Amazon has pledged $2 billion worth of support for the development of sustainable technologies and services that will enable it and other companies to meet The Climate Pledge - a commitment to be net zero carbon by 2040.

This dedicated venture investment program will back companies whose products and services will facilitate the transition to a zero carbon economy.

Last year, Amazon and Global Optimism co-founded The Climate Pledge, with a commitment to reach the Paris Agreement 10 years early and be net zero carbon by 2040, with recent sign-ups from Verizon, Reckitt Benckiser and Infosys.

“The Climate Pledge Fund 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,” said Amazon founder and chief executive Jeff Bezos.

“Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises - 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 will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilisation, manufacturing and materials, the circular economy, food and agriculture. Over time, it will also look for opportunities to involve other Climate Pledge signatories in this venture investment program.

Amazon has also released its 2019 sustainability report and an update on the company’s sustainability goals and programs, including the announcement that it’s on a path to run on 100 per cent renewable energy by 2025, five years ahead of schedule.

To date, Amazon has announced 91 renewable energy projects around the globe. Together, these projects - totalling over 2,900 MW of capacity - will deliver more than 7.6 million MWh of renewable energy annually, enough to power 680,000 homes.

The company has made two investments from its in nature-based solutions and reforestation projects around the world, including a reforestation project in the Appalachians in the US, and an urban greening initiative in Berlin.

Since 2015, Amazon has reduced the weight of outbound packaging by a third and eliminated more than 880,000 tons of packaging material; the equivalent of 1.5 billion shipping boxes.

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