Amazon invests in green startups to support the development of sustainability technologies
At Amazon, we are continually looking for ways to make our business more sustainable as we work to meet The Climate Pledge, a commitment we co-founded with Global Optimism to reach net zero carbon by 2040—ten years ahead of the Paris Agreement.
In support of The Climate Pledge, in June 2020, we launched The Climate Pledge Fund, a $2 billion investment program to support the development of sustainable and decarbonizing technologies and services that will enable Amazon and other companies to meet the goals set by The Climate Pledge. Our dedicated fund is investing in visionary companies across the world and across multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture, whose products and solutions will facilitate the transition to a low-carbon economy.
“The Climate Pledge Fund invests in visionary companies whose products and services can empower a low carbon economy,” said Jeff Bezos, Amazon founder and CEO. “Today, I am excited to announce that we are investing in a group of companies that are channeling their entrepreneurial energy into helping Amazon and other companies reach net zero by 2040 and keep the planet safer for future generations.”
Amazon will be investing in CarbonCure Technologies, Pachama, Redwood Materials, Rivian, and Turntide Technologies. These five companies will help us meet the goals of The Climate Pledge, as well as other companies, as we all work together to protect the planet.
Here are details on the investments:
- CarbonCure Technologies: Has commercialized a portfolio of carbon removal technologies that consume carbon dioxide (CO2) in concrete during production, permanently sequestering CO2 and enabling the reduction of cement content in mixes without impacting concrete performance. Amazon is working to lower the embodied carbon footprint of its buildings by using CarbonCure concrete in many of its new buildings, including HQ2 in Virginia.
- Pachama: Pachama is a climate technology company that is democratizing access to nature-based carbon markets. Pachama's technology verifies the impact of carbon capture in the world's forests, allowing organizations and individuals to compensate their emissions with confidence by supporting reforestation and forest conservation projects. Pachama will help Amazon monitor and evaluate nature-based solutions, including investments made by the Right Now Climate Fund.
- Redwood Materials: Developing and commercializing a full process and suite of technologies for recycling end-of-life Lithium-ion batteries and e-waste into high value metals and chemicals. With Amazon’s firm commitment to electric delivery and electrification infrastructure, Redwood Materials will help Amazon properly recycle Electric Vehicle (EV) batteries and reuse their components. Redwood Materials can also help recycle the lithium batteries and e-waste from other parts of Amazon’s businesses.
- Rivian: As part of The Climate Pledge announcement in 2019, Amazon revealed it had purchased 100,000 EVs from Rivian, with plans to have 10,000 of the new electric vehicles on the road as early as 2022 and all 100,000 vehicles on the road by 2030. The Climate Pledge Fund participated in Rivian’s latest investment round in July, and with proceeds from that investment, Rivian is further developing and integrating its connected electric platform with Amazon’s last mile delivery network.
- Turntide Technologies: Turntide’s motors reduce energy use by 64% on average by optimizing efficiency and control without using expensive materials or rare earth minerals. Amazon is piloting Turntide’s motors in a number of its buildings and the results so far have demonstrated significantly reduced electricity usage.
Find out more about the Climate Pledge Fund.