SEATTLE - Friday, 04. November 2022
Amazon commits $53 million to accelerate women’s climate innovation and gender equity advancements
(BUSINESS
WIRE)--Amazon and the U.S. Agency for International Development (USAID)
are launching a public-private partnership to address the gender
inequities that exist for women in the climate finance ecosystem and
support female entrepreneurs with the resources they need to accelerate
climate change innovations.
Amazon will commit a total of $53
million to help accelerate women’s climate solutions, including $3
million toward the USAID partnership and $50 million for Amazon to
invest directly in climate tech companies run by women.
Amazon
will serve as a founding partner of USAID’s Climate Gender Equity Fund, a
new climate finance facility designed to remove systemic market
barriers that prevent women and girls from accessing climate finance.
USAID will also match Amazon’s $3 million investment to help launch the
fund.
The Climate Gender Equity Fund will have a global focus and
provide grants for businesses, NGOs, accelerators, incubators, and
grassroots organizations working on women-led climate solutions. It also
will fund efforts to help women access the networks and technical
skills they need to accelerate the development of their climate change
technologies.
As a co-founder of The Climate Pledge, a commitment
to reach net-zero carbon emissions by 2040, Amazon will work with
Pledge signatories and other companies to encourage their additional
support and corporate investment in this new fund. The partnership will
help advance mutual goals around women’s climate leadership and gender
equity, including Amazon’s sustainability goals, the work of The Climate
Pledge, and the Biden administration’s National Strategy on Gender
Equity and Equality.
Additionally, Amazon is allocating $50
million from its Climate Pledge Fund to invest in women-founded and
women-led climate tech companies, as well as incubators and accelerators
that prioritize women-led entities. The Climate Pledge Fund–Amazon’s
venture capital program that invests in companies pioneering
decarbonizing technologies and solutions–will collaborate with USAID and
the Climate Gender Equity Fund to source new investment opportunities
and broaden its pipeline of female applicants.
“As an important
step in solving climate change, we must address the gender inequalities
that persist in climate finance, and ensure female entrepreneurs have an
equal seat at the table and access to the funding, networks, and
technical support they need to scale climate solutions,” said Kara
Hurst, vice president of Worldwide Sustainability at Amazon. “We’re
proud to collaborate with USAID and the Biden administration to help
scale women-led climate solutions globally. This is just one part of our
broader Climate Pledge goal to reach net-zero carbon by 2040, and we
encourage other companies to join us in this effort.”
Female-founded
companies typically receive a fraction of global venture capital, and
that percentage fell during the pandemic. However, research shows that
female entrepreneurs are more likely than their male counterparts to
innovate to address social needs. Women-led companies also generate more
revenue per dollar invested and produce greater ROI for investors.
Amazon has recently taken several additional steps to advance gender equality across its value chain, including:
Committing to the United Nations Women's Empowerment Principles (WEPs),
which offer businesses guidance on ways to promote gender equity and
empower women in the workplace, marketplace, and community.
Granting $1 million to the Resilience Fund for Women in Global Value
Chains, which is investing in organizations supporting women in global
value chains, including manufacturing, apparel, and agriculture, with a
focus on gender-based violence and reproductive health.
Partnering with BSR’s HERproject to combat gender-based discrimination
in China, Bangladesh, Vietnam, and India by engaging suppliers, factory
workers, and management. These efforts have reached nearly 10,000 women.
Investing in the Elevate Future Fund, which increases funding to women
and other underrepresented founders working on climate tech solutions,
as well as firms creating economic opportunity for distressed and
disadvantaged communities. This investment is part of the new Amazon
Catalytic Capital initiative to provide underrepresented entrepreneurs
with access to capital.
Collaborating with Greentown Labs, North
America’s largest climate tech incubator, to source and engage with new
startups. The Climate Pledge Fund participates in pitch events,
including “Access to Success,” a community event for diverse founders.
Amazon also serves on Greentown Labs’ Industry Leadership Council.
Working with Elemental Excelerator, a climate tech startup accelerator
that is a leader in promoting diversity, equity, and inclusion
principles in climate tech. Elemental Excelerator recently launched an
Equity & Access program that helps startup founders build equity
into their organizations’ teams and activities.
Learn more about Amazon’s sustainability efforts.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005180/en/
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