California-based direct air capture (DAC) company CarbonCapture Inc. announced today that multinational technology major Amazon (Nasdaq: AMZN) has made an equity investment in it through its Climate Pledge Fund, without disclosing the value of the capital injection.
This collaboration will not only bolster CarbonCapture’s mission but also facilitate the availability of 100,000 tons of carbon removal credits to Amazon, its suppliers, selling partners, and customers.
Adrian Corless, CarbonCapture’s CEO and CTO, expressed enthusiasm about this partnership, stating, “We’re extremely excited to be backed by a first-class venture investor like Amazon’s Climate Pledge Fund. Further, we’re looking forward to leveraging our new relationship with Amazon to both democratize access and reduce the long-run cost of producing carbon removal credits.”
Amazon, a co-founder of The Climate Pledge Fund in 2019, has committed to achieving net-zero carbon emissions by 2040—ten years ahead of the Paris Agreement’s targets.
With over 400 signatories, including notable names like Best Buy, IBM, Microsoft, PepsiCo, Siemens, Unilever, Verizon, and Visa, the fund is a corporate venture program that invests in companies accelerating Amazon’s path to meeting its climate commitments.
Presently, it boasts a diverse investment portfolio encompassing 23 companies and startups across five countries.
Kara Hurst, vice president of worldwide sustainability at Amazon, highlighted the company’s commitment to decarbonization across its global operations.
This includes transitioning to renewable energy sources, utilizing sustainable materials in construction, and electrifying the delivery fleet and global logistics.
However, Amazon recognizes the need to address carbon in the atmosphere comprehensively. Hurst stated, “Our investments in direct air capture complement our emissions reduction plans, and we are excited to support the growth and deployment of the technology.”