Investing in an environmental fund
Amazon CEO Jeff Bezos plans to spend the $10 billion he has invested in the Bezos Earth Fund by 2030. This was reported by ABC television channel on Wednesday, citing a statement by the director of the fund Andrew Steer.
The channel recalled that until recently the environmental project launched in February 2020 by Bezos was known only that it would be aimed at combating climate change. According to Steer, Bezos' goal is to absorb all the money he has invested in the project over the next 10 years about $1 billion a year. "The Earth Fund will invest in science, NGOs, activists and the private sector to help drive technology, investment, policy and behavioural change", the ABC quoted Steer as saying in a tweet. "We will focus on achieving social justice as the poor and marginalised are disproportionately affected by climate change".
Bezos had earlier said he had high hopes for Steer's performance as project manager, given his previous scientific and environmental work, which he pointed out was highly regarded by experts. Steer himself, in a released statement, assured the Amazon chief that he would live up to the trust placed in him.
"In solving climate and natural crises, my focus is on the systemic change taking place with a focus on people", he pointed out. Many of the most creative initiatives suffer from a lack of funding, proper risk management or the right partners. This is where the Earth Fund will help.
Bezos announced in February that he would be stepping down as Amazon's CEO in the third quarter to become executive chairman of the board, focusing mostly on philanthropy and academia. According to Bezos, the company's good financial performance and stable position allow him to do so.
According to Forbes magazine, Bezos is currently the richest man in the world, despite his 2019 divorce from his wife, who has a 4% stake in Amazon. The 57-year-old entrepreneur, who owns 11.1 per cent of the company, has an estimated fortune of $170-180 billion. In addition to Amazon, he founded the private aerospace company Blue Origin and owns one of the oldest newspapers in the US, The Washington Post.
