Aramco sets up $1.5bn sustainability fund for global investments

Aramco sets up $1.5bn sustainability fund for global investments

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) announced the initiation of a $1.50 billion sustainability fund that will target investments worldwide.

The fund will be one of the world’s largest sustainability-focused venture capital (VC) funds, with a goal of investing in technologies for further enhancement towards a stable and inclusive energy transition, according to a press release.

Unveiled at the sixth edition of the Future Investment Initiative (FII) in Riyadh, the new fund will be managed and operated by Aramco Ventures, the venture capital arm of Aramco. It aims to fulfill the growing energy demand across the globe, with lower greenhouse gas emissions.

Aramco’s sustainability fund will initially highlight the fields of carbon capture and storage, greenhouse gas emissions, energy efficiency, and nature-based climate solutions. Other initial focus will be on digital sustainability, hydrogen, ammonia, and synthetic fuels.

The fund endorses Aramco’s announced net-zero 2050 ambition in its fully-owned operational assets in addition to the development of new lower-carbon fuels.

During the FII conference, Aramco’s wholly-owned subsidiary Aramco Trading Company took part in the first voluntary carbon credits auction which was organised by the Public Investment Fund (PIF).

Earlier in 2022, Aramco collaborated with PIF to be part of a regional voluntary carbon market that