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Amazon.com, Inc. (NASDAQ:AMZN) Steps Up Efforts To Reduce Climate Impact And Places An Order On Rivian For 100,000 Electric Trucks

To reduce the impact on climate, Amazon.com, Inc. (NASDAQ:AMZN) is gearing up and announced plans to purchase 100,000 electric trucks from Rivian, a Michigan based firm. The ordered vehicles are of emission-free category. It plans to become carbon-neutral by the year 2040. This commitment is ten years earlier than United Nations Paris Agreement.

Climate Pledge

Jeff Bezos, Chief Executive Officer of Amazon, said in an event held in Washington that early implementation is because of increased impact on the climate. The company has made the carbon-neutral commitment under the plan ‘Climate Pledge.’ Other companies worldwide may follow this initiative. Apart from ordering electric vehicles, Amazon is also taking other measures like carbon offsets and the use of solar energy to reduce the impact on climate.

Largest order for Rivian

Rivian will receive the largest order from Amazon for electric vehicles. The company expects to supply the vehicles beginning in 2021. According to an announcement made in 2018, Rivian intends to manufacture consumer vehicles such as SUV and all-electric pickup trucks with expected delivery in 2020.

Funding for Rivian

Amazon has pumped in funds of $700 million in Rivian in February 2019. Rivian also received funding of $350 million from Cox Automotive, a giant automaker. The company also received funds of $500 million from Ford in April 2019.

Companies that went green include McDonald’s, Home Depot, DuPont, Coca Cola, Dell, Wal-Mart, Honda, Brooks, Sc Johnsons, and Target. McDonald has started using recyclable double-walled paper containers. It has stopped the use of foam coffee cups.

Paris Agreement

It is a collective effort of the nations worldwide to address the climate change in the years ahead. Though the US has withdrawn from the global pact, its states and cities are working together with leaders across the world to make the agreement concrete.

The Paris Agreement suggests funding to the developing nations to reduce the carbon impact. WWF helps developing countries to use clean energy sources such as wind energy and solar.

Deforestation accounts for 13% of carbon emissions

The forests absorb Carbon Dioxide and help to combat climate change. But the rapid deforestation is changing this balance and accounting for 13% of carbon emissions across the world. WWF supports the developing nations through REDD+ to effectively manage and responsibly use the forests.

Published by Ruchi Gupta

Swati Goyal has over 6 years of experience in financial research & analysis domain. She has built financial models varying from consumer goods to banks. She has her articles published in leading dailies of the nation

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