Amazon unveils $2bn net zero venture capital fund
Tech giant Amazon today announced a $2bn (£1.6bn) venture capital fund to help the firm reach its commitment to be carbon neutral by 2040.
The Climate Pledge Fund, as the initiative is known, will be used to back sustainable services and technologies that will allow Amazon and other countries to meet their climate targets.
Last year Amazon launched its 2040 Climate Pledge in conjunction with Global Optimism, a commitment to meet the goals of the 2050 Paris agreement 10 years early.
Other large firms such as Verizon, Reckitt Benckiser and Infosys have all recently joined the initiative.
The new fund will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture.
Amazon founder and chief executive Jeff Bezos said: “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.
“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 has in the past come under pressure from its own employees to improve its environmental standards.
At last year’s annual general meeting, thousands of employees submitted a proposal asking Bezos to develop a comprehensive climate change plan and to reduce its carbon footprint.
Alongside the launch of the fund, Amazon also said that it was on track to run on 100 per cent renewable power from 2025, five years ahead of previously planned.
The firm has also announced 91 renewable energy projects around the world, with enough power to supply the equivalent of 680,000 homes.