This fund is part of Amazon’s commitment to The Climate Pledge, which Amazon co-founded last year. The Climate Pledge is a commitment to reach net zero carbon emissions by 2040 — 10 years earlier than the goal set by the Paris Accord. By creating The Climate Pledge Fund, Amazon will be able to invest in companies that can help it hit that target in addition to bringing this technology to other businesses as well. Funds will be invested in companies across a range of industries including transportation, logistics, manufacturing, agriculture and clean energy.
Other companies that joined The Climate Pledge include telecom giant Verizon and IT corporation Infosys.
“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,” Amazon founder and CEO Jeff Bezos said in a statement. “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.”
Amazon also recently released its 2019 sustainability report, where it provided an update on its sustainability efforts. Amazon now says it’s on track to run on 100 percent renewable energy by 2025. The company has also announced 91 renewable energy products, which together have the capacity to deliver more than 7.6 million megawatt-hours of renewable energy per year — enough to power 680,000 U.S. homes, according to the company.
Amazon also used its $100 million Right Now Climate Fund to invest in two environmental conservation projects — one project focusing on reforestation in the Appalachians, the other an urban greening project in Berlin.