Story at a glance
- The company announced it will be making investments in sustainable energy initiatives, including replacing all of its parcel pickup and delivery vehicles with zero-emission electric vehicles over the next two decades.
- It will also continue to invest in alternative fuels to reduce emissions from its cargo aircrafts and vehicles.
- The investment includes a pledge of $100 million to Yale University to accelerate research on carbon capture technologies.
FedEx will spend $2 billion in initial investments as part of its aim to make its global operations carbon neutral by 2040.
The company on Wednesday announced it will be making investments in sustainable energy initiatives, including replacing all of its parcel pickup and delivery vehicles with zero-emission electric vehicles over the next two decades.
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Purchases of electric vehicles will ramp up to 50 percent in 2025 before all vehicle purchases move to EV in 2030.
It will also continue to invest in alternative fuels to reduce emissions from its cargo aircrafts and vehicles. The parcel delivery giant operates more than 200,000 vehicles and 680 cargo planes.
FedEx said it will work to transform its supply chains with carbon-neutral shipping offerings and sustainable packaging solutions.
“We have a responsibility to take bold action in addressing climate challenges,” Frederick W. Smith, FedEx chairman and CEO, said in a statement. “This goal builds on our longstanding commitment to sustainability throughout our operations, while at the same time investing in long-term, transformational solutions for FedEx and our entire industry.”
The investment includes a pledge of $100 million to Yale University to establish the Yale Center for Natural Carbon Capture.
The move is intended to help accelerate research into methods of carbon capture at scale, with “an initial focus on helping to offset greenhouse gas emissions equivalent to current airline emissions,” the company said.
Carbon capture is the process of trapping the greenhouse gas at its emission source and storing it, usually underground, so that it is not emitted into the atmosphere. It can be used to capture emissions from power plants, factories or even directly from the air.
“Addressing climate change is a complex challenge that demands urgent action, and natural carbon capture strategies will be one key part of that action,” Ingrid C. Burke, the Carl W. Knobloch, Jr. Dean of the Yale School of the Environment, said.
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