In a bid to fuel carbon neutrality drive,
Amazon ( AMZN Quick Quote AMZN - Free Report) has revealed 26 new utility-scale wind and solar energy projects. Notably, these projects will be based in the United States, the U.K., Australia, France, Germany, Italy, South Africa and Sweden, with a total of 3.4 gigawatts (GW) electricity generation capacity. The renewable capacity produced by the new projects will be utilized in supplying energy to the AWS data centers, Amazon’s fulfilment centers and corporate offices. We believe that the latest move bodes well for the company’s goal of reaching net-zero carbon emissions by 2040. Further, the move makes the company the biggest corporate investor in renewable energy this year by bringing its total count ofrenewable energy projects to 35. Amazon has been shifting focus from fossil fuels to clean energy for quite some time now.The shift to clean energy sources is anticipated to reduce costs in the near term, which is a major positive. Additionally, the company can generate healthy returns from strengthening solar and wind investments as there are several associated tax incentives. Notably, growing investments in these projects have accelerated the pace of Amazon’s journey toward the goal of powering its infrastructure with 100% renewable energy. This goal was initially targeted to be met by 2030, which is now expected to be achieved by 2025. Carbon Neutrality Gaining Steam
Carbon neutrality push is gaining strong traction across the technology sector.
Not only Amazon but also companies like Apple ( AAPL Quick Quote AAPL - Free Report) , Alphabet ( GOOGL Quick Quote GOOGL - Free Report) and Microsoft ( MSFT Quick Quote MSFT - Free Report) are also taking initiatives to lower overall carbon footprints and cut energy bills substantially. Notably, Apple is looking for ways to develop a carbon-free project soon. Further, it committed to be carbon neutral across its manufacturing supply chain, product life cycle and overall business by 2030. Further, Google’s aggressive three-fold strategy, which includes energy efficiency, renewable energy procurement and carbon offsets, is a testament to its commitment to carbon neutrality. Further, Microsoft is gathering steam to become carbon negative by 2030. It inked two power purchase agreements with EDP Renewables North America LLC to work on a wind energy project based out of Paulding County, OH. Amazon’s Carbon Neutrality Drive
Nevertheless, Amazon’s continuous investments in renewable energy projects, which are bolstering its carbon neutrality initiatives,are likely to keep it ahead of the pack.
Apart from the latest move, the company recently launched a climate-friendly program, which aims to focus on environment-friendly products. Under the new program, customers can now view the Climate Pledge Friendly label, while purchasing more than 25,000 products. Also, it announced five new renewable projects, which are utility-scale solar projects in nature. Notably, these projects will be based in the United States, China and Australia, which areequipped with a total of 615 megawatts (MW), will generate 1.2 million megawatt hours (MWh). Further, the e-commerce giant’s announcement of four new renewable projects in Australia, Spain, Sweden, and the United States, which are expected to generate around 300 megawatts and 840k MWh of extra clean energy and renewable capacity, remains noteworthy. The total number of launched utility-scale wind and solar renewable energy projects of Amazon stands at 59 to date. Moreover, the total number of installed solar rooftops on fulfilment centers and sort centers stands at 68. Further, the company has 127 renewable energy projects across the globe. All these endeavors reflect Amazon’s Climate Pledge commitment. Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Looking for Stocks with Skyrocketing Upside?
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