Saudi oil giant Aramco unveils $1.5B sustainability fund

By The Associated Press

Saudi energy company Aramco has unveiled a $1.5 billion fund for sustainable investments, part of efforts to burnish the state-owned company’s green credentials. Aramco CEO Amin Nasser said at an investment conference on Wednesday that the fund will focus on “breakthrough technologies that are important and startups that will help us to address climate change.” Nasser billed it as one of the world’s biggest sustainability-focused venture capital funds, and said it would invest globally and launch immediately. He was speaking at Saudi Arabia’s Future Investment Initiative meeting. Aramco is one of the largest corporate greenhouse gas emitters. Environmentalists have long accused oil and gas companies of using climate-friendly pledges to “greenwash” their polluting activities.