Ecommerce giant Amazon has announced that it will launch a £1.6bn ($2bn) venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development.
The Climate Pledge Fund will support the development of sustainable technologies and services that will enable Amazon and other companies to meet The Climate Pledge – a commitment to be net-zero carbon by 2040.
This £1.6bn programme will back visionary companies whose products and services will facilitate the transition to green and carbon-free energy.
Last year, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement ten years early and be net-zero carbon by 2040.
Verizon, Reckitt Benckiser (RB), and Infosys recently joined the pledge—sending an important signal to the market that there will be rapid growth in demand for products and services that help reduce carbon emissions.
Jeff Bezos, Amazon founder and CEO said: “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 start-ups 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 utilization, manufacturing and materials, circular economy, and food and agriculture.