Amazon has launched a new fund to support the development of sustainable technologies and services which will enable the retailer to meet The Climate Pledge by 2040. The fund will back visionary companies whose products and services will facilitate the transition to a zero carbon economy.

The Climate Pledge Fund will invest in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture. Over time, Amazon will also look for opportunities to involve other Climate Pledge signatories in this venture investment program.

The fund was cofounded last year by Amazon and Global Optimism. It involved a commitment by these two companies to reach the Paris Agreement ten years early and be net zero carbon by 2040. Verizon, Reckitt Benckiser (RB), and Infosys recently joined the pledge to accelerate investment in innovations for the zero carbon economy of the future.