Automaker Toyota Motor Corporation announced today the launch of the Toyota Ventures Climate Fund, a new global investment fund aimed at strengthening the company’s efforts to further accelerate CO2 reduction toward its goal of carbon neutrality.

The $150 million global venture fund will focus on finding and funding early-stage startups that develop innovative solutions for carbon neutrality.

The launch forms part of an initiative, launched today by Toyota’s first standalone, early-stage venture capital firm, Toyota AI Ventures, to broaden its scope partner with talented entrepreneurs to bring innovative technologies and business models to market. The company announced that the VC firm will be renamed Toyota Ventures, and will grow its assets under management to $500 million. Toyota Ventures will serve as the fund manager of the new climate fund on behalf of Toyota.

Gill Pratt, Chief Scientist of Toyota Motor Corporation, CEO of Toyota Research Institute and board member of Toyota Ventures, said:

“At Toyota, we’re taking a diverse science-driven approach to addressing climate change and offering people many ways to lower their own carbon footprint. Part of our strategy includes partnering with talented entrepreneurs from around the world to help accelerate innovation in the startup community. We are tremendously excited about tapping into that talent through the Climate Fund.”