Wednesday 24 June 2020

Amazon injects $2bn into decarbonisation companies and startups

Amazon has pledged a massive $2 billion (£1.6bn) investment into companies building products, services and technologies to decarbonise the economy and protect the planet.

The tech giant says through its Climate Pledge Fund it will invest in businesses from various industries, including transportation and logistics, energy generation, storage, manufacturing, circular economy, food and agriculture.

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 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."

Amazon has also announced it’s on a path to run on 100% renewable energy by 2025, five years ahead of schedule - as part of its commitment the firm aims to reach 80% renewable energy by 2024 and 100% renewable energy by 2030.

To date, Amazon has announced 91 renewable energy projects totalling more than 2,900MW of capacity - these projects are expected to deliver more than 7.6 million MWh of renewable energy annually, enough to power 680,000 homes.

The company made also two investments from its $100 million Right Now Climate Fund in reforestation projects around the world, including one in the Appalachians in the US and an urban greening initiative in Berlin, Germany.