(ATF) Billionaire Amazon boss Jeff Bezos will spend $10 billion in the next nine years to help fight global warming.
The businessman’s Earth Fund, set up earlier this year with $10 billion from his own pocket, plans to invest the money in companies geared towards fighting climate change by 2030, according to reports.
Bezos named Andrew Steer, head of the environmental think tank World Resources Institute, to run the fund. Steer has years of experience in environmental and climate science, Bezos said in an Instagram post.
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Amazon is under pressure to improve its green credentials amid concern over the amount of energy, fuel and packaging resources it uses in its 10 billion annual deliveries. Increased demand for cardboard packaging during pandemic lockdowns has led to acute shortages of paper and board in some parts of the world, forcing many retailers and manufacturers to return to plastic.
“I will focus on driving systemic change to address the climate and nature crises, with a focus on people,” Steer said in a statement. “Too many of the most creative initiatives suffer for a lack of finance, risk management or the right partnerships. This is where the Earth Fund will be helpful.”
In his Instagram post, Bezos wrote: “Andrew has decades of experience in environmental and climate science as well as economic and social policy in the US, Europe, Asia, and Africa.
“Lauren and I are thrilled to have Andrew aboard and very energised about what lies ahead for the Fund and our partners,” he added, referring to his girlfriend Lauren Sanchez.
Bezos said in February that he would step down as the chief executive officer of Amazon and focus on his other passions which include the Day 1 Fund, the Bezos Earth Fund and Blue Origin.
- Additional reporting by Reuters