June 23 (UPI) – Amazon said Tuesday that it is setting up a $ 2 billion venture capital fund to invest in technology companies that will address the need to cut carbon emissions.
Climate Pledge Fund to target businesses tackle carbon emissions with new technologies, said Amazon. Last week, Verizon, Reckitt Benckiser and Infosys will join The Climate Pledge with Amazon for net zero by 2040.
This dedicated venture capital investment program – with initial funding of $ 2 billion – will invest in visionary businesses whose product and service solutions will ease the transition to a low-carbon economy, “said Amazon in a press release.
Amazon has said it plans to lead by example, saying it intends to operate on 100% renewable energy by 2025, five years ahead of schedule.
“To date, Amazon has 91 renewable energy projects, including 31 utility-scale wind and solar projects and 60 solar roofs on processing and sorting centers around the world,” said Amazon. .
“Together, these projects totaling more than 2,900 [megawatts] capacity will provide more than 7.6 million [megawatt hours] of renewable energy per year, enough to power 680,000 American homes, and we plan to continue investing, including the deployment of 100,000 electric vehicles from Rivian, some of which will begin to hit the road in 2021, “said Amazon .