Global cargo airline giant, FedEx Corp. has announced its ambitious goal to achieve carbon–neutral operations globally by 2040. The company has earmarked more than $2 billion of initial investment to help it achieve its ambitions. This will be mainly used in the domains of vehicle electrification, sustainable energy, and carbon sequestration.
“We have a responsibility to take bold action in addressing climate challenges,” said Frederick W. Smith, Chairman and CEO, FedEx Corp. “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.”
The company will take the following key steps toward reaching its goal:
- Vehicle electrification- By 2040, the entire FedEx parcel pickup and delivery fleet will be zero–emission electric vehicles. This replacement of existing vehicles will be implemented in a phased manner.
- Sustainable customer solutions- For end-to-end sustainable supply chains FedEx will work with customers to offer carbon–neutral shipping offerings and sustainable packaging solutions.
- Sustainable fuels- FedEx will continue to invest in alternative fuels to reduce aircraft and vehicle emissions.
- Fuel conservation and aircraft aodernization- FedEx will build on its successful FedEx Fuel Sense initiatives designed to reduce fuel consumption in its aircraft.
- Facilities- FedEx will continue to expand investments in efficient facilities, renewable energy, and other energy management programs to make its more than 5,000 facilities worldwide more sustainable.
- Natural carbon sequestration- FedEx funding of $100 million to Yale University will help to establish the Yale Center for Natural Carbon Capture. This will support applied research into natural carbon sequestration solutions.