Amazon lives up to its word by setting in
motion the Climate Pledge Fund. In June, the company launched a $2 billion
venture fund meant to help companies build "sustainable and decarbonizing
technologies."
The Climate Pledge Fund was first announced
in September 2019 when #Bezos pledged that his company will be carbon-free by
2040, reaching the #Paris Climate Agreement goal ten years before the deadline.
The US has been removed from the #climate agreement in 2017 by President Trump.
Now, Amazon announces who will be the first
recipients of the fund, showcasing companies like Redwood Materials, founded by
JB Straubel, CarbonCure Technologies, followed by Pachama from Turntide
Technologies - a #startup specialized in climate technology, and Rivian – a
company previously invested in by Amazon.
Amazon didn’t disclose how much money each
company will receive, but the sums vary from hundreds of thousands to
multimillion investments. In a previous statement, Amazon said that $2 billion
is just the beginning. The company’s looking to attract a bigger crowd to the
Climate Pledge, such as Verizon,
Infosys, and Daimler’s #Mercedes-Benz.
As part of its contribution to the Climate
Pledge, Amazon also agreed to buy 100,000 electric delivery vans from Rivian.
Moreover, they invested $10 million to conserve and restore the North-eastern
forests. Another $10 billion go towards launching the Earth Fund meant to
combat climate change by providing grants to activists, scientists, and
organizations to “preserve and protect the natural world.”
Amazon started today’s trading session
0.16% higher.
Sources: cnbc.com, businesswire.com