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Laxman Pai, Opalesque Asia: Top crude exporter and oil giant Saudi Aramco has established a $1.5 billion sustainability fund to invest in technology that can support a stable and inclusive energy transition.
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.
Saudi Aramco CEO Amin Nasser, while announcing the launch of the global sustainability fund said: "The fund will be directed towards breakthrough technologies and startups that will help us to address climate change."
It will target developing technologies locally and abroad and will focus on carbon capture and green hydrogen among other technology, according to the press release from Saudi Arabian public petroleum and natural gas company based in Dhahran.
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 the 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.
In addition, Aramco's wholly-owned subsidiary Aramco Trading Company has participated in the first voluntary carbon credits auction organized by the Public Investment Fund (PIF). I...................... To view our full article Click here
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