Mubasher: Amazon Inc announced the launch of the Climate Pledge Fund with initial funding of $2 billion to support the development of sustainable technologies and services.

The new venture capital fund will invest in companies in various sectors, including transportation and logistics, energy generation, storage and utilisation, manufacturing and materials, circular economy, and food and agriculture, according to a statement on Tuesday.

The 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,” Amazon’s founder and CEO Jeff Bezos said.

In addition, the fund will help Amazon meet its previously-announced commitment to be net carbon neutral by 2040.

“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,” Bezos pointed out.