Bezos launching initiative that commits $10 billion to combat climate change
Amazon founder and CEO Jeff BezosJeffrey (Jeff) Preston BezosBottom line Hillicon Valley: Trump adviser presses House to make Bezos testify | GOP senator offers bill to restrict US sales to Huawei | Facebook to let campaigns use paid influencers On The Money: Trump adviser presses House to make Bezos testify | Kudlow says tax-cut proposal coming this fall | NY Fed says Boeing woes could hurt GDP | Delta aims to be first carbon neutral airline MORE on Monday announced the launch of the Bezos Earth Fund, a new global initiative that will commit $10 billion to combating climate change.
Bezos, whose net worth is listed at $130 billion, said in an Instagram post that the fund would support scientists, activists, nongovernmental organizations (NGOs) and “any effort that offers a real possibility to help preserve and protect the natural world.”
While he did not offer details on what efforts he plans to prioritize, Bezos said that he would begin issuing grants in connection to the fund this summer.
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“Climate change is the biggest threat to our planet,” he said. “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share.”
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Today, I’m thrilled to announce I am launching the Bezos Earth Fund. Climate change is the biggest threat to our planet. I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share. This global initiative will fund scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world. We can save Earth. It’s going to take collective action from big companies, small companies, nation states, global organizations, and individuals. I’m committing $10 billion to start and will begin issuing grants this summer. Earth is the one thing we all have in common — let’s protect it, together. – Jeff
The fund will provide donations — not investments that Bezos could potentially profit from, The New York Times reported, citing a person with knowledge of the plan. The initiative is reportedly separate from Amazon’s work.
The move from Bezos comes as many lawmakers and environmental activists push for more forceful action on fighting warming climates. It also comes following a year in which Bezos faced pressure from Amazon employees to committing more resources towards becoming greener and more sustainable.
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In September, Bezos announced that the online retail giant would commit to carbon neutrality by 2040 and 100 percent renewable energy by 2030, in an effort to meet the goals of the Paris Climate Agreement 10 years ahead of schedule.
“We can make the argument — and we plan to do so passionately — that if we can do this, anyone can do this,” Bezos said, adding that he planned to recruit other companies to get on board with the plan. The announcement came the day before more than 1,000 employees planned to go on strike to advocate for addressing climate change in a more earnest fashion.
As part of the climate pledge, Amazon will invest $100 million in global reforestation projects and order 100,000 electric vehicles, which it plans to start using by 2021.
A group of Amazon employees who have spoken out about the company’s work with oil and gas companies voiced skepticism in wake of Bezos’s announcement.
“We applaud Jeff Bezos’ philanthropy, but one hand cannot give what the other is taking away,” Amazon Employees for Climate Justice said in a statement. “The people of Earth need to know: When is Amazon going to stop helping oil & gas companies ravage Earth with still more oil and gas wells?”
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The group also asked when the company would stop funding a think tank that denies climate change and alleged that Amazon threatened to fire employees that publicly voiced concerns about the company’s role in the gas and oil business.
Amazon’s network of data centers and package delivery has vast environmental imprint. The company emitted about 44.4 million metric tons of carbon dioxide in 2018, The Times noted.
Bezos’s largest donation before this announcement came in September 2018, when he and his former wife donated $2 billion for a fund to aid homeless families and early-childhood education.
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