To help reach this goal, FedEx is designating more than $2bn of initial investment in three key areas: vehicle electrification, sustainable energy, and carbon sequestration.
This includes a pledge of $100m to Yale University to help establish the Yale Center for Natural Carbon Capture, accelerating research into methods of carbon sequestration at scale, with an initial focus on helping to offset greenhouse gas emissions equivalent to current airline emissions.
“We have a responsibility to take bold action in addressing climate challenges,” said Frederick W. Smith, Chairman and CEO, FedEx Corp. “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.”
The FedEx commitment builds on a history of sustainable practices. Since 2009, the company’s efforts have contributed to an approximately 40 per cent reduction in CO2 emissions intensity across the enterprise while package volume increased 99 per cent during that period. Recently, FedEx was ranked first in its industry on JUST Capital’s 2021 list of ‘America’s Most Just Companies’ in the environment category and first in the travel, transport and logistics sector of Newsweek’s ‘America’s Most Responsible Companies 2021.’