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FinancialNews


  • 27-10-22

    Aramco declares USD1.5 billion investment to back energy transition

    (MENAFN) Saudi Arabia's energy giant Aramco declared the launch of a USD1.5 billion sustainability investment on Wednesday with the target of financing in technologies to back a stable and inclusive energy transition.

    Between the biggest sustainability-concentrated project capital funds worldwide, the fund is an extension of the firm’s efforts to reach the glob’s increasing energy request, with decreased greenhouse gas emissions.

    The investment targets to finance in technologies that back Aramco's net zero 2050 framework with an preliminary concentration on carbon capture and inventories, greenhouse gas emissions, energy efficiency, nature-based climate resolutions, digital sustainability, hydrogen, ammonia as well as synthetic fuels.

    Aramco targets to reach net zero greenhouse gas (GHG) emissions throughout its entirely-possessed functioned assets within the next 38 years (2050).

    "Climate change is a critical issue, which is why sustainability is well-integrated into Aramco’s strategy and investment decisions. The company is harnessing innovation and collaboration as it seeks long-term solutions to global energy challenges," Aramco Chairman, Yasir Al-Rumayyan, was recited as saying in the announcement.

    MENAFN27102022000045014228ID1105087391

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