FedEx Corporation has announced plans to invest more than $2 billion (£1.4bn) towards achieving carbon neutral operations by 2040.
The delivery services company intends to make investments in three key areas: vehicle electrification, sustainable energy and carbon sequestration.
Over the next two decades, the entire FedEx parcel pickup and delivery (PUD) fleet will be switched to zero-emission electric vehicles (EVs), which will be accomplished through phased programmes to replace existing vehicles.
The company will also work with customers to offer end-to-end sustainability for their supply chains through carbon neutral shipping offerings and sustainable packaging solutions, as well as continue investing in alternative fuels to reduce aircraft and vehicle emissions.
We’re announcing our goal to become carbon neutral by 2040. With a designation of more than $2 billion and a collaboration with @Yale, we have the potential to influence global communities with our goal of building a sustainable future. Follow along at https://t.co/tOJOJFdpJ9. 🌏 pic.twitter.com/8HAmzVENnM
— FedEx (@FedEx) March 3, 2021
In addition, FedEx will continue to make its more than 5,000 facilities worldwide more sustainable through continued investments in efficient facilities, renewable energy and other energy management programmes.
It also plans to build on its successful FedEx Fuel Sense initiatives designed to reduce fuel consumption in its aircraft, Since 2012, its programmes have saved a total of 1.43 billion gallons of jet fuel and avoided more than 13.5 million metric tons of CO2 emissions.
The latest investment includes a pledge of $100 million (£71m) to Yale University to help establish the Yale Centre for Natural Carbon Capture, accelerating research into methods of carbon sequestration at scale, with an initial focus on helping offset greenhouse gas emissions equivalent to current airline emissions.
Frederick W. Smith, Chairman and CEO of FedEx Corporation said: “We have 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.”