In September 2019, Amazon pledged to become carbon neutral by 2040. Now the e-commerce giant is launching a $2 billion venture capital fund to help make that goal a reality.
The Climate Pledge Fund will invest in technology companies working to combat climate change in the transportation, logistics, and storage industries.
"We're looking to invest in products and solutions that help us to decarbonize and that really have an impact on our quick evolution to a low-carbon economy," Kara Hurst, head of sustainability at Amazon, told Cheddar.
At the same time, the company released an annual sustainability report showing a 15 percent increase in carbon dioxide emissions in 2019.
However, the report also announced that the company is on a path to run on 100 percent renewable energy by 2025, which is five years ahead of schedule.
Hurst maintains that "e-commerce is inherently more sustainable" than other consumer options, and that expanding Amazon's warehouse and distribution network into local markets will help cut down carbon emissions for individual orders.
"We're looking at all the ways that we can place products closer to our customers and continue to drive down carbon that way," she said.
One area where Amazon is already working to balance higher business volume with sustainable goals is in packaging. Since 2015, the company has reduced packaging weight by 33 percent and cut more than 880,000 tons of packaging material, equalling roughly 1.5 billion shipping boxes.
"We have been on this path for a long time, and will continue to be on the path," Hurst said.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong.
Apple is leading Wall Street toward its biggest rally in nearly four months Friday after the market's most influential company reported a better profit than feared.
Apple once again posted an, until now, rare revenue decline in its latest fiscal quarter, but said its overall business improved from the December quarter and sales of its iPhones were solid.
America’s employers added a healthy 253,000 jobs in April, evidence of a labor market that still shows surprising strength despite rising interest rates, chronically high inflation and a banking crisis that could weaken the economy.
Danny Taing, founder and CEO of Bokksu, joined Cheddar News to discuss his path on how he became an entrepreneur to launch a company that delivers artisanal Japanese snacks. "When I moved back from Japan to New York, I had this bit of reverse culture shock ... a lot of people had somewhat of a one-dimensional view of Japan ... they saw this country where people ate sushi every day ... none of that is true," he said.
