Grants from the new fund called Bezos Earth Fund will begin in the summer of 2020.
Amazon CEO Jeff Bezos has pledged $10 billion to combat climate change in a new fund called Bezos Earth Fund, according to an Instagram post.
Bezos commits to fighting climate change
Bezos announced the new $10 million fund through an Instagram post. Amazon has since confirmed that the fund is a real deal, according to The Verge.
In the post, Bezos stated that the money would finance scientists, activists, non-governmental organizations, and "any effort that offers a real possibility" to help protect the Earth from the impacts of climate change.
"We can save the Earth," Bezos said. "It will take collective action from big companies, small companies, nation-states, global organizations, and individuals."
Currently, there are no further details available on why Bezos shared the news on Instagram. However, it is not yet clear what provisions will apply to potential applicants.
Bezos Earth Fund in context
Bezos' overall market value is approximately $130 billion, which means his philanthropic commitment of $10 billion is only about 7.7% of his net worth.
Bezos' overall market value is approximately $130 billion, which means his philanthropic commitment of $10 billion is only about 7.7% of his net worth.
Bezos is also the CEO of Amazon, and it is interesting to note that the total commitment of Bezos Earth Fund is the same value as the US military contract with Microsoft – recently halted by a court order – at Amazon's request.
"Climate change is the biggest threat to our planet," Bezos said. "I want to work with others to amplify known ways and explore new ways of fighting the devastating impact of climate change on this planet we all share."
While Bezos has not been as historically vocal as other tech billionaires with an interest in philanthropy, in 2018, he launched a network of free non-profit preschool facilities to be built in low-income communities.
In 2017, Bezos opened a poll on philanthropic ideas capable of helping people in need in the near future.