Amazon launches $2 billion climate technology fund

Amazon announced on Tuesday it’s launching a $2 billion fund to invest in companies building “sustainable and decarbonizing technologies.”

The Climate Pledge Fund will enable Amazon and other organizations to meet The Climate Pledge, a commitment to be net-zero carbon by 2040.

It's part of Amazon’s Climate Pledge and will invest in companies across multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, and food and agriculture.

According to the announcement, Amazon will continue to identify opportunities to involve other Climate Pledge signatories in the fund. Most recently, Verizon, Reckitt Benckiser and Infosys joined 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 Amazon CEO, Jeff Bezos.

“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,” Bezos continued.

Bezos introduced Amazon’s Climate Pledge in September 2019. As part of the pledge, Amazon has committed to be carbon neutral by 2040. The company has also pledged to meet the goals of the Paris climate agreement by 2040, a decade ahead of the Paris accord’s goal.

The company also announced on Tuesday it will run on 100% renewable energy by 2025, five years sooner than it previously anticipated. As part of The Climate Pledge, Amazon previously committed to reaching 80% renewable energy by 2024 and 100% by 2030.

To date, Amazon has undertaken 91 renewable energy projects. These projects have totaled over 2,900 MW of capacity and have delivered more than 7.6 million MWh of renewable energy annually.