Amazon launches $2billion fund to invest in climate change mitigation

Amazon launches $2billion fund to invest in climate change mitigation

Amazon hopes the fund will enable it and other companies to meet The Climate Pledge, a commitment to be net-zero carbon by 2040. The company said its emission reduction measures had resulted in an improvement in the carbon intensity of its operations in 2019, but it also acknowledged that overall emissions had risen 15 per cent a year ago.

Earlier this year, Bezos committed $10 billion of his personal wealth towards fighting climate change.

Last spring, more than 3,500 employees penned an open letter to Bezos, urging a companywide plan to address climate change.

Amazon has faced criticism, including from some of its own employees, that it has failed to move quickly enough on climate change.

To keep up and deliver on time Amazon said this month that it leased a dozen more Boeing 767s, bringing its fleet of jets to more than 80.

Last year, Global Optimism and Amazon co-founded another initiative called The Climate Pledge, which pledged to reach the goal of the Paris Agreement a decade before its deadline. Other corporate signatories include TechCrunch's parent company, Verizon, and Infosys.

New York City Hits Major Milestone as Offices Reopen, However Quietly
On its worst days, NY state was losing 1,000 lives a day, hospitals were overwhelmed and bodies filled makeshift morgues. Alabama, Georgia, Nevada, Oklahoma, Oregon, South Carolina, Utah and Wyoming also experienced record spikes in cases.

Amazon has unveiled a $2bn venture investment programme to support "visionary companies whose products and services will facilitate the transition to a zero carbon economy".

Companies from pre-product start-ups to well-established enterprises will be considered for the grant. "Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations", he said in a statement. On the heels of that deal, Amazon ordered 100,000 vehicles from the vehicle maker.

Companies operating in industries including transportation and logistics, energy, manufacturing, the circular economy and food will be eligible.

Alongside the venture fund commitment, Amazon announced the results of its sustainability report, which showed that the company was on a path to reach 100% renewable energy powering its operations by 2025 through the development of 91 renewable energy projects totaling 2.9 gigawatts of generating capacity.

The move marks Amazon's latest sustainability-centered initiative as part of The Climate Pledge, which was launched past year in response to mounting calls to action from its employees.

And it published new data showing that since 2015, Amazon has reduced the weight of outbound packaging by 33 per cent and eliminated more than 880,000 tons of packaging material, the equivalent of 1.5 billion shipping boxes.

Related Articles