Amazon unveils $2 billion climate fund to help decarbonize economies
Category: #world  By Saipriya Iyer  Date: 2020-06-24
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Amazon unveils $2 billion climate fund to help decarbonize economies

Amazon, the renowned technology and online retail giant, has reportedly announced a new initiative that would help efforts to develop sustainable technologies, products, and services that would allow Amazon and several other companies to fulfil the terms of The Climate Pledge; a pledge to become a net zero carbon entity by 2040.

The initiative, is a venture investment program called The Climate Pledge Fund that will invest in visionary enterprises that are looking to develop product and services that would facilitate the shift to a zero net carbon economy. The program would initially hold a capital of $2 billion in terms of funding.

Last year, Global Optimism and Amazon co-founded another initiative called The Climate Pledge, which pledged to reach the goal of the Paris Agreement a decade before its deadline. Global enterprises such as Reckitt Benckiser (RB), Infosys, and Verizon recently joined that pledge. This sent an important message to the global market that there would be an immense growth in the demand for services and products that help curb carbon emissions.

Now, Amazon’s new Climate Pledge Fund would further expedite investments towards innovations that would help realize the zero net carbon economy vision of the future. The fund would invest in companies and several industries such as energy generation; storage & utilization, transportation & logistics, manufacturing & materials, food & agriculture, and circular economy.

Over time, Amazon is also expected to seek out opportunities to get other signatories of the Climate Pledge to get involved in the venture investment program.

Amazon CEO and founder, Jeff Bezos stated that the fund would invest in innovators and entrepreneurs that are developing products, services and technologies that would help enterprises their respective carbon footprint and work more sustainably.

Bezos further added that companies situated across the world, irrespective of stages and size, would be considered, which means companies ranging from well-established enterprises to pre-product startup would be eligible.

All prospective investments would be judged based upon its potential to expedite and clear the path towards carbon and also help preserve the planet for future generations.

Source credit: https://www.businesswire.com/news/home/20200623005360/en/Amazon-Announces-2-Billion-Climate-Pledge-Fund



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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