Forward-looking: FedEx wants to do its part to mitigate the effects of climate change. To do so, the transit company announced a new pledge today: by 2040, it aims to be fully carbon-neutral across all of its operations. This will be a multi-step goal, starting with a $2 billion investment from FedEx HQ in three key areas.
These areas are vehicle electrification, sustainable energy, and carbon "sequestration." For the first, FedEx plans to replace its entire fleet of pickup and delivery trucks with zero-emission EV alternatives by 2040. In the interim, 50 percent of its new vehicle purchases will be EVs by 2025. By 2030, that figure will rise to 100 percent.
As for sustainable energy, that's relatively straightforward: FedEx will "continue to invest in alternative fuels" that can reduce or eliminate emissions for its air and ground vehicles. FedEx has not specified which energy sources it will be pursuing, but solar and wind seem like decent candidates.
Finally, we have the "Carbon sequestration" portion of FedEx's pledge, which will see it funnel part of the $2 billion mentioned before into the Yale Center for Natural Carbon Capture. The cash will help the Center research new ways of absorbing, storing, and otherwise removing excess CO2 from our environment on a "global scale."
"We have a responsibility to take bold action in addressing climate challenges," said FedEx Corp CEO Frederick Smith in a statement. "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."
It remains to be seen whether or not FedEx will be able to achieve its goals, but 2040 is a long way off, so it seems likely. Let's just hope their efforts make a difference.