Amazon (AMZN) launched a $2 billion venture capital fund Tuesday to invest in technologies and services aimed at reducing greenhouse gas emissions. Speaking to Yahoo Finance, Amazon’s Head of Worldwide Sustainability Kara Hurst said the move was yet another step to use the e-commerce giant’s “scale for good” as it sets aggressive targets to become carbon neutral by 2040.
“This is where the future is going, this is where our products and services are needed, and the fund is another signal on the investment that we’re willing to make,” said Hurst, on Yahoo Finance’s Ticker.
The Climate Pledge Fund will invest in companies across multiple sectors, though its initial focus will be on transportation and logistics; energy generation, storage, and utilization; manufacturing and materials; circular economy; and food and agriculture, Amazon said.
The fund is the latest step by the Seattle-based company to reduce its carbon footprint amid explosive growth