Amazon has launched The Climate Pledge Fund to support the development of sustainable technologies and services that will enable Amazon and other companies to meet The Climate Pledge—a commitment to be net-zero carbon by 2040.

This dedicated venture investment program—with an initial US$2 billion in funding—will back visionary companies whose products and services will facilitate the transition to a zero-carbon economy.

Last year, Amazon and Global Optimism co-founded The Climate Pledge, a commitment to reach the Paris Agreement ten years early and be net-zero carbon by 2040. Verizon, Reckitt Benckiser (RB), and Infosys recently joined the pledge—sending an important signal to the market that there will be rapid growth in demand for products and services that help reduce carbon emissions. Amazon’s new Climate Pledge Fund will accelerate investment in innovations for the zero-carbon economy of the future.

The Climate Pledge Fund will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. Over time, Amazon will also look for opportunities to involve other Climate Pledge signatories in this venture investment program.