Saudi Arabia Energy Giant Aramco Unveils New $1.5B Sustainability Fund

Aramco's President and CEO, Amin Nasser, announced on Wednesday their new sustainability venture capital fund at the 6th edition of the Future Investment Initiative (FII) Conference.

Nasser said, that the fund is going to be amongst the largest sustainability-focused venture capital in the world, and “will be directed to breakthrough technologies that are important to startups that will help us to address climate change”. He add, that the fund would invest globally and launch immediately.

AP News reported, that Aramco's new fund will focus on carbon capture and storage, which involves sucking heat-trapping carbon dioxide from factory smokestacks and storing it underground, and on greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels.