(Photo courtesy nyt.com)
Not to be outdone by Microsoft’s $1 billion pledge, Amazon has pledged $2 billion to invest in clean energy. Amazon will launch a venture capital fund that will focus on investing in technology to reduce the impact of climate change and support sustainable development.
The new fund, which will be called The Climate Pledge Fund, will invest in companies across a number of industries, including transportation and logistics, energy, storage and utilization, manufacturing and materials, and food and agriculture.
The goal? To help Amazon and other companies reach a goal of “net zero” carbon emissions by 2040.
“Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises,” said Jeff Bezos, Amazon’s CEO (and the world’s richest man). “Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.”
Amazon has been criticized in recent years for its toll on the environment. The trillion-dollar company delivers millions of packages to its customers each year, so its carbon footprint is…big, to say the least.
Amazon’s CO2 emissions increased by 15% in 2019 to nearly 51.2 million metric tons, the company revealed yesterday. However, Amazon’s benchmark for success, carbon intensity (emissions per dollar of sales), fell 5%, meaning they’re on the right track. Still, the company has a long way to go to accomplish its ambitious climate-related goals.