Science & Technology

Amazon Portfolio Reaches Over 500 Solar and Wind Projects Globally

Amazon invested in more than 100 new solar and wind energy projects in 2023, expanding its portfolio to a size big enough to power 7.2 million U.S. homes annually.

Amazon's Portfolio Reaches Over 500 Solar and Wind Projects Globally

Amazon reported becoming the world’s largest corporate purchaser of renewable energy for the fourth year in a row. According to the company’s data, Amazon has already invested in more than 500 solar and wind projects globally, with 100 new initiatives added to its portfolio in 2023.

Today, Amazon’s renewables portfolio spans across 27 countries and more than 20 U.S. states. Fresh investments include the company’s first brownfield project which will repurpose a previously polluted Maryland coal mine site into a solar farm, and Amazon’s first renewable energy project in South Korea. Other new projects have launched in Arkansas, Georgia, Michigan, Mississippi, Missouri, Ohio, Oklahoma, and Virginia, as well as Canada and Greece.

By the company’s estimations, once operational, all the 500+ projects supported are expected to generate more than 77,000 gigawatt-hours (GWh) of clean energy each year, which is enough to power 7.2 million U.S. homes.

Since 2020, Amazon has been purchasing more renewable energy than any other company over a year. The projects the company invests in are already helping power Amazon Web Services (AWS) data centres, Amazon fulfilment centres, physical stores, and corporate offices. That brings the tech giant closer to its goal of having 100% of the electricity powering its operations attributable to renewable energy sources by 2025.

“More than 90% of our operations were powered by renewables last year, but we’re not done. We’re focused on continuing to find innovative ways to bring new projects online, address grid constraints, and work with policymakers to mitigate the impacts of climate change, all of which is helping Amazon move closer to achieving 100% renewable energy by 2025.”

Adam Selipsky, CEO of AWS

At the same time, the Amazon-supported sustainability projects are providing new sources of clean power to local communities where they are located. According to Amazon’s data, its solar and wind farms have helped generate over $12 billion in estimated economic investment globally from 2014 through 2022 and supported 39,000 full-time equivalent (FTE) jobs in 2022 alone.

As part of the company’s efforts to boost the decarbonization of power grids, Amazon has recently helped co-found the Emissions First Partnership coalition committed to modernizing the greenhouse gas accounting standards for the power sector. The initiative is supposed to encourage corporations to invest in renewable energy projects in those markets where they can help decarbonize the power system faster and mitigate climate change.

In December 2023, Amazon and USAID via the Amazon-backed Climate Gender Equity Fund (CGEF) also selected the first cohort of women-led organizations focused on advancing gender-equitable climate action in Africa to receive grants for their activities.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.