Amazon.com Inc. today said it’s setting up a $2 billion venture capital fund to support companies developing sustainable technologies and services.

The investment vehicle, called the Climate Pledge Fund, will advance Amazon’s previously announced effort to become net carbon-neutral by 2040. Amazon said it will back companies whose solutions can help it and other organizations reach their sustainability goals.

The Climate Pledge Fund will seek investment opportunities in a broad cross section of segments. The list of areas it will focus on will include energy generation and storage, transportation, manufacturing and agriculture, among others. Amazon described the $2 billion allocated for the initiative as “initial” funding, which hints at the possibility the fund could grow in the future and potentially expand its focus to more areas. 

“Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises,” Amazon Chief Executive Jeff Bezos said in a statement. “Each prospective investment will be judged on its potential to accelerate the path to zero carbon and help protect the planet for future generations.”

Earlier this year, Bezos committed $10 billion of his personal wealth towards fighting climate change.

The $2 billion Climate Pledge Fund is the latest in a series of big moves Amazon has made to reduce its environmental footprint. The company earlier led a $700 million funding round into electric car startup Rivian Automotive Inc., from which it is set to purchase 100,000 electric delivery vans by 2024. Amazon has also invested in 91 renewable energy projects that together generate enough electricity to power about 680,000 U.S. homes.

Other tech giants, notably Amazon’s public cloud rivals, are making clean energy investments of their own. Microsoft Corp. recently unveiled a $1 billion Climate Innovation Fund to invest in sustainable technologies as part of a broader initiative to become carbon-negative from 2030. Google LLC, in turn, has been buying enough renewable energy to match the electricity use of its data centers fully for three years running.

The efforts of the industry’s tech giants to lower their carbon footprint also encompass in-house technology development initiatives. Microsoft, for instance, is testing an undersea data center off the coast of Scotland that uses seawater for cooling as a way of reducing power requirements. 

Photo of Amazon Spheres in Seattle: Amazon