FedEx commits to reaching carbon-neutral operations by 2040

MEMPHIS, Tenn. – FedEx is committing to reach carbon-neutral operations by 2040, aided in part by replacing its entire pickup and delivery fleet with zero-emission electric vehicles, the Memphis-based company announced Wednesday.

FedEx, which uses more than 200,000 motorized vehicles and 680 cargo aircraft to fuel its global delivery network, said in a news release that it would put in an initial investment of more than $2 billion to help achieve the goal.

“We have a responsibility to take bold action in addressing climate challenges,” Chairman and CEO Fred Smith said in a statement. “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.”

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The $2 billion would go toward vehicle electrification, sustainable energy and carbon sequestration. Carbon sequestration is the process of capturing and storing atmospheric carbon dioxide, according to the U.S. Geological Survey.

The initial investment also includes $100 million to help Yale University establish the Yale Center for Natural Carbon Capture. According to FedEx, the center will be “accelerating research into methods of carbon sequestration at scale, with an initial focus on helping to offset greenhouse gas emissions equivalent to current airline emissions.”

This story will be updated.

Max Garland covers FedEx, logistics and health care for The Commercial Appeal. Reach him at max.garland@commercialappeal.com or 901-529-2651 and on Twitter @MaxGarlandTypes.

This article originally appeared on Memphis Commercial Appeal: FedEx aims to be carbon-neutral by 2040, run electric delivery fleet