As President Joe Biden prepares to bring together 40 world leaders for a two-day climate summit this week, big business has scaled up their sustainability initiatives and made trillion-dollar commitments to tackle climate change . Meanwhile, consumers are increasingly concerned about the carbon footprint of businesses and businesses are feeling the pressure and urgency to act.
Ahead of Earth Day and the Biden Climate Summit, CNN Business gathered the latest environmental enlightenment news from Corporate America.
JPMorgan Chase (JPM)
puts serious firepower behind the fight against climate change. The bank said Thursday it would fund or facilitate investments of $ 2.5 trillion over 10 years to support initiatives focused on tackling climate change and strengthening sustainable development. Some of the efforts will focus on renewable energy, new clean technologies, waste management and conservation. The announcement is the latest addition to a long list of environmentally-focused financial institution commitments, but it is considered the largest of its kind by a major bank.
Google Earth shows the effects of climate change
A new feature in Google Earth allows viewers to see how much climate change and human behavior have damaged the planet over the past four decades. The feature, called Timelapse, turns still images from the platform into a 4D experience. By clicking on it, you’ll see animated images of melting ice caps, retreating glaciers, massive urban growth, and the devastation caused by forest fires from 1984 to today.
Mastercard Carbon Calculator
created a calculator that measures consumers’ carbon footprints based on what they buy. The tool focuses on specific expense categories, but does not track individual transactions. It also shares information on the number of trees needed to absorb the same amount of carbon dioxide released by consumer purchases in specific categories.
Nike wants to resell your shoes
In an effort to reduce waste, Nike (OF)
asks customers to bring sneakers that are lightly worn or have manufacturing defects. After cleaning and disinfecting the shoes, the company plans to resell them in some stores at a reduced price. Nike said it currently sells the returned shoes at eight Nike stores in the United States and plans to expand to 15 locations by the end of April and several more by the end of the year.
Wells Fargo targets net zero emissions
Wells Fargo has announced its goal of achieving net zero greenhouse gas emissions – including the businesses and projects it funds – by 2050. And if 2050 is a long way off, this announcement is a big step forward. before for Wells fargo (CBEAX)
, which has long been a major funder of oil, gas and coal projects that climate activists warn threaten the planet.
Volvo goes electric
Volvo has announced that by 2030 it will only sell electric cars, and only online. The company hopes electric cars will account for half of its sales in 2025, and hybrid cars will account for the other half of sales.
GM aims to sell emission-free cars
General Motors, the largest automaker in the United States by sales, plans to be completely carbon neutral by 2040 and hopes to offer only zero-emission cars by 2035. The company plans to achieve this goal by switching to battery-powered electric vehicles or other zero-emission technologies. This decision will require an investment of $ 27 billion.