KSA’s Aramco will funnel USD 4 bn over the next four years to its venture capital arm and green investor Aramco Ventures, according to a statement. The earmarked funds will double the company’s current funding from USD 3 bn to USD 7 bn.

Dedicated to sustainable investments:Aramco Ventures focuses on advancing new tech, creating avenues for diversification, and lining up collaborations between startups, the statement notes. The company has a USD 1.5 bn Sustainability Fund — launched at the Future Investment Initiative in 2022 — that invests in startups with the potential to support Aramco’s 2050 net-zero, scope 1, and scope 2 greenhouse gas emissions goals.

Worldwide funding: The fundinvests in green projects globally including renewables, carbon capture and storage, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia, and synthetic fuels.

Aramco Ventures is already an active player: The company sank USD 10 mn into Singapore-based renewable energy certificate service provider Redex back in November, and backed new technology from American start-up Rondo Energy earlier in August. The VC also invested an undisclosed amount in a financing round by British sustainable fuels startup OXCCU led by Clean Energy Ventures last June.

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