Amazon pledges $2 billion to projects fighting climate change

Amazon on Tuesday pledged to invest $2 billion in projects aimed at combating climate change, stepping up efforts to reduce the carbon footprint of the tech giant and others.  Amazon founder Jeff Bezos will look to invest in the visionary entrepreneurs and innovators who are building products and services to help companies reduce their carbon impact and operate more sustainably. 

The pledge follows an announcement by Bezos last year that Amazon would accelerate its own efforts to cut its carbon footprint while encouraging others to join his “Climate Pledge” aimed at meeting goals of the Paris accord on climate ahead of schedule. The pledge has been joined by other companies including Verizon, Reckitt Benckiser and India-based tech giant Infosys. Amazon is on track to run on 100 percent renewable energy by 2025. It also will deploy more than 100,000 electric delivery vans to replace gasoline-powered vehicles. 

The new fund will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. The news comes amid growing concerns on climate change and with the US administration on course to withdraw from the global agreement aimed at curbing emissions. Some scientists have warned that climate change is accelerating, making mitigation efforts more urgent. The last five years have been the hottest on record, as has been the last decade, according to the European climate monitoring network.