Saudi Aramco has announced the creation of a $1.5 billion Sustainability Fund to invest in technology that can support a stable and inclusive energy transition, Report informs referring to the company’s website.
It was unveiled at the sixth edition of the Future Investment Initiative (FII) and is among the largest sustainability-focused venture capital funds globally.
Managed by Aramco Ventures, the venture capital arm of Aramco, 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 plans to invest in technologies that support the Company’s announced net-zero 2050 ambition in its wholly-owned operational assets, as well as development of new lower-carbon fuels.
Initial focus areas will include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels.
In the first half of 2022, Saudi Aramco’s profit rose to a record $87.9 billion. The company also announced the payment of dividends in the third quarter - their volume will be $18.8 billion. Saudi Arabia doubled its oil supplies to Europe in September to 950,000 barrels from 490,000 last year.