Amazon announces The Climate Pledge Fund with initial $2b contribution

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E-commerce company, Amazon has announced The Climate Pledge Fund with the aim to support the development of sustainable technologies and services.

According to a press release copied to ghanabusinessnews.com, the Fund is to make it possible for Amazon and other companies to meet the commitment to be net zero carbon by 2040.

The Fund which is a dedicated venture investment programme with an initial $2 billion will support companies whose products and services will facilitate the transition to a zero carbon economy, the release said.

Amazon and Global Optimism co-founded The Climate Pledge in 2019, which they say is a commitment to reach the Paris Agreement ten years early and be net zero carbon by 2040.

“Verizon, Reckitt Benckiser (RB), and Infosys recently joined the pledge—sending an important signal to the market that there will be rapid growth in demand for products and services that help reduce carbon emissions. Amazon’s new Climate Pledge Fund will accelerate investment in innovations for the zero carbon economy of the future,” it added.

Commenting, Jeff Bezos, the founder and CEO of Amazon 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,” he added.

R.J. Scaringe, the CEO of Rivian said, “Amazon has demonstrated its leadership in adopting low carbon technologies at scale. 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.”

The Climate Pledge 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, the release said.

Source: GBN