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					</table><p><a href="https://www.aramco.com/en/" target="_blank" rel="noopener">Saudi Aramco</a>,  a global energy and chemicals company, has established a $1.5 billion sustainability fund to invest in technology to support a stable and inclusive energy transition that will help to address climate change.</p>
<p>The fund, managed by Aramco’s venture capital arm, is among the largest sustainability-focused venture capital funds globally and is an extension of the company’s efforts to meet the world’s growing energy demand with lower greenhouse gas emissions.</p>
<p>“The Sustainability Fund reinforces our commitment to leverage innovative technologies that will make a difference in addressing the dual challenge of achieving greater energy security and sustainability and show how these two great imperatives can and must co-exist,&#8221; said Aramco President and CEO Amin H. Nasser.</p>
<p>Aramco aims to achieve net-zero greenhouse gas emissions across its wholly-owned operating assets by 2050. The funds would be invested in technology that supports the company’s 2050 net-zero goals while helping to develop new lower-carbon fuels. It will initially focus on areas such as carbon capture and storage, greenhouse gas emissions, energy efficiency, and hydrogen.</p>
<p>Highlighting Aramco’s participation in the Middle East and North Africa region’s first voluntary carbon market in Saudi Arabia, Nasser said this represents a pathway towards the company’s long-term net-zero ambition and demonstrates how they can deliver a multi-prolonged approach to address the climate challenges.</p>
<p>In June, the company announced a set of interim targets that it aims to achieve by 2035, which are intended to reduce or mitigate net emissions by more than 50 million metric tons of CO2 emissions annually.</p>
<p>The company is currently developing its blue ammonia and hydrogen business, intending to produce up to 11 million metric tons of blue ammonia annually by 2030. This comes with the potential to support significant emissions reductions in hard-to-decarbonize sectors such as heavy-duty transport, heating, and industrial applications.</p>
<p>The company is also exploring opportunities to reduce emissions along the entire value chain of its products. It aims to implement various initiatives to support the Circular Carbon Economy framework in which CO2 emissions are reduced, reused, recycled, and removed.</p>
<p>In June, Aramco <a href="https://mercomindia.com/aramco-to-generate-12-gw-of-renewable-by-2030/" target="_blank" rel="noopener">announced</a> it intends to generate 12 GW of renewable energy by 2030. It aims to use the allocation of renewable energy credits from the investments to decarbonize the power supply in Aramco’s operations.</p>
<p>Earlier in the year, Saudi Arabia’s General Authority for Statistics <a href="https://mercomindia.com/saudi-arabia-aims-to-generate-15-twh/" target="_blank" rel="noopener">said</a> the country plans to generate 15.1 TWh of renewable energy annually in the next two years to meet the power requirements of 692,557 households.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Saudi Oil Major Aramco to Set Up $1.5 Billion Sustainability Fund


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					</table><p>Saudi Arabian oil major <a href="https://www.aramco.com/en/" target="_blank" rel="noopener">Aramco</a> intends to generate 12 GW of renewable energy by 2030.</p>
<p>In its recent sustainability report, the company said it aims to use the allocation of renewable energy credits from the investments to decarbonize the power supply in Aramco&#8217;s operations.</p>
<p>With over 300 days of sunlight, Saudi Arabia has great potential for deploying solar energy.</p>
<p>To further utilize the renewable resources in the region, the Saudi government established a <a href="https://www.moenergy.gov.sa/en/OurPrograms/RenewableEnergy/Pages/default.aspx" target="_blank" rel="noopener">National Renewable Energy Program</a> to increase the renewable generation capacity beyond 58 GW by the end of the decade, which comprises 40 GW of planned capacity from solar and 16 GW from wind energy. The remaining capacity would be derived from other clean energy sources.</p>
<p>To help the Saudi government in its efforts to operationalize renewable resources, Saudi Aramco Power Company, a subsidiary of Aramco last year, joined a consortium led by <a href="https://acwapower.com/en/" target="_blank" rel="noopener">ACWA Power</a> to <a href="https://mercomindia.com/lt-set-up-1-5-gw-project-saudi-arabia/" target="_blank" rel="noopener">develop</a> the 1.5 GW Sudair solar project.</p>
<p>The Sudair investment marked Aramco&#8217;s first participation in Saudi&#8217;s clean energy program. The project&#8217;s first phase is expected to commence operations by the second half of 2022.</p>
<p>The sustainability report highlights Aramco&#8217;s plans to reduce the energy consumption at all of its facilities, design new energy-efficient units, and increase overall energy efficiency across domains.</p>
<p>The oil company aims to establish a framework for in-company renewable applications supported by a mix of grid-connected and off-grid solutions, including office buildings, valve stations, cathodic pipeline protection, bulk plants, and production wells.</p>
<p>The report also outlines a pathway for Aramco to achieve net-zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions across all its wholly-owned operating assets by 2050, delivering continued affordable and reliable energy solutions. The company is mulling strategies to mitigate more than 50 million metric tons of CO2 equivalent annually by 2035, both in its upstream and downstream segments.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-37026" src="https://mercomindia.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report.png" alt="Saudi Aramco Sustainability report" width="600" height="263" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report-300x131.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report-768x336.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report-650x284.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report-624x273.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/Saudi-Aramco-Sustainability-report-600x263.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></a></p>
<p>Aramco said it would initially reduce its upstream carbon intensity by 15% to 8.7 kilograms of carbon dioxide equivalent per barrel of oil equivalent (CO2e/boe) against a 2018 baseline of 10.2 kg CO2e/boe.</p>
<p>Earlier this year, Saudi Arabia&#8217;s General Authority for Statistics said the country plans to <a href="https://mercomindia.com/saudi-arabia-aims-to-generate-15-twh/" target="_blank" rel="noopener">generate</a> 15.1 TWh of renewable energy annually in the next two years to meet the power requirements of 692,557 households.</p>
<p>The National Renewable Energy Program announced by the government encompasses 13 projects with a total capacity of 4.8 GW, including solar accounting for 91.8% at 4.4 GW and wind representing 8.2% at 400 MW capacity.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Saudi Oil Major Aramco Aims to Generate 12 GW of Renewable Energy by 2030

<p>Gravity-based grid-scale energy storage solutions provider, <a href="https://energyvault.com/" target="_blank" rel="noopener">Energy Vault</a>, has announced that it raised $100 million in Series C funding.</p>
<p>Existing investors including <a href="https://www.primemoverslab.com/" target="_blank" rel="noopener">Prime Movers Lab</a>, <a href="https://visionfund.com/" target="_blank" rel="noopener">SoftBank Vision Fund</a>, <a href="https://saev.com/" target="_blank" rel="noopener">Saudi Aramco Energy Ventures</a>, Helena, and <a href="https://www.idealab.com/" target="_blank" rel="noopener">Idealab X</a> led the funding round. New investors &#8211; <a href="https://www.pickeringenergypartners.com/" target="_blank" rel="noopener">Pickering Energy Partners</a>, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisor, Green Storage Solution Venture, and Gordon Crawford also participated in the funding round.</p>
<p>The Switzerland-based company will use funds to support its growth plans and accelerate the deployment of its EVx platform across various continents while meeting customer agreements across markets in Australia, Europe, the Middle East, and the United States.</p>
<p>Energy Vault will start deploying its platform in the U.S. in the fourth quarter of 2021 and is expected to cover other continents through 2022.</p>
<p>The EVx platform combines an innovative six-arm crane design that lifts specially designed, massive composite blocks with a proprietary, cloud-based software platform that orchestrates the storage and discharge of electricity.</p>
<p>According to the company, its EVx platform enhances performance with 80-85% round-trip efficiency coupled with a technical lifespan of over 35 years. In addition, the platform provides a flexible and modular design that is 45% lower in height and can economically serve both higher power and shorter duration applications with ancillary services from 2-4 hours.</p>
<p>The platform also serves longer duration requirements from 5-24 hours or more with zero storage capacity degradation over time.</p>
<p>Robert Piconi, co-founder and chief executive officer (CEO) of Energy Vault, said, &#8220;We are happy to welcome Prime Movers Lab and existing strategic partners that are accelerating the clean energy transition on a global basis.&#8221;</p>
<p>&#8220;The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources. Energy Vault is accelerating this transformation as we now move to global deployments and market adoption of the technology to help energy providers and industrial consumers more cost-effectively meet their sustainability and decarbonization goals,&#8221; Piconi said.</p>
<p><a href="https://mercomcapital.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">According to Mercom&#8217;s 1H and Q2 2021 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency</a>, battery storage companies raised $9.6 billion in corporate funding in the first half of 2021. The report stated that funding levels had improved every quarter since Q1 2020.</p>
<p>Energy Vault <a href="https://mercomindia.com/funding-and-ma-roundup-next-energy-funding/" target="_blank" rel="noopener">raised</a> an undisclosed amount from Saudi Aramco Energy Ventures, the strategic technology venturing program of integrated energy and chemicals company Aramco.</p>
<p>Image credit: Energy Vault</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Gravity-Based Storage Company Energy Vault Raises $100 Million

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