Amazon announces $ 2B climate commitment fund for green energy

Online retail giant Amazon has announced a $ 2 billion Climate Engagement Fund, a venture capital fund, to support green energy developments to combat climate change.

The goal of Amazon and other companies that have signed The Climate Pledge is to be net zero by 2040, a decade before the goal of the Paris Agreement. The Climate Pledge was founded on September 19, 2019 by Amazon and Global Optimism. Verizon, health and hygiene products company Reckitt Benckiser and Infosys recently joined the promise.

The Climate Pledge Fund will invest in companies in multiple industries, including transportation and logistics, power generation, warehousing and utilization, manufacturing and materials, circular economy, and food and agriculture.

Jeff Bezos, founder and CEO of Amazon, said:

Companies from all over the world of all sizes and stages will be considered, from pre-product startups to well-established companies. Each potential investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.

Other Amazon initiatives

Amazon delivers around 10 billion items a year and has a massive transportation and data center footprint. It has faced protests from environmental activists and pressure from its employees to take action against climate change. But Amazon is on track to run on 100% green power by 2025, five years ahead of schedule.

In addition, 91 renewable energy projects were announced worldwide. These projects will total more than 2,900MW of capacity and deliver more than 7.6 million MWh of renewable energy annually, enough to power 680,000 homes in the United States.

In September 2019, Amazon announced that it had ordered 100,000 Rivian electric delivery vans. Electrek’s Fred Lambert took a closer look at the electronic van in February.

Additionally, in February, Bezos pledged about $ 10 billion to fund scientists, activists, nonprofits, and other groups to combat climate change.

Amazon released its 2019 sustainability report yesterday, which you can read here.

The taking of Electrek

Amazon’s sales are increasing due to the pandemic (but its costs have also increased), and its long-term prospects are positive. It provides an essential service for millions of people who cannot go to physical stores.

Therefore, it is right that you aggressively address the pressing crisis of climate change, and all initiatives that the retail giant implements are welcome.

FTC: We use automatic affiliate links that generate income. Plus.

Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.