Venture Capital: Saudi Aramco Launches $1.5B Sustainability Fund
It is one of the world’s largest sustainability-focused venture capital funds.
Saudi Aramco (TADAWUL: 2222) announced Wednesday a $1.5 billion Sustainability Fund to be managed by Aramco Ventures, its venture capital arm. The Fund would support Aramco’s ambitions to achieve net-zero Scope 1 and 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, development of new lower-carbon fuels businesses, and furthering Aramco’s broader environmental objectives. (Aramco)
Aramco is one of the largest corporate greenhouse gas emitters globally.
The fund will invest across the globe in startups developing technology and solutions for carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels.
Aramco Chairman, H.E. Yasir O. Al-Rumayyan, said: “Climate change is a critical issue, which is why sustainability is well-integrated in Aramco’s strategy and investment decisions. The Company is harnessing innovation and collaboration as it seeks long-term solutions to global energy challenges. By driving large-scale investments and building key domestic, regional and international partnerships, Aramco aims to enable a stable and inclusive energy transition that meets the world’s need for energy with lower emissions.”
Apart from its own emission targets, Aramco has a target to produce up to 11 million metric tons of blue ammonia per year by 2030 — with the potential to support significant emissions reductions in hard-to-decarbonize sectors such as heavy-duty transport, heating and industrial applications.
Aramco President and CEO, Amin H. Nasser, said: “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.”
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