June 23, 2020 / 11:25 AM / 16 days ago

Amazon pledges $2 billion venture capital fund to invest in clean energy

(Reuters) - Amazon.com Inc (AMZN.O) said on Tuesday it will launch a $2 billion venture capital fund that will focus on technology investments to reduce the impact of climate change and support sustainable development.

The Climate Pledge Fund will invest in companies across industries such as transportation and logistics, energy, storage and utilization, manufacturing and materials, and food and agriculture, the e-commerce giant said.

Amazon, which delivers about 10 billion items a year and has a massive transportation and data center footprint, has faced protests from environmental activists and pressure from its employees to take action on climate change.

The company has vowed to be net carbon neutral by 2040.

“Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations,” Chief Executive Officer Jeff Bezos said in a statement.

In February, Bezos committed about $10 billion to fund scientists, activists, non-profits and other groups fighting to protect the environment.

The Wall Street Journal first reported on the new fund.

Reporting by Akanksha Rana in Bengaluru; Editing by Vinay Dwivedi and Sriraj Kalluvila

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