Jeff Bezos (Amazon) invests in saving the world's climate

Grants from the new Bezos Earth Fund will start being awarded in the summer of 2020.

Amazon CEO Jeff Bezos has pledged $10 billion to fight climate change through a new fund called the Bezos Earth Fund, as he announced on Instagram.

Bezos commits to fighting climate change

Bezos announced the new $10 billion fund in an Instagram post. Amazon has since confirmed that the fund is real, according to The Verge.

In the post, Bezos said the money would fund scientists, activists, NGOs and "any effort that offers a real possibility" of helping to protect the Earth from the effects of climate change.

"We can save Earth," Bezos said. "It's going to take collective action from big companies, small companies, nation states, global organisations and individuals."There are currently no further details on why Bezos chose to share the news on Instagram. Nor is it yet clear what conditions will apply to potential applicants.

The Bezos Earth Fund in context

The total market value of Bezos's wealth is around $130 billion, which means his philanthropic commitment of $10 billion represents only about 7.7% of his net worth.

Bezos is also Amazon's CEO, and it is worth noting that the total commitment to the Bezos Earth Fund matches the value of the US military's contract with Microsoft, which was recently suspended by a court ruling at Amazon's request.

"Climate change is the biggest threat to our planet," Bezos said. "I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share."

Although Bezos has not been as prominent in philanthropy as other tech billionaires, in 2018 he launched a network of free, non-profit preschools to be set up in low-income communities.

In 2017, Bezos invited suggestions for philanthropic ideas that could help people in need in the near future.