Today, Amazon announced that it will set up a 2 billion dollars project capital fund to back firms developing sustainable technologies and services.
The investment venture, dumped Climate Pledge Fund, comes at the right time as the giant store had declared its efforts to become net carbon-neutral in the next twenty years. In its statement, it said that it would support companies whose goals align with Amazon’s sustainability goals.
Climate Pledge Fund focus sectors
The Climate Pledge Fund will not be limited to any specific sector. Some of the broader segments the funding will focus on include transportation, agriculture and manufacturing, energy generation and storage, among others.
The 2 billion dollars Climate Pledge Fund was described as “initial” funding which leaves a window of speculation that the fund could be increased in future and possibly include more sectors. In his statement, Amazon Chief Executive, Jeff Bezos said all companies from around the globe will be considered regardless of their sizes and years in business.
The technical committee, he said, will be considering the prospective investments with high potential to hasten the path to zero net-carbon and safeguard the earth for future generations.
At the start of 2020, Amazon’s boss had announced that he would be committing 10 billion dollars of his personal wealth towards curbing climate change.
Other tech giants are not left behind in the fight against climate change
Other tech giants, especially Amazon’s public cloud competitors, are making their contributions towards clean energy in their own way. Recently, Microsoft announced its investment venture, dumped Climate Innovation Fund. It unveiled 1 billion dollars towards this investment which is geared towards funding sustainable technologies as part of broader efforts to become carbon negative from 2030.
The initiatives of the world’s tech giants to reduce their carbon footprint also include in-house tech. development undertakings. For instance, recently, Microsoft started to test an undersea data centre that utilises seawater for cooling. If successful, this will go a long way in reducing power requirements.