Saudi Arabia’s energy giant Aramco announced the launch of a $1.5 billion sustainability fund on Wednesday with the goal of investing in technologies to support a secure and inclusive energy transition.
Among the largest sustainability-focused venture capital funds globally, the fund is an extension of the company’s efforts to meet the world’s growing energy demand, with lower greenhouse gas emissions.
The fund aims to invest in technologies that support Aramco’s net zero 2050 ambitions with an initial focus on carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels.
Aramco aims to achieve net zero greenhouse gas (GHG) emissions across its wholly-owned operated assets by 2050.
By 2030, the company hopes to produce up to 11 million metric tons of blue ammonia annually, which has the potential to significantly reduce emissions in hard-to-decarbonize industries like heavy-duty transportation, heating, and industrial applications. The company is also expanding its blue ammonia and hydrogen businesses.
‘Climate change is a critical issue, which is why sustainability is well-integrated into Aramco’s strategy and investment decisions. The company is harnessing innovation and collaboration as it seeks long-term solutions to global energy challenges,’ Aramco Chairman, Yasir Al-Rumayyan, was quoted as saying in the statement.
Aramco CEO Amin Nasser said Aramco’s participation in the region’s first voluntary carbon market in Saudi Arabia represents another pathway towards its long-term net zero ambition.
