Saudi Aramco CEO Amin Nasser announced the launch of a global $1.5 billion sustainability fund, one of the largest in the world, during the Future Investment Initiative summit in Riyadh on Wednesday.
“The fund will be directed towards breakthrough technologies and startups that will help us to address climate change,” Nasser explained.
It will target developing technologies locally and abroad, and will focus on carbon capture and green hydrogen among other technology.
The new fund will operate alongside existing sustainability funds by Aramco that include a $200 million local fund, and separate $500 million and $1 billion funds.
Nasser also discussed wider issues facing the global oil market, including hurdles expected to be faced by Russia as Europe plans to place sanctions on Russian oil in December.
“Realignment is happening and good discounts are being offered,” he said, as Russia turns towards Chinese buyers.
That being said, Russia still faces “logistical issues” with insurance, and due to the fact that oil has to travel a further distance to China.
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