Aramco announced the creation of a $1.5 billion sustainability fund to invest in technology at the sixth edition of the Future Investment Initiative (FII), the largest sustainability-focused venture capital funds globally.

The initiative aim to support a stable and inclusive energy transition.

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.

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According to Aramco, the fund plans to invest in technologies that support the company’s 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.

Aramco President and CEO, Amin H. Nasser, said: “The sustainability fund reinforces our commitment to leverage innovative technologies that will make a difference in addressing the dual challenge of achieving greater energy security and sustainability.”

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