Amazon's Bezos Commits $10 Billion to Fight Climate Change

Amazon CEO Jeff Bezos pledges to commit $10 billion, or about 7.7% of his net worth, to combating climate change.
Author:
Publish date:

Amazon.com  (AMZN) - Get Report CEO Jeff Bezos pledged to commit $10 billion, or about 7.7% of his net worth, to combating climate change, which he called "the biggest threat to our planet."

The world's richest man announced the launch of the Bezos Earth Fund on Instagram to his 1.4 million followers.

"I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share," Bezos said Monday. 

"This global initiative will fund scientists, activists, NGOs - any effort that offers a real possibility to help preserve and protect the natural world. We can save Earth. It’s going to take collective action from big companies, small companies, nation states, global organizations, and individuals, ⁣⁣" he added.

Bezos said he will begin issuing grants this summer.⁣
⁣⁣⁣
"Earth is the one thing we all have in common  let’s protect it, together⁣," he said.

Bezos' net worth is $130 billion, according to the Bloomberg Billionaires Index.

In September, Amazon pledged to meet the goals of the Paris climate agreement 10 years early and to be carbon neutral by 2040. In the announcement, Amazon said it was launching a $100 million fund to restore and protect forests and wetlands.

Bezos said he expected 80% of Amazon’s energy use to come from renewable sources by 2024, up from 40%, before transitioning to zero emissions by 2030.

The retailing giant has come under fire for its own shortcomings in the area of climate change.

In September 2019, Amazon released its carbon footprint for the first time in its history, showing that it released 44.4 million metric tons of carbon dioxide in the previous year.

⁣In April, Amazon Employees for Climate Justice formed to pressure the company to enact environmental initiatives. Last month, the Guardian reported that the Seattle-based company threatened to fire employees for speaking about the company's role in  the climate change crisis.

Amazon is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

⁣⁣⁣