Daily Management Review

Amazon launches venture capital fund to support transition to renewable energy


American technology company and the largest online retailer Amazon is launching a venture fund to support renewable energy initiatives and reduce carbon emissions. The initial capital of the fund will be $ 2 billion, according to the company's website.

“The new investment fund will support climate solutions and will provide funding to companies that create products and services that help reduce global CO2 emissions and move towards a low-carbon economy. Projects and initiatives around the world that are put forward by both startups and large corporations will be considered,” said Amazon CEO and founder Jeff Bezos.

To date, Amazon has supported more than 91 renewable energy projects, including 31 projects targeting wind and solar energie. Together, these facilities have a total capacity of more than 2.9 thousand MW and provide energy generation in the amount of more than 7.6 million MWh per year, which is enough to provide electricity to 680 thousand homes in the USA.

The company also announced that it intends to fully switch to alternative energy sources by 2025, 5 years ahead of schedule.

source: wsj.com