Jeff Bezos’s $10 billion Earth Fund has halted its funding for the Science Based Targets initiative (SBTi), a key organization that helps companies set climate goals aligned with the Paris Agreement. The Earth Fund, along with the Ikea Foundation, was one of SBTi’s primary funders, accounting for 61% of its total funding last year.
The decision follows a three-year grant commitment that expired in December 2024.
While spokespeople from both the Earth Fund and SBTi stated that this was part of a planned expiration and no final decision on future support has been made, concerns have been raised about potential political motivations. Some speculate that this move reflects a broader trend among billionaires to distance themselves from climate initiatives due to pressure from U.S. President Donald Trump, who has historically questioned climate change and recently directed the U.S. to exit the Paris Climate Agreement again.
Critics argue that Amazon’s actions are inconsistent with genuine climate leadership, as it had previously faced criticism for not meeting emissions reduction targets set by SBTi. Additionally, there were attempts by Amazon and others to influence SBTi rules regarding carbon credits, which some saw as an effort to weaken corporate accountability on emissions reductions.
Despite this withdrawal, Bezos continues to support other environmental initiatives through his foundation. However, this shift in funding raises questions about his commitment to addressing global environmental challenges amidst changing political landscapes.
Launched with a skeleton team in February 2020, the Bezos Earth Fund aims to give away $10bn (£7.9bn) of the Amazon founder’s $200bn personal fortune to combat the climate crisis and biodiversity loss by the end of the decade. So far, it has issued more than 230 grants worth $2bn, funding initiatives from AI environmental solutions to clean energy for disadvantaged communities.