Aramco, energy and chemical company, has launched a $1.5 billion (€1.5 billion) fund in technology that can support a stable and inclusive energy transition. The fund plans to invest in technologies that support the company’s announced net-zero 2050 ambition in its wholly owned operational assets, in addition to the development of new lower-carbon fuels.
The fund, which will target investments globally, will initially focus on carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia, and synthetic fuels.
Aramco president and CEO, Amin H. Nasser, says: ‘The sustainability fund reinforces our commitment to leverage innovative technologies that will make a difference in addressing the dual challenge of achieving greater energy security and sustainability, and show how these two great imperatives can and must co-exist.’
