Amazon has launched a $2bn fund to support the development of technologies that will help it and other companies meet a net-zero carbon pledge by 2040.
The Climate Pledge Fund is a dedicated venture investment programme – with an initial $2bn in funding – to back visionary companies whose products and services will facilitate the transition to a zero carbon economy.
In 2019, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement 10 years early and be net zero carbon by 2040.
Verizon, Reckitt Benckiser and Infosys have joined the pledge in recent weeks.
Amazon’s 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 transportation and logistics, energy generation, storage and utilisation, 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 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 Climate Pledge, Amazon had previously committed to reach 80% renewable energy by 2024 and 100% renewable energy by 2030.
The company has so far announced 91 clean power projects around the globe totalling 2.9GW.