The project “will back visionary companies whose products and services will facilitate the transition to a zero carbon economy,” Amazon said, without providing a timeline for the first deals. Cleantech investor Rodrigo Prudencio is reportedly leading the fund. (The Wall Street Journal, TechCrunch)

Talking point: Amazon has faced mounting pressure from employees to address its environmental impact. At its May 2019 annual shareholder meeting, dozens submitted a proposal asking Bezos to develop a comprehensive climate-change plan and reduce its carbon footprint. My colleague Catherine reported in March that Amazon shareholders asked the company to disclose the company’s environmental impact on racialized communities at this year’s shareholder meeting. The new fund is intended to help Amazon meet last year’s pledge to reach net zero emissions by 2030. On Tuesday, Amazon also announced it expects to run entirely on renewable energy by 2025, five years ahead of the goal it initially stated in its pledge. Despite those promises, the company reported that its carbon footprint rose 15 per cent last year. Amazon’s move follows Microsoft’s US$1-billion fund created earlier this year to invest in green technologies.