Retail and cloud giant Amazon has announced a new $2bn-heavy venture capital fund, focused on investing in green technology, The Wall Street Journal reported.
According to the report, the Climate Pledge Fund will invest in technologies that aim to reduce the impact of climate change and support sustainable development. It will focus on a multitude of industries, including transportation and logistics, energy, storage and utilisation, manufacturing and materials, as well as and food and agriculture.
Transportation and logistics is an important industry for Amazon, which delivers more than 10 billion items a year. Delivery on this scale inevitably leaves behind a hefty carbon footprint, something Amazon has frequently been criticised for. To show its socially responsible side, the firm has promised to be fully carbon neutral by 2040.
“Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations,” said Amazon CEO Jeff Bezos.
Earlier this year, Bezos also allocated $10 billion to funding scientists, activists, non-profits and other groups that work to save the environment.
The project is led by Matt Peterson on Amazon’s corporate development team and Kara Hurst, who leads the company’s sustainability team.
“This is where the future is going, this is where our products and services are needed, and the fund is another signal on the investment that we’re willing to make,” Hurst told Yahoo Finance.