October 27, 2022
2 mins read

Aramco announces $1.5bn Sustainability Fund

The fund plans to invest in technologies that support the Company’s announced net-zero 2050 ambition in its wholly-owned operational assets…reports Asian Lite News

Aramco today announced the creation of a $1.5 billion Sustainability Fund to invest in technology that can support a stable and inclusive energy transition. 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. The fund will target investments globally.

In addition, Aramco’s wholly-owned subsidiary Aramco Trading Company has participated in the first voluntary carbon credits auction organized by the Public Investment Fund (PIF). It follows the signing of a Memorandum of Understanding between Aramco and PIF earlier this year, to participate in a regional voluntary carbon market to be launched in Saudi Arabia in 2023.

Aramco Chairman, HYasir O. Al-Rumayyan, said: “Climate change is a critical issue, which is why sustainability is well-integrated in Aramco’s strategy and investment decisions. The Company is harnessing innovation and collaboration as it seeks long-term solutions to global energy challenges. By driving large-scale investments and building key domestic, regional and international partnerships, Aramco aims to enable a stable and inclusive energy transition that meets the world’s need for energy with lower emissions.”

Aramco’s ambition is to achieve net-zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions across its wholly-owned operated assets by 2050. In June, the Company also announced  a set of interim targets that it aims to achieve by 2035, which are intended to reduce or mitigate net Scope 1 and Scope 2 GHG emissions across its wholly-owned operated assets by more than 50 million metric tons of CO2e annually, when compared to the business-as-usual forecast.

ALSO READ: Saudi signs 6 MoUs on FII conference Day 1

Previous Story

Qatar reiterates support to Afghanistan

Next Story

ISI chief takes jibe at Imran Khan

Latest from Arab News

Israel Takes Out Iran Spy Leaders

Among those killed were Mohammad Khatami, head of the IRGC Intelligence Organisation since 2022, and his deputy Mohammad Hassan Mahkaghi….reports Asian Lite News Israel on Monday announced that four high-ranking Iranian intelligence

Iran May Quit Nuclear Treaty

The NPT, a landmark international treaty that came into force in 1970, seeks to prevent the spread of nuclear weapons…reports Asian Lite News Amid rising tensions with Israel, Iran announced Monday that

Jaishankar Dials UAE, Armenia as Mideast Heats Up

EAM Jaishankar discussed the fast-evolving situation and emphasised the importance of dialogue and cooperation….reports Asian Lite News External Affairs Minister S. Jaishankar held telephonic conversations with his counterparts in the United Arab

Non-Oil Boom Fuels UAE Growth

In terms of contribution to non-oil GDP, the trade sector ranked first with 16.8 per cent, followed by manufacturing (13.5 per cent)…reports Asian Lite News The United Arab Emirates (UAE) posted a

Netanyahu: ‘Iran Wants to Kill Trump’

Netanyahu praised Trump’s record on Iran, highlighting key decisions such as the withdrawal from the Iran nuclear deal…reports Asian Lite News Israeli PM Netanyahu has alleged that Iran plotted to assassinate Donald
Go toTop

Don't Miss

Riyadh to Invest in Green Projects 

Prime Minister Keir Starmer Secures Major Investments in Green Energy

Saudi Crown Prince, UK Foreign Secretary discuss Middle East

Both sides further discussed the efforts made to strengthen the