Amazon has announced that it will be launching a $2 billion venture capital fund that will support companies building sustainable and decarbonizing technologies.
The Climate Pledge Fund will invest in companies across a number of industries, including transportation and logistics, energy generation, manufacturing and food, and agriculture, among others, Amazon said.
The company added that the $2 billion is an “initial” commitment, signaling that the fund could grow over time.
“Companies from around the world of all sizes and stages will be considered, from pre-product start-ups to well-established enterprises,” CEO Jeff Bezos said in a statement.
“Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.”
The fund is a part of Amazon’s “Climate Pledge,” which was first unveiled by Bezos last September.
Amazon has faced mounting pressure from employees to address its environmental impact. At Amazon’s annual shareholder meeting in May 2019 thousands of employees submitted a proposal asking Bezos to develop a comprehensive climate-change plan and reduce its carbon footprint.
The proposal was built on an employee letter published in April 2019 that accused Amazon of donating to climate-delaying legislators and urged the company to transition away from fossil fuels.
Since then, Amazon has made several moves to advance its goal of relying on renewable energy.
As part of the Climate Pledge, Amazon agreed to purchase 100,000 electric delivery vans from vehicle manufacturer Rivian, after it invested $440 million in the company.
