Amazon AMZN has taken another step to achieve carbon neutrality goals. This is evident from its recent announcement of the launch of a climate-friendly program.
This new program aims to focus on environment-friendly products. The program will make customers more aware about the availability of such products, which are designed to reduce carbon emissions through increased efficiency and better packaging.
Under the new program, customers can now view the Climate Pledge Friendly label, while purchasing more than 25,000 products. The label signifies that these products help preserve the natural world, such as reducing the carbon footprint of shipments to customers.
The latest effort is in line with the company’s plan of investing $2 billion fund in the development of environment-friendly technologies and services.
It has been shifting focus from fossil fuels to clean energy for quite some time now. The shift to clean energy sources is anticipated to reduce costs in the near term, which is a major positive. Additionally, the company can generate healthy returns from strengthening solar and wind investments, as there are several associated tax incentives.
Amazon aims at utilizing 80% and 100% renewable energy by 2024 and 2030, respectively. It is also aiming to reach net zero carbon by 2040.
Amazon revealed that it could reach 100% renewable energy by 2025, five years ahead of schedule.
Notably, the latest investments reflect Amazon’s Climate Pledge commitment.
Carbon Neutrality Gaining Steam
In addition to Amazon, tech giants like Alphabet GOOGL, Microsoft MSFT and Apple AAPL are also taking initiatives to adopt alternative energy sources for lowering overall carbon emissions and cutting energy bills substantially.
Google’s aggressive three-fold strategy — which comprises energy efficiency, renewable energy procurement and carbon offsets — is a testament to its commitment of carbon neutrality.
Further, Microsoft is gathering steam to become carbon negative by 2030. Its two power purchase agreements with EDP Renewables North America LLC to work on a wind energy project based out of Paulding County, OH remain noteworthy.
Meanwhile, Apple — whose global corporate operations are already carbon neutral — has recently committed to become 100% carbon neutral across the entire business, manufacturing supply chain and product life cycle by 2030.
Nevertheless, Amazon’s strengthening carbon neutrality initiatives remain noteworthy. It is constantly infusing resources into renewable energy projects in a bid to fuel its carbon neutrality drive. Moreover, the company’s rapidly growing number of renewable energy projects on a worldwide basis and improving efforts to expand the delivery fleet of electric vehicles are major positives.
Moreover, Amazon’s purchase order for 100,000 electric delivery trucks from Rivian remains a major positive. These emission-free vehicles will further reduce carbon footprint.
All these strong endeavors are expected to help it keep its renewable energy game a step ahead of peers.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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