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Saudi Aramco has launched a $1.5 billion sustainability fund to invest in technology, which supports a stable and inclusive energy transition, the Saudi stock exchange-listed company said in a statement.
The fund - managed by Aramco Ventures, the venture capital arm of Aramco - was unveiled at the sixth edition of the Future Investment Initiative (FII) and is among the largest sustainability-focused venture capital funds globally.
The fund plans to invest globally in technologies that support Aramco’s net-zero 2050 ambition and the development of new lower-carbon fuels, the statement said. Initial focus areas include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels.
Saudi Aramco is developing its blue ammonia and hydrogen business, with the aim of producing up to 11 million metric tonnes of blue ammonia per year by 2030 with the potential to support significant emissions reductions in hard-to-decarbonise sectors such as heavy-duty transport, heating and industrial applications. The company is also exploring opportunities to reduce greenhouse gas (GHG) emissions along the entire value chain of its products, as it aims to implement a range of initiatives to support the circular carbon economy framework, the statement said.
(Writing by D Madhura; Editing by Anoop Menon)
