Amazon launches $2bn climate fund
US tech giant Amazon on Tuesday unveiled the Climate Pledge Fund which aims to support the development of sustainable technologies and services enabling Amazon and other companies to meet objectives set by The Climate Pledge. The Climate Pledge initiative was founded with Global Optimism and is based on the target enshrined in the Paris Agreement for the world to reach carbon neutrality by 2050. Amazon has committed to achieve that objective ten years earlier by 2040.
The fund, which will initially have $2bn in assets, will invest in companies involved in several industries, including transportation and logistics, energy generation, storage and utilisation, manufacturing and materials, circular economy, and food and agriculture. Said Amazon founder and CEO's Jeff Bezos, “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 tech giant specified other Climate Pledge signatories may be further involved in the venture investment program. Amazon announced that it is to run on full renewable energy by 2025, five years ahead of schedule. Other climate initiatives taken by the firm include the financing of 91 renewable energy projects globally, investments in nature-based solutions and reforestation projects as well as the removal of more than 880,000 tons of packaging material or 1.5 billion shipping boxes.