VW plans EUR 300m venture capital fund to advance decarbonisation

Volkswagen's chief executive Herbert Diess. Image by Volkswagen AG. All Rights Reserved.

September 8 (Renewables Now) - German automotive group Volkswagen AG (ETR:VOW) will set up a venture capital fund with an initial volume of around EUR 300 million (USD 355.8m) to support innovative start-ups and projects seeking to cut carbon emissions, chief executive Herbert Diess said in a LinkedIn post on Tuesday.

An increasing number of industries are recognising the opportunities in the area and investors like Bill Gates are financing sustainability projects, Diess said without disclosing more details about the planned fund.

Many of the technologies necessary for decarbonisation are already available but some of them must be industrialised and then scaled, according to the chief executive.

Carbon capturing is feasible, but it is still expensive and not available on a large scale. However, Diess expects it would cost some USD 100 (EUR 84.31) per tonne after scaling.

(EUR 1 = USD 1.186)

(USD 1 = EUR 0.843)

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