Volkswagen AG plans to set up a venture capital fund with an initial volume of €300m (roughly R5,083,564,500) to invest in decarbonisation projects and start-ups.
Carbon capturing is feasible but expensive, and for some new technologies it’s key to broaden operations and being able to scale up, VW CEO Herbert Diess said in a LinkedIn post on Tuesday.
“More and more industries are recognising the opportunities, and even sophisticated investors like Bill Gates are financing major sustainability projects,” Diess said.
“The financial business case is accelerating the change.”
Europe’s largest car maker has embarked on an aggressive push into electric vehicles to slash emissions. At the Munich auto show this week Diess renewed calls for deeper political reforms to accelerate the industry’s transformation, including a large-scale expansion of renewable energy sources.
Bloomberg News. For more articles like this please visit Bloomberg.com.
Just R20 for the first month. Support independent journalism by subscribing to our digital news package. 