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Oil giant Saudi Aramco has set up a $1.5 billion sustainability fund to invest in technologies that can support net-zero targets and climate change goals.
The fund, managed by the company’s venture capital arm Aramco Ventures, is one of the world’s largest sustainability-focused venture capital funds.
It will target investments around the world and initially focus on carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels, according to a statement on Wednesday.
According to Yasir Al-Rumayyan, climate change 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,” Al-Rumayyan said.
“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.”
The world’s biggest oil exporter is looking to reach operational net-zero emissions by 2050. It is developing its blue ammonia and hydrogen business, with the aim of producing up to 11 million metric tonnes of blue ammonia every year by 2030.
It is also looking at ways to cut greenhouse gas emissions along the entire value chain of its products.
(Reporting by Cleofe Maceda; editing by Daniel Luiz )
