Jeff Bezos Names First Beneficiaries Of His $10 Bln Fund To Fight Climate Change

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Amazon.com Founder and Chief Executive Officer Jeff Bezos announced the first set of beneficiaries of his $10 billion fund to combat climate change and its impact on communities around the world. The "Bezos Earth Fund" was pledged and launched in February.

In an Instagram post, Bezos named 16 recipient organizations to receive the fund that are working on "innovative, ambitious, and needle-moving solutions" to fight climate change. About $791 million of the fund will be distributed among the 16 recipients.

"This $791 million in donations is just the beginning of my $10 billion commitment to fund scientists, activists, NGOs, and others. We can all protect Earth's future by taking bold action now," Bezos wrote in the post.

The beneficiaries of the fund are The Climate and Clean Energy Equity Fund, ClimateWorks Foundation, Dream Corps Green For All, Eden Reforestation Projects, Energy Foundation, Environmental Defense Fund, The Hive Fund for Climate and Gender Justice, Natural Resources Defense Council, The Nature Conservancy, NDN Collective, Rocky Mountain Institute, Salk Institute for Biological Studies, The Solutions Project, Union of Concerned Scientists, World Resources Institute and World Wildlife Fund.

In September 2019, Amazon also co-founded and signed the Climate Pledge in order to be net zero carbon by 2040 across its businesses, a decade ahead of the Paris Accord's goal of 2050. The company also invited other corporates to sign the Pledge for a joint effort to reduce the ever increasing carbon emissions.

Amazon also announced plans of adding 100,000 electric vehicles in its global delivery fleet by 2030, that is expected to save 4 million metric tons of carbon per year by 2030.

Bezos is already contributing to Breakthrough Energy Ventures, a fund created in 2016 to finance companies that develop technologies that can mitigate climate change and reduce the use of fossil fuels and CO2 emissions in industries.

Bezos is the world's first person whose net worth exceeded the $200 billion threshold. Bezos has been the world's richest man since 2017.

Amazon's market capitalization also hit $1 trillion in late April this year, enabling it to join fellow tech giants Apple, Google and Microsoft in the trillion-dollar club. The e-commerce giant has seen strong online demand from consumers amid the coronavirus pandemic.

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