In a statement Volkswagen AG said, it plans on setting up a venture capital fund, which would initially invest $355.14 million (300 million euros) in startups and in decarbonization projects.

“Decarbonization will make many things more affordable, not more expensive,” said Herbert Diess, chief executive officer of Volkswagen, said in a LinkedIn post while adding, reducing carbon dioxide is possible without sacrificing the standard of living.

“Carbon capturing to remove the CO2 is feasible, but not yet on scale and it is still very expensive,” said Diess.

In its bid to increase its market appeal and market share of battery-powered cars, it unveiled fully electric small car, ID LIFE, on Monday, which will be launched in 2025

($1 = 0.8447 euros)

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Tags: affordable, battery powered cars, CO2, decarbonization projects, feasible, full electric, Herbert Diess, ID LIFE, invest, investments, launch date, less expensive, market appeal, market share, mass appeal, reducing carbon dioxide, removing, small car, standard of living, startups, venture capital fund, Volkswagen AG, VW