Amazon will Establish a $2 billion (Approximately Rs. 15,099 crores) internal venture capital fund Which will focus on technology investments to Decrease the impact of climate change, the Wall Street Journal reported Tuesday.
The new fund is going to be known as”The Climate Pledge Fund”, the report said, adding it is going to invest in companies across numerous industries like transportation, energy generation, battery storage, production and food and agriculture.
Amazon did not immediately respond to Reuters request for comment.
Cutting emissions is an ambitious goal for Amazon, which delivers 10 billion items a year and contains a huge transportation and data center footprint.
The e-commerce giant, which has faced protests from environmental activists and pressure from its own workers to take action on climate change, has also pledged to become carbon neutral by 2040.
In February, Chief Executive Officer Jeff Bezos dedicated about $10 billion (approximately Rs. 75,498 crores) to fund scientists, activists, non-profits and other groups fighting to protect the environment.