Amazon will invest $2 billion fund in sustainable technology

LAST UPDATED: June 24, 2020, 11:30 a.m. EST:  On Tuesday, Amazon announced that they will invest $2 billion in sustainable technology. They will invest this money in the companies who provide solutions to reduce carbon emission. This $2 Billion fund is named as “Climate pledge”.  Verizon, Reckitt Benckiser, and Infosys are also signatories of the pledge. According to Amazon, the fund will be utilized only in companies who provide solutions to reduce the carbon footprints in nature. Amazon is looking for a solution that results in net-zero  carbon output.

Companies from around the world of all sizes and stages will be considered in this investment– said Jeff Bezos, Amazon founder, and CEO.

This fund will be invested in different service provider companies such as transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. Amazon is committed to reach 100% renewable energy by 2030 and to be net-zero carbon across its business by 2040.

This is done after the backlash, amazon faced within the organization. A group of Amazon Employees who work for climate justice slammed the company for its connections to the oil and gas industries. They get their petition signed by 8700 people within the organization that led Amazon to set up this $2 billion fund.

Since then, amazon made several announcements for climate such as $440 million in the electric vehicle startup Rivian and  $100 million into another fund, called the Right Now Climate Fund, to support reforestation projects around the world.

 

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Today, I’m thrilled to announce I am launching the Bezos Earth Fund.⁣⁣⁣ ⁣⁣⁣ Climate change is the biggest threat to our planet. I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share. This global initiative will fund scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world. We can save Earth. It’s going to take collective action from big companies, small companies, nation states, global organizations, and individuals. ⁣⁣⁣ ⁣⁣⁣ I’m committing $10 billion to start and will begin issuing grants this summer. Earth is the one thing we all have in common — let’s protect it, together.⁣⁣⁣ ⁣⁣⁣ – Jeff

A post shared by Jeff Bezos (@jeffbezos) on Feb 17, 2020 at 10:00am PST

Last year, Jeff Bezos also pledged to invest $10 billion in “Bezos Earth Fund” to counter the climate change done by the uneven growth of the world. Amazon’s own report says that the company produced 51.2 million metric tons of carbon dioxide last year.  According to the United States Environmental Protection Agency, the amount of carbon emissions equates to greenhouse gas emissions from 17.4 million tons of landfill waste.

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