FedEx promises $2 billion toward carbon-neutral operations by 2040, focuses on all-electric armada

FedEx is contributing at least $2 billion toward manageable energy activities, including electric vehicles and carbon capture research, as part of another promise to become carbon neutral by 2040, the organization reported Wednesday.

The Memphis-based logistics giant said it expects to supplant the entirety of its parcel pickup and delivery vehicles with a sustainable electric armada by 2040. FedEx, which works in excess of 200,000 vehicles and 680 cargo airplanes, will keep putting resources into elective fuels to decrease emissions from its airplanes and vehicles, the organization 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 activity, FedEx said it will give $100 million to Yale University to help set up the Yale Center for Natural Carbon Capture.

The investment is proposed to help assemble carbon capture to scale, the organization 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 huge organizations setting carbon neutral goals within the next few decades. Amazon, which has recently promised to become carbon neutral by 2040, approached different organizations in September to set comparable targets.

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