The investment fund headed by the founder of Amazon reached this score with a new envelope of 443 million dollars.
Jeff Bezos announced yesterday that his Earth Fund will devote $ 443 million (~ € 395 million) to efforts to “preservation and the environment, restoration of nature and defense of environmental justice”. With this sum, the structure will have spent a total of three billion dollars over the year 2021, according to the press release spotted by The Verge.
With this fund inaugurated in 2020, the founder of Amazon has promised to inject a total of ten billion dollars (approximately 5% of its assets) in this cause. According to the institution’s press release, this new envelope will be used to fund various initiatives that work at different levels to fight against global warming and its consequences.
We can for example cite the 30 × 30 program, which will receive $ 261 million to protect 30% of the earth’s surface by 2030. An additional 130 million will go to the government initiative Justice40, which aims to “Tackle the climate crisis, create jobs, and restore scientific integrity in the federal government”.
The most controversial of environmental funds
This investment fund therefore continues to chart its course despite criticism. As a reminder, some defenders of the environmental cause believed to detect a form of hypocrisy in the founder of Amazon; the titan of online sales is in fact regularly singled out for its considerable environmental impact, both in terms of greenhouse gas production and plastic pollution.
The Verge also explains that these same observers had criticized Bezos for having allocated the majority of the funds to already established Western companies, as opposed to local structures which struggle on a daily basis to find funds. A philosophy not necessarily in line with the current context, knowing that it is these poorest communities that suffer the most from the consequences of climate change.
It is certainly these remarks which motivated a slight change of course among fund managers. The message of the organization has now evolved to include the concept of devoting an envelope of 130 million to the concept of “climate and environmental justice”And to the associations leading this fight.
So, true engagement or flagrant offense of greenwarshing? The debate remains open. To answer it, we will have to observe what the concrete impact of this big check will be. But what is certain is that these safeguard measures will not be enough to radically change the situation; instead of continuing to bail ad vitam æternam, there will come a time when it will be necessary to plug the breaches that threaten to sink the boat … which will inevitably involve a rethinking of the mode of operation of the largest corporations, Amazon in the lead. And to do that, it will take a lot more than big checks.