With climate change and its long-term effects becoming more apparent, several countries around the world have set ambitious green energy targets. Electric vehicle (“EV”) startups such as Tesla and established automakers such as Toyota showed that zero-emission energy vehicles were a viable mode of transport, kicking off a mass shift from internal combustion engine (“ICE”) vehicles to battery electric vehicles (“BEVs”). Consequently, several companies have committed to replacing their fleets with EVs in a bid to reduce their carbon footprint.
FedEx (NYSE: FDX) is the latest company to announce that it will swap its gas-powered vehicles for zero-emission electric vehicles. On March 3, the company announced that it planned on eliminating all carbon emissions across its operations by 2040, joining a long line of American companies that have pledged to achieve carbon neutrality over the next couple of decades. To achieve its green energy goals, FedEx has pledged a $2 billion initial investment to fund the electrification of its fleet as well as carbon sequestration and green, sustainable energy.
FedEx Corp chairman and CEO Frederick W. Smith says the company has a responsibility to address climate challenges via bold action. The company’s goal to achieve carbon neutrality by 2040 fits into its plan to use sustainable methods throughout its operations. FedEx will also ensure enough capital is invested into developing transformational solutions for the company and the industry at large for the long term, he says.
The company has also pledged to donate $100 million to fund the Yale Center for Natural Carbon Capture at Yale University where some of the best scientists in the country will develop creative solutions to help curb carbon emissions. Dr. Ingrid C. Burke, the Carl W. Knobloch Jr. dean at the Yale School of the Environment, says tackling climate change is a complicated challenge that requires quick action. Finding innovative strategies for carbon capture will be crucial if the issue of climate change and its harms is to be addressed in a timely manner.
The Yale Center for Natural Carbon Capture will give scientists the space and funding they need to develop carbon capture strategies that will help cut global carbon emissions.
FedEx also plans on investing in sustainable fuels to help reduce emissions from aircraft and vehicles. Additionally, the company will offer its customers the option for carbon-neutral shipping as well as sustainable packaging. If everything goes according to plan, FedEx will have replaced its entire fleet of parcel pickup and delivery vehicles with zero-emission EVs by 2040. The electrification of the company’s fleet will take place in phases over the coming years.
It should be noted that electric vehicles aren’t the only form of sustainable vehicles out there. Vehicles that run on hydrogen as a source of fuel also exist, and Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) is investing heavily in a bid to create infrastructure to avail this energy to motorists.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
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