive energy transition.”
It will be managed by Aramco’s venture capital arm and will be managed by Aramco Ventures, the venture capital arm of Aramco.
The fund is an extension of the Company’s efforts to meet the world’s growing energy demand, with lower greenhouse gas emissions.
The fund plans to invest in technologies that support the Company’s announced net-zero 2050 ambition in its wholly-owned operational assets, as well as development of new lower-carbon fuels. Initial focus areas will include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels. The fund will target investments globally.
[Click here to read the full press release]
