Amazon Announces $2 Billion Climate Pledge Fund to Invest in Companies Building Products, Services, and Technologies to Decarbonize the Economy and Protect the Planet
SEATTLE--(BUSINESS WIRE)--Amazon
(NASDAQ:AMZN) today announced The Climate Pledge Fund to support the
development of sustainable technologies and services that will enable
Amazon and other companies to meet The Climate Pledge—a commitment to be
net zero carbon by 2040. This dedicated venture investment program—with
an initial $2 billion in funding—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—sending an important signal to the market that there
will be rapid growth in demand for products and services that help
reduce carbon emissions. 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 today released its 2019 sustainability report and an update on
the company’s sustainability goals and programs, including:
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Amazon announced it’s on a path to run on 100% renewable energy by 2025,
five years ahead of schedule. As part of The Climate Pledge, Amazon had
previously committed to reach 80% renewable energy by 2024 and 100%
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.
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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.
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Since 2015, Amazon has reduced the weight of outbound packaging by 33%
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 https://blog.aboutamazon.com/sustainability/staying-the-course-on-our-commitment-to-sustainability
Source: https://www.businesswire.com/news/home/20200623005360/en/Amazon-Announces-2-Billion-Climate-Pledge-Fund
