Vale SA created Vale Ventures, a corporate venture capital initiative with a $100 million budget to support startups focused on sustainable mining.

The Brazilian mining giant said it will take up minority stakes in startups that are focused on decarbonizing the mining value chain, zero-waste mining, energy transition metals and new mining technology.

"We will collaborate with forward-thinking startups bringing big ideas and bold thinking to these monumental challenges," Vale Ventures head Viktor Moszkowicz said in a June 8 statement. "By creating a portfolio of disruptive solutions, we can generate financial and strategic return and bring new business opportunities, insights and knowledge to our company, customers and society."

Vale intends to become carbon-neutral by 2050 and pledged at least $2 billion to cut its overall carbon emissions by 33% to 9.5 million tonnes of carbon dioxide equivalent by 2030 from 14.1 Mt as of 2017, Reuters reported in May 2020.

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