Global delivery giant FedEx announced today a new commitment to be carbon neutral in operations by 2040, including plans for billion in investments to achieve its new climate goal.
Frederick W. Smith, Chairman and CEO, FedEx Corp, said:
“We have a responsibility to take bold action in addressing climate challenges. 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.”
FedEx stated that it has designated more than $2 billion of initial investments to help achieve carbon neutrality. Investments will be focused on three key areas, including vehicle electrification, sustainable energy, and carbon sequestration.
The company also outlined a series of steps it will take towards reaching its new goal. These include new targets to transform the entire FedEx parcel pickup and delivery (PUD) fleet to zero–emission electric vehicles by 2040, with interim goals of 50% electric vehicle purchases by 2025, and 100% by 2030. Other steps include working with customers to offer end-to-end sustainability for their supply chains through carbon–neutral shipping offerings and sustainable packaging solutions, investing in alternative fuels to reduce aircraft and vehicle emissions, aircraft modernization and fuel conservation initiatives, and continued investments in efficient facilities, renewable energy, and other energy management programs.
FedEx also announced a pledge of $100 million to Yale University to help establish the Yale Center for Natural Carbon Capture, to support applied research into natural carbon sequestration solutions.
Dr. Ingrid C. “Indy” Burke, the Carl W. Knobloch, Jr. Dean of the Yale School of the Environment, said:
“Addressing climate change is a complex challenge that demands urgent action, and natural carbon capture strategies will be one key part of that action. Through the creation of the Yale Center for Natural Carbon Capture, we aim to develop measurable carbon capture strategies to help offset carbon emissions globally.”
FedEx stated that since 2009, the company’s efforts have contributed to an approximately 40% reduction in CO2 emissions intensity across the enterprise while package volume increased 99% during that period.
Mitch Jackson, Chief Sustainability Officer, FedEx Corp, said:
“While we’ve made great strides in reducing our environmental impact, we have to do more. The long-term health of our industry is directly linked to the health of the planet, but this effort is about more than the bottom line – it’s the right thing to do. At FedEx, we are committed to connecting people and possibilities resourcefully and responsibly. The steps we are taking today will contribute a positive impact for generations to come.”