Amazon AMZN has revealed 14 wind and solar energy projects in a bid to fuel its carbon-neutrality drive.
Notably, out of the projects, 11 will be based in the United States. Further, one will be located in Canada, one in Finland, and another in Spain.
Renewable energy produced by the new projects will be supplied to the AWS data centers, Amazon’s fulfillmentcenters 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 by bringing its total count ofrenewable energy projects to 232 globally.
Notably, growing investments in these projects have accelerated Amazon’s journey toward the goal of powering its infrastructure with 100% renewable energy. The goal was initially targeted to be met by 2030, which is now expected to be achieved by 2025.
Amazon’s Growing Efforts
The company has been shifting its 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.
Apart from the latest move, its climate-friendly program, which aims to focus on environment-friendly products, remains a major positive. Under the new program, customers can view the Climate Pledge Friendly label, while purchasing more than 25,000 products.
Also, its five new renewable projects, which are utility-scale solar projects, are noteworthy. Notably, the projects will be based in the United States, China and Australia, which are equipped with 615 megawatts (MW), will generate 1.2 million megawatt hours (MWh).
Further, the four new renewable projects in Australia, Spain, Sweden, and the United States, which are expected to generate 300 MW and 840k MWh of extra clean energy and renewable capacity, are other positives.
All the endeavors reflect Amazon’s Climate Pledge commitment.
Carbon Neutrality Gaining Steam
The carbon-neutrality push is gaining strong traction across the technology sector.
Not only Amazon but companies like Apple AAPL, Alphabet (NASDAQ:GOOGL) GOOGL and Microsoft MSFT 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. Its two power purchase agreements with EDP Renewables North America LLC to work on a wind energy project remain noteworthy.
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.
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.
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