Amazon announced today the creation of the Climate Pledge Fund, a venture investment program aimed at backing visionary companies developing products and services that facilitate the transition to a zero carbon economy.

With initial funding of $2 billion, the fund is intended to help Amazon and other companies achieve the goals outlined in The Climate Pledge, including reaching net zero carbon by 2040. The fund will invest in companies in across multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. Amazon announced that it will look into opportunities for other Climate Pledge signatories to participate in the venture investment program.

The Climate Pledge was co-founded by Amazon and climate change organization Global Optimism, calling on signatories to achieve net zero carbon across their businesses 10 years ahead of the Paris Accord’s 2050 target. The pledge has recently been joined by major corporations, including Verizon and Infosys.

Companies that sign onto the Climate Pledge agree to numerous steps, including:

• Measuring and reporting GHG emissions on a regular basis
• Implementing decarbonization strategies in line with the Paris Agreement through real business changes and innovations. These include efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies
• Neutralizing any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net zero annual carbon emissions by 2040

Commenting on the launch of The Climate Pledge Fund, eff Bezos, Amazon founder and CEO said:

“The Climate Pledge Fund will look to invest in the visionary entrepreneurs and innovators who are building products and services to help companies reduce their carbon impact and operate more sustainably. Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises. Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.”