Amazon launched a new Climate Pledge Fund that will devote $2 billion to investing in sustainable and decarbonizing technologies. Soon after Amazon unveiled a deal to acquire Zoox, a VC-backed maker of electric self-driving cars, for a reported $1.2 billion.
All that comes about four months after Jeff Bezos, Amazon’s founder, committed $10 billion of his own fortune to a climate-friendly effort called the Bezos Earth Fund.
Entrepreneurs tend to follow the money. And $12 billion is a lot of money. It seems reasonable to expect the pair of new funds will motivate some founders to pursue new climate-focused ideas that may have otherwise struggled to find funding.
On the flip side, investors tend to be copycats. And Amazon is a popular role model. It also seems reasonable to expect the company’s new initiatives will cause at least a few rivals to think about devoting additional funds to cleantech.
But will it be enough to shift the market in any meaningful way? That’s the multibillion-dollar question. For more details please check out the entire article on Pitchbook.com.