The leading e-commerce giant, Amazon Inc. has pledged to invest venture capital funds worth $ 2 Billion for clean energy on Tuesday. The capital fund would primarily focus on technology investments that can help to reduce the effects of climate change. Moreover, it will also support efforts for sustainable development.
However, it is also worth noting that the firm’s latest initiative towards clean energy has come after the company was criticised for its poor environmental record. Amazon had recently faced protests and serious criticism from environmental activists.
Notably, the world’s leading e-commerce platform delivers around 10 billion items in a year. Consequently, the company has a huge transportation and data centre footprint. It had also been facing increasing pressure from its staff to take action to reduce its footprint and take action on climate change.
Subsequently, the leading e-commerce giant had pledged to be net carbon neutral by the year 2040. The company had also pledged around $10 billion to fund NGOs, activists, and scientists who are taking initiatives to protect the environment earlier in February this year. The company’s move on Tuesday has also been an effort in this direction.
The Climate Pledge Fund to Invest in Clean Energy Initiatives
The Amazon fund for battling climate change will invest in a number of such companies in various industries. As per the WSJ report, the inner venture capital fund will be named, “The Climate Pledge Fund.”
Its investments are likely to span across industries such as food, agriculture, manufacturing and logistics. Moreover, it will also support firms working towards sustainable development in the spheres of storage and energy generation.
Jeff Bezos, Chief Executive Officer at Amazon has said, “Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.”