“The fund will be directed towards breakthrough technologies and startups that will help us to address climate change,” Nasser explained.
Aramco already has a local fund of $200 million, as well as separate $500 million and $1 billion sustainability funds, both of which will work in tandem with the new fund. Nasser also addressed broader problems in the oil industry, such as the challenges Russia will face because of Europe's planned sanctions on Russian oil in December. As Russia seeks Chinese purchasers, "realignment is happening and good reductions are being offered," he said.
