Today’s Solutions: March 28, 2023

Recently we have seen an increasing number of giant automakers pledging to phase out carbon-emitting vehicles over the next couple of decades — all in an effort to do their part in tackling climate change.

Now delivery service FedEx has joined the bandwagon, recently revealing plans to invest at least $2 billion in sustainable energy initiatives, including replacing all of its parcel pickup and delivery vehicles with zero-emission electric vehicles by 2040.

The Memphis-based logistics giant, which operates more than 200,000 vehicles and 680 cargo airplanes, will also continue investing in alternative fuels to shrink the carbon footprint of its aircraft and vehicles.

“We have a responsibility to take bold action in addressing climate challenges,” said FedEx CEO Fred Smith. “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 investment will include a $100 million grant to Yale University to help establish the Yale Center for Natural Carbon Capture, which will focus on research and development in the field of carbon capture technologies. The ultimate aim will be to help scale carbon capture efforts, the company said, with “an initial focus on helping to offset greenhouse gas emissions equivalent to current airline emissions.”

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