FedEx pledges $2B toward carbon-neutral operations by 2040
FedEx has announced a goal to achieve carbon-neutral operations globally by 2040, pledging over US$2 billion to focus on vehicle electrification, sustainable energy and carbon sequestration.
The company will also allot US$100 million to Yale University to help establish the Yale Center for Natural Carbon Capture, which aims to accelerate research into methods of carbon sequestration at scale, with an initial focus on helping to offset greenhouse gas emissions.
FedEx Corp Chairmain and CEO Frederick W. Smith said FedEx has a responsibility to take bold action in addressing climate challenges.
“This goal builds on our longstanding commitment to sustainability throughout our operations, while at the same time investing in long-term, transformational solutions for FedEx and our entire industry,” Smith said.
Designating more than US$ 2 billion, FedEx’s carbon-neutral plan will be investing in three key areas: vehicle electrification, sustainable energy and carbon sequestration.
Some of the goals within the new carbon-neutral plan include turning the entire FedEx parcel pickup and delivery (PUD) fleet to zero-emission vehicles by 2040, offering sustainable customer solutions through carbon neutral shipping offerings and sustainable packaging solutions, and investing in alternative fuels to reduce aircraft and vehicle emissions.
Since 2009, FedEx has contributed to approximately 40% reduction in CO2 emissions intensity across the enterprise while package volume increased 99% during that period.
“While we’ve made great strides in reducing our environmental impact, we have to do more,” said Mitch Jackson, Chief Sustainability Officer, FedEx Corp.
“The long-term health of our industry is directly linked to the health of the planet, but this effort is about more than the bottom line – it’s the right thing to do,” Jackson said.
“At FedEx, we are committed to connecting people and possibilities resourcefully and responsibly,” he said.
He continued that the steps FedEx are taking today will contribute a positive impact for generations to come.