Amazon is launching a $2 billion venture capital fund to invest in sustainable technologies as it commits to running on 100 per cent clean energy by 2025.
The Climate Pledge Fund has been launched to invest in “companies from around the world of all sizes and stages” which promise to “accelerate the path to zero carbon”.
The ecommerce giant’s $2 billion investment, which is has signalled could be extended in future, forms part of the retailer’s wider Climate Pledge announced in September last year.
Its Climate Pledge saw Amazon become the first major company to promise to reach carbon neutrality by 2040, meeting the goals of the Paris Climate Accord 10 years ahead of the deadline.
Alongside the announcement of its new venture capital fund, Bezos revealed the company was dramatically ramping up efforts to reduce carbon emissions by pledging to use 100 per cent renewable energy by 2030, five years ahead of its original commitment.
This is likely a response to increasing pressure on the company from both the public and its staff members to do more to tackle climate change.
Amazon original Climate Pledge was held just a day before more than 1000 employees planned to walk out of as part of the Global Climate Crisis.
In January, over 350 employees launched a co-ordinated effort to publicly criticise the online retail giant and call for it to drop controversial cloud-computing contracts with clients in the oil and gas industry.
Controversially, Amazon told numerous vocal protestors that speaking out publicly against its internal climate policies could result in “termination of your employment with Amazon”.