18 Feb 2020
In order to tackle the problem of climate change, Jeff Bezos, the richest man in the world, has announced the plan to create a new 'Earth Fund' and invest $10 billion in it.
The effort, he says, will help industry leaders and scientists develop novel solutions to save the persistently-warming planet Earth.
Here are more details.
'Bezos Earth Fund' to fund innovation for fighting climate change
Just a few hours ago, Bezos took to Instagram to launch the 'Bezos Earth Fund' with his initial commitment of $10 billion.
The Amazon boss, who has a net worth of $130 billion, stated the money collected through the fund will be used to finance "scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world."
Emphasis on fighting climate change through collaborative efforts
Bezos described climate change as the biggest "threat" to humanity, but at the same time, he noted that it can certainly be handled - with collaborative efforts.
"We can save Earth," the billionaire said in the same Instagram post, adding that "it's going to take collective action from big companies, small companies, nation-states, global organizations, and individuals."
This isn't his first commitment to fight climate change
While the step is huge, it is imperative to note that this isn't the first step from Bezos to combat climate change.
He has already been investing in Breakthrough Energy Ventures, which finances technologies to reduce the impact of climate change and carbon emissions from different industries.
The initiative is chaired by Bill Gates and it also has Mukesh Ambani on the board.
No more details about Bezos Earth Fund available
Apart from Bezos's post, which says the fund will be issuing grants this summer, there is hardly any information on the whole effort.
Amazon has not shared anything on the matter, but a spokesperson from the company did assert that the $10 billion going into this initiative will be from Bezos's personal wealth, not from the foundations he had established in the recent past.
Amazon is also striving to go green
Beyond that, Amazon has also committed to reducing its carbon footprint. The company has said it will reduce its net carbon emissions from operations to zero by 2040 and switch to 100% renewable energy by 2030 to power its entire corporate infrastructure.