VIDEO: Aramco CEO announces launch of Sustainability Fund at FII
The $1.5 billion fund will be among the biggest funds in the world, and will be directed toward breakthrough technologies that will help address climate change.
Amin Nasser, Aramco president and CEO, on Wednesday’s announcement of the launch of Aramco Ventures’ $1.5 billion Sustainability Fund.
When we issued our sustainability report this year, in that sustainability report, we indicated that our upstream carbon intensity will be reduced by 15% by 2035 compared to our 2018 baseline by our investments in efficiency, in nature-based solutions, in carbon capture and sequestration, and a lot of projects.
At the same time, we are working on the circular carbon economy, in engine efficiency, and a lot of technologies that will help us to reduce our carbon emissions going forward. We are also investing a lot in renewables, and in low-carbon energy like blue hydrogen.
That’s going to be a huge investment for the company.
We have exciting news today. Saudi Aramco’s venture capital will announce the launch of $1.5 billion for a sustainability fund. This is going to be among the biggest funds in the world, and the fund will be directed to breakthrough technologies that are important to startups that will help us to address climate change.
That fund will be active around the world. This is in addition to other funds. We do have a fund for $500 million, another fund for $1 billion, and we have a local fund for $200 million, in addition to what we have as a fund with our partners in the Oil and Gas Climate Initiative.
So, there are a number of funds, but this is a dedicated fund for sustainability and breakthrough technologies globally the will be done by Aramco.