FedEx plans electric delivery fleet by 2040
FedEx has announced an ambitious goal to achieve carbon-free operations globally by 2040.
In order to help reach this goal, the company is allocating more than $ 2 billion in initial investment in three key areas: vehicle electrification, sustainable energy, and carbon sequestration.
FedEx is replacing current delivery trucks with electric models so that its entire fleet will consist of zero-emissions vehicles by 2040.
The company is undertaking the transition as a way to help it achieve its goal of achieving carbon neutral status in the same year.
FedEx said it is moving to phase out its current package delivery trucks and that 50 percent of its global vehicle purchases will be electric by 2025.
It will have all of its electric vehicle purchases by 2030, and it aims to stop its fuel trucks completely 10 years later.
The delivery giant, which joins a long list of companies pledging to reach carbon-neutral status, has earmarked $ 2 billion in the initiative's initial investment.
Obviously, a portion of this money is earmarked for electric vehicle purchases, but FedEx also continues to invest in alternative fuels to reduce aircraft and vehicle emissions.
Given that the delivery company may have to use the fuel, the company has pledged $ 100 million to Yale University as well to launch the Yale Natural Carbon Capture Center.
On the center's website, the university writes that it is focusing on developing collaborative and innovative solutions to pull carbon dioxide out of the atmosphere and mitigate the effects of greenhouse gas emissions.
FedEx also plans to work with customers to make their supply chains sustainable through carbon-free shipping offerings and sustainable packaging solutions.
In addition, the company is investing money in making its facilities around the world more efficient and giving them the ability to operate with renewable energy.
FedEx Chairman and CEO Frederick Smith said: We have a responsibility to take bold action in the face of climate challenges, and this goal builds on our long-term commitment to sustainability in all of our operations while simultaneously investing in transformative, long-term solutions. For the company and the entire industry.