The fund will help Amazon and other companies meet The Climate Pledge -- a commitment to be net-zero carbon by 2040, the company said.
"The Climate Pledge Fund invests in visionary companies whose products and services can empower a low carbon economy," said Jeff Bezos, Amazon founder and CEO.
The Climate Pledge Fund is investing in companies in multiple industries, including transportation and logistics, energy generation, storage and utilization, manufacturing and materials, circular economy, and food and agriculture, according to Amazon.
"The Climate Pledge Fund is another important example of how the collaborative effort of The Climate Pledge can accelerate the transition to a net zero world. These investments will scale new technologies, helping these organizations speed up the pace at which operational emissions can be reduced," said Christiana Figueres, the UN's former climate change chief and founding partner of Global Optimism.
The first five companies that the Climate Pledge Fund is investing in are CarbonCure Technologies, Pachama, Redwood Materials, Rivian, and Turntide Technologies.