Aramco to set up $1.5bn sustainability fund

Aramco to set up $1.5bn sustainability fund

Saudi Arabian Oil Company (Aramco) has announced it will set up a $1.5bn sustainability fund to invest in technology that supports a stable and inclusive energy transition. Unveiled at the sixth edition of the Future Investment Initiative, the fund is among the largest sustainability-focused venture capital funds globally, according to a statement published by the company. 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 in its wholly-owned operational assets, as well as the development of new lower-carbon fuels. Its 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 organised by the Public Investment Fund (PIF). It follows the signing of a memorandum of understanding between Aramco and PIF earlier this year, to participate in a regional voluntary carbon market to be launched in Saudi Arabia in 2023. Aramco president and CEO, Amin H Nasser, said: “The Sustainability Fund reinforces our commitment to leverage innovative technologies