The Clap
Saudi Aramco (2222) launched one of the world’s largest sustainability-focused VC funds worth $1.5 billion.
The Deets
The announcement came during the sixth edition of the “Future Investment Initiative” held in Riyadh, an extension of the company’s efforts to reduce greenhouse gas emissions.
New Fund
The new fund will be managed by Aramco Ventures, the venture capital arm of Saudi Aramco.
The fund aims to invest in technologies that support the company’s goal of achieving zero emissions from its operations by 2050, in addition to developing new, low-carbon fuels.
What Now
The fund’s resources will be directed to financing start-up companies that work to moderate climate change around the world.
