Market Overview

Jeff Bezos Gives Away $10B To Save The Planet From Climate Change

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Jeff Bezos Gives Away $10B To Save The Planet From Climate Change

Amazon Inc. (NASDAQ: AMZN) CEO Jeff Bezos will commit $10 billion to fight climate change.

What Happened

Bezos wants to support scientists, activists, and NGOs in a global initiative beginning this summer. He will commit $10 billion for his Bezos Earth Fund to “explore new ways of fighting the devastating impact of climate change on this planet we all share.”

The Amazon CEO described climate change as the “biggest threat” to the planet in his Instagram post on Monday.

According to the Verge, the $10 billion commitment to philanthropy “isn’t taking a huge chunk out of Bezos’ net worth,” which they pegged at $130 billion. 

Why It Matters

Bezos’s announcement regarding the Earth Fund comes after increasing criticism of Amazon from within the company and outside. In late January, Amazon Employees for Climate Action (AECA) violated the company’s communications policy to protest Amazon’s environmental policies. AECA posted a letter on Medium asking Bezos and the board of directors to adopt a shareholder resolution and release a company-wide climate plan based on their suggestions.

Amazon’s carbon footprint in 2018 was 44.0 million metric tonnes (MMT). In September 2019, the company announced a deal with Rivian, a manufacturer of electronic vehicles, to purchase 100,000 cars, which would save four MMT in carbon dioxide emissions each year. Bezos also announced a $100 million reforestation effort as a part of a broader initiative to combat climate change and make the company carbon neutral by 2040.

Price Action

Amazon shares traded 0.0061% higher at $2,135 in the after-hours session on Friday. The shares had closed the regular session 0.70% lower at $2,134.87.

Photo Credit: Public domain image via Wikimedia.

 

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