San Francisco: Amazon has announced a $2 billion venture capital fund to invest in companies whose products and services will facilitate the transition to a zero carbon economy.
The announcement is part of the Climate Pledge — a commitment to reach the Paris Agreement ten years early and be net zero carbon by 2040 ï¿½ which was co-founded by Amazon and non-profit Global Optimism last year.
Verizon, Reckitt Benckiser (RB), and Infosys recently 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,” Jeff Bezos, Amazon Founder and CEO, said in a statement on Tuesday.
“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.”
The Climate Pledge Fund 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.
Over time, Amazon said it will also look for opportunities to involve other Climate Pledge signatories in this venture investment program.
Amazon also announced it is on a path to run on 100 per cent renewable energy by 2025, five years ahead of schedule.