In 2019, global digital retailer Amazon.com, Inc. and Global Optimism Ltd co-founded The Climate Pledge, a commitment to reach the Paris Agreement 10 years early and be net-zero carbon by 2040. The Climate Pledge Fund, with US$2 billion in funding from Amazon, will support the development of sustainable technologies and services that will enable Amazon and other companies to meet The Climate Pledge.
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Three global companies—Verizon Communications Inc. (Verizon), Reckitt Benckiser plc (RB), and Infosys Technologies Ltd—recently joined the pledge. Amazon’s new Climate Pledge Fund will accelerate investment in innovations for the zero-carbon economy of the future.
The fund will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, and food and agriculture.
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, said Jeff Bezos, Amazon Founder, and CEO.
Amazon announced it is on a path to run on 100 percent renewable energy by 2025, five years ahead of schedule. As part of The Climate Pledge, Amazon had previously committed to reaching 80 percent renewable energy by 2024 and 100 percent renewable energy by 2030.
To date, it has announced 91 renewable energy projects around the globe. Together, these projects totaling over 2.9 GW of capacity will deliver more than 7.6 TWh of renewable energy annually.
Amazon made two investments from its US$100 million Right Now Climate Fund in nature-based solutions and reforestation projects around the world, including a reforestation project in the Appalachians in the United States (US) and an urban greening initiative in Berlin, Germany.
The company says that since 2015, it has reduced the weight of outbound packaging by 33 percent and eliminated more than 880 000 tonnes of packaging material, the equivalent of 1.5 billion shipping boxes.