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Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition, as the switch from hydrocarbons could take decades, Saudis announced. These investments take place amid criticisms from SaudI Arabia and OPEC+ criticisms that there is an overall underinvestment in energy transitions. As of today, the current transition plan is flawed, and today alternatives are not ready to shoulder a heavy load of the growing energy demand and therefore we need to work in parallel until alternatives are ready, ARAMCO CEO claims. This new sustainability investment will target specific ventures globally, such as carbon capture and storage, greenhouse gas emissions, as well as hydrogen, ammonia and synthetic fuels. OPEC+ countries will continue to invest in these sectors, and hope that this sparks involvement from fuel-demanding countries worldwide.

Saudi Aramco launches $1.5 billion fund, says energy transition plan flawed

Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition, as the switch from hydrocarbons could take decades, Saudis announced. These investments take place amid criticisms from SaudI Arabia and OPEC+ criticisms that there is an overall underinvestment in energy transitions. As of today, the current transition plan is flawed, and today alternatives are not ready to shoulder a heavy load of the growing energy demand and therefore we need to work in parallel until alternatives are ready, ARAMCO CEO claims. This new sustainability investment will target specific ventures globally, such as carbon capture and storage, greenhouse gas emissions, as well as hydrogen, ammonia and synthetic fuels. OPEC+ countries will continue to invest in these sectors, and hope that this sparks involvement from fuel-demanding countries worldwide.

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