FedEx has announced a goal to achieve carbon-neutral operations by 2040. Over $2 billion dollars will be invested across vehicle electrification, sustainable energy and carbon sequestration to meet the target.
FedEx Corp Chairman and Chief Officer Frederick W. Smith said he had 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,” he said.
The new plan will include transforming the entire FedEx parcel pickup and delivery fleet into zero-emission electric vehicles, implementing more carbon-neutral shipping offerings, sustainable packaging solutions and investing in alternate fuels to reduce aircraft and vehicle emissions.
FedEx will also be pledging $100 million to Yale University to build the Yale Centre for Natural Carbon Capture, which will help research ways to accelerate methods of carbon sequestration at scale and offset greenhouse gas emissions.
Since 2009, FedEx has already contributed to a 40 per cent reduction in CO2 emissions intensity across the enterprise – even while package volume increased by 99 per cent.
FedEx Corp Chief Sustainability Officer Mitch Jackson said while the company has made great strides to reduce their carbon footprint, they had 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,” he said.