Amazon announced the launch of a $2 Billion internal venture-capital fund focused on technology investments to reduce the impact of climate change. The Climate Pledge Fund program will back visionary companies whose products and services will facilitate the transition to a zero-carbon economy.
Last year, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement ten years early and be net-zero carbon by 2040. Verizon, Reckitt Benckiser (RB), and Infosys recently joined the pledge. Amazon’s new Climate Pledge Fund will accelerate investment in innovations for the zero-carbon economy of the future.
“The Climate Pledge Fund will look to invest in the visionary entrepreneurs and innovators who are building products and services to help companies reduce their carbon impact and operate more sustainably,” said Jeff Bezos, Amazon founder and CEO. “Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises. Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.”
The Climate Pledge Fund will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. Over time, Amazon will also look for opportunities to involve other Climate Pledge signatories in this venture investment program.
“Amazon has demonstrated its leadership in adopting low carbon technologies at scale,” said Rivian CEO R.J. Scaringe. “Their investment in Rivian and subsequent order of 100,000 electric delivery vans will substantially shrink the carbon footprint of Amazon’s package delivery network. We’re excited about a future of decarbonized delivery services.”
Amazon on Tuesday released its 2019 sustainability report and an update on the company’s sustainability goals and programs including:
- Amazon announced it’s on a path to run on 100 percent renewable energy by 2025, five years ahead of schedule. As part of The Climate Pledge, Amazon had previously committed to reaching 80 percent renewable energy by 2024 and 100 percent renewable energy by 2030;
- To date, Amazon has announced 91 renewable energy projects around the globe. Together, these projects totaling over 2,900 MW of capacity will deliver more than 7.6 million MWh of renewable energy annually, enough to power 680,000 U.S. homes;
- Amazon made two investments from its $100 million Right Now Climate Fund in nature-based solutions and reforestation projects around the world including a reforestation project in the Appalachians in the U.S. and an urban greening initiative in Berlin, Germany; and
- Since 2015, Amazon has reduced the weight of outbound packaging by 33 percent and eliminated more than 880,000 tons of packaging material, the equivalent of 1.5 billion shipping boxes.
To learn more about Amazon’s sustainability goals and programs, visit here.
Photo courtesy Getty