Amazon pledges $2 billion venture capital fund to invest in clean energy

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Amazon.com has said that it will launch a $2 billion venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development.

KEY POINTS:

  • Amazon.com will launch a $2 billion fund that will focus on tech solutions to climate change and sustainability
  • The fund will invest in companies across a broad range of industries with the aim of solving thr key sustainability and climate problems
  • Earlier this year, Mr Bezos committed about $10 billion to fund scientists, activists, non-profits and other groups fighting to protect the environment

The Climate Pledge Fund will invest in companies across industries such as transportation and logistics, energy, storage and utilisation, manufacturing and materials, and food and agriculture, the e-commerce giant said.

Amazon, which delivers about 10 billion items a year and has a massive transportation and data centre footprint, has faced protests from environmental activists and pressure from its employees to take action on climate change.

The company has vowed to be net 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,” Amazons founder and CEO Jeff Bezos said in a statement.

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In February, Bezos committed about $10 billion to fund scientists, activists, non-profits and other groups fighting to protect the environment.

The Wall Street Journal first reported on the new fund.

Via our content partners at Reuters. Reporting by Akanksha Rana in Bengaluru. Editing by Vinay Dwivedi and Sriraj Kalluvila.

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