Amazon launches $£2 billion fund to meet net zero
Amazon has launched a $2 billion fund to support the development of technologies that will help it and other companies meet a net-zero carbon pledge by 2040.
Last year, Amazon and Global Optimism co-founded the Climate Pledge, a commitment to reach the Paris Agreement 10 years early and to be net zero carbon by 2040. The Climate Pledge Fund, with an initial $2 billion backing, is a dedicated venture investment programme to back “visionary” companies and their products and services to ease the transition to a zero carbon economy. Infosys, Reckitt Benckiser and Verizon have joined the pledge in recent weeks.
The new fund aims to accelerate investment in innovations for the zero carbon economy of the future. It will invest in companies in multiple industries, including transport and logistics, energy generation, storage and utilisation, manufacturing and materials, the circular economy as well as food and agriculture.
“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,” says Amazon founder and chief executive 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.”
In its annual update on the company’s sustainability programmes, Amazon also announced that it is on a path to run on 100% renewable energy by 2025, five years ahead of schedule. As part of the pledge, Amazon had previously committed to reach 80% renewable energy by 2024 and 100% renewable energy by 2030.
The company has to date announced 91 renewable power projects around the world totalling 2.9GW. These will deliver more than 7.6 million MWh of renewable energy annually, enough to power 680,000 US homes.
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