Saudi Aramco launches world’s largest sustainable development fund
Baku, October 26, AZERTAC
Saudi Aramco has launched the world’s largest sustainable development fund amounting to $1.5 bln, Chief Executive of the Saudi oil giant Amin Nasser said at the 6th Future Investment Initiative conference in Riyadh, streamed by Al-Sharq TV Channel, according to TASS.
"The fund opening today is dedicated to sustainable development," Nasser said. The Fund will support startups aimed at developing technologies helping to combat climate change, he noted.
"Current plans to transform the energy sector are unrealistic," the top manager said. "We should understand that alternative energy sources available at present are not yet up to the level of energy demand. Governments should work on developing existing technologies and on alternative energy sources in parallel," Nasser stressed. Saudi Aramco has spent $700 bln on energy projects since 2014 and intends to allocate $300 bln more for these goals, he added.
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