The Seattle-based company revealed Tuesday that it is launching a $2 billion investment fund focused on “sustainable and decarbonizing technologies” in an effort to offset its carbon footprint.
The Climate Pledge Fund's mandate will be to back industries and technologies focused on reducing greenhouse gas emissions that are considered the key culprit behind climate change, according to Amazon.
It will be managed by Amazon’s internal sustainability team with help from the company’s corporate development group, Amazon, the online retailing and technology giant said in a statement.
The move comes as companies publicly pivot toward environmental causes that have become front-and-center amid the coronavirus pandemic, which has cast a light on just how much modern-day human activity impacts the planet.
Amazon CEO Jeff Bezos in February pledged to commit $10 billion of his own money, or about 7.7% of his net worth, to combating climate change.
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