Amazon plans to create a $2 billion sustainable venture fund to invest in all sorts of companies working toward a greener future.
The company also accelerated its plan to become fully carbon-neutral, now targeting 2025.
Amazon has invested in 91 projects so far, from solar roofs to electric delivery vehicles.
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Amazon is injecting $2 billion into a new venture capital fund focused on a carbon-free future, the e-commerce giant said Tuesday, while accelerating its timeline for being powered completely by renewable energy.
The project “will invest in visionary companies whose product and service solutions will facilitate the transition to a low carbon economy,” Amazon said, without providing a timeline for the first deals.
“Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises,” CEO Jeff Bezos said in a press release. “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 has invested in nearly 100 clean energy products so far, from solar-roofs on its massive warehouse facilities to Rivian’s electric delivery vehicles. The renewable power generation investments will eventually deliver enough electricity to power the equivalent of 680,000 U.S. homes, helping to completely offset the massive amounts of emissions from Amazon’s deliveries on trucks and planes around the world, as well as energy-sucking data centers that power its web services, by 2025.
The company will also join a growing cohort of companies that have pledged to go carbon neutral in recent years. Everyone from Lyft to Starbucks, Microsoft, JetBlue, and Unilever have made similar promises, and the movement might actually be gaining steam after years of empty promises and “corporate greenwashing.”
Consumers are actively choosing sustainably marketed products, data shows. Research from NYU Stern’s Center for Sustainable Business, as reported by Harvard Business Review, says products with a sustainability claim made up 16.6% of sales in 2018, up from 14.3% in 2013.
Things like carbon credits, while mostly a financial transaction, can have a real effect too.
“For some companies, offsetting makes up for what they can’t reduce internally,” Rebecca Fay, chief marketing officer at Natural Capital Partners, told Vox in March. “It’s a powerful mechanism to ensure that emissions are being reduced now.”
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Source:: Business Insider