Amazon's CEO Jeff Bezos Commits USD 10 Billion to Fight Climate Change | Financial Buzz

Amazon’s CEO Jeff Bezos Commits USD 10 Billion to Fight Climate Change

Jeff Bezos, Chief Executive Officer of Amazon.com, Inc. (NASDAQ: AMZN) today announced a USD 10 billion pledge of his own money to fight climate change by creating the “Bezos Earth Fund”.

Bezos’ action follows a period of Amazon employees publicly pressuring the Amazon helm to deal with the issue and protect the environment.

The Chief Executive Officer announced his commitment on Instagram, saying his new fund will back scientists, activists and organizations contributing to alleviate the impact of climate change.

Bezos stated in a post on the social media platform: “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.” ⁣⁣⁣

Bezos further announced that his initiative will begin giving out grants this summer and that the commitment of USD 10 billion is only the beginning of investments in the “Bezos Earth Fund”.

⁣⁣⁣Amazon’s CEO added: “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.⁣⁣⁣”

Amazon earlier announced its plans to go carbon neutral by 2040, which marks 10 years before the declared deadline in the Paris climate agreement.

Calling on Amazon to stop funding think tanks that deny climate change or working with oil and gas companies, the group Amazon Employees for Climate Justice demands more actions from the CEO Bezos.

The group said in a statement: “We applaud Jeff Bezos’ philanthropy, but one hand cannot give what the other is taking away.”

However, further actions like cutting emissions will be challenging for the e-commerce company, due to its high amount of deliveries every day as well as its huge transportation and data center footprint.