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Amazon launches $2 billion climate fund to invest in companies working on sustainability

Amazon launches $2 billion climate fund to invest in companies working on sustainability
Posted at 10:05 AM, Jun 23, 2020
and last updated 2020-06-23 13:06:55-04

SEATTLE, Wash – Amazon announced Tuesday that it would be launching a $2 billion venture capital fund to invest in companies that are building products, providing services and creating technology to decarbonize the economy and protect the planet from climate change.

The company hopes The Climate Pledge Fund will enable it and other companies to meet The Climate Pledge, a commitment to be net carbon neutral by 2040.

Amazon co-founded The Climate Pledge with Global Optimism last year. Since then, companies like Verizon, Reckitt Benckiser, and Infosys have also taken the pledge.

“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,” said Jeff Bezos, Amazon founder and CEO. “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 says the $2 billion will be used to invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture.

Over time, Amazon says it will also look for opportunities to involve other Climate Pledge signatories in this venture investment program.

“Amazon has demonstrated its leadership in adopting low carbon technologies at scale,” said Rivian CEO R.J. Scaringe. “Their investment in Rivian and subsequent order of 100,000 electric delivery vans will substantially shrink the carbon footprint of Amazon’s package delivery network. We're excited about a future of decarbonized delivery services.”

Also on Tuesday, Amazon updated its sustainability goals and programs, including its goal to run on 100% renewable energy by 2025, five years ahead of schedule.