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Shell launches $1.4B fund to back companies in energy transition

Shell launches $1.4B fund to back companies in energy transition

Royal Dutch Shell, the Hague-based oil major, on Wednesday said it has set up a $1.4 billion fund to support innovative companies working to accelerate energy transition.

The fund, dedicated to start-up and scale-up companies over the next six years, is part of the oil giant’s efforts to reach a net-zero target. Those efforts also include investments in renewable energy, storage and utilization, mobility, transportation and logistics, circular economy, and nature-based solutions, the company said.

“Our dedicated investment in venturing is testament to our commitment to do more and further support visionary entrepreneurs and innovators across industries,”  CEO Ben van Beurden said in a statement. “This is especially vital to the growth we’re striving for in our Renewables & Energy Solutions business.”

In May, a Dutch court ordered Shell to cut its greenhouse gas emissions by 45 percent by 2030.
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