FedEx pledges $2 billion toward carbon-neutral operations by 2040, aims for all-electric fleet

FedEx is investing at least $2 billion toward sustainable energy initiatives, including electric vehicles and carbon capture research, as part of a new pledge to become carbon neutral by 2040, the company announced Wednesday.

The Memphis-based logistics giant said it aims to replace all of its parcel pickup and delivery vehicles with a sustainable electric fleet by 2040. FedEx, which operates more than 200,000 vehicles and 680 cargo airplanes, will continue investing in alternative fuels to reduce emissions from its aircrafts and vehicles, the company said.

“We have a responsibility to take bold action in addressing climate challenges,” FedEx CEO Fred Smith 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.”

As part of the initiative, FedEx said it will give $100 million to Yale University to help establish the Yale Center for Natural Carbon Capture.

The investment is intended to help build carbon capture to scale, the company said, with “an initial focus on helping to offset greenhouse gas emissions equivalent to current airline emissions.”

“While we’ve made great strides in reducing our environmental impact, we have to do more,” FedEx Chief Sustainability Officer Mitch Jackson said in a statement.

FedEx joins other large companies setting carbon neutral goals within the next few decades. Amazon, which has previously pledged to become carbon neutral by 2040, called on other companies in September to set similar targets.

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