VW plans $355mn venture capital fund

Bloomberg

Volkswagen AG plans to set up a venture capital fund with an initial volume of $355 million
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.
“More and more industries are recognising 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 automaker 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.