Tech giant Amazon.com Inc said that it is going to launch a $2 billion venture capital fund that will be invested to decrease the impact of climate change as well as support sustainable development.
Amazon said that the Climate Pledge Fund will be utilized across industries such as transportation and logistics, energy, storage and utilization, manufacturing and materials, and food and agriculture.
The e-commerce giant said in a statement that The Climate Pledge Fund will support startups and other companies to “facilitate the transition to a zero-carbon economy”.
Amazon founder and chief executive Jeff Bezos said that the decision “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.”
Other companies including Verizon, Reckitt Benckiser, and Infosys have joined the pledge.
Amazon said that it is working to run on 100 percent renewable energy by 2025 and would become carbon neutral by 2040.
In addition to this, the company will also look for investors to increase the fund which will be used to “de-carbonize the economy and protect the planet”.
Bezos had earlier in February committed about $10 billion to support scientists, activists, non-profits, and other groups struggling to preserve the environment.