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FedEx to invest $2 billion to be carbon neutral by 2040

FedEx Corp. said Wednesday it will invest $2 billion in its commitment to be carbon neutral by 2040. As part of the plan, the package delivery giant said it entire fleet of pickup and delivery (PUD) fleet will be electric vehicles by 2040. The company said half of its FedEx Express PUD purchases will be EVs by 2025, rising to 100% by 2030. In addition, FedEx pledged $100 million to Yale University to establish the Yale Center for Natural Carbon Capture, will continue to invest in alternative fuels to reduce aircraft and vehicle emissions and will make efforts to make its more than 5,000 facilities more sustainable. “While we’ve made great strides in reducing our environmental impact, we have to do more,” said FedEx Chief Sustainability Officer Mitch Jackson. “The long-term health of our industry is directly linked to the health of the planet, but this effort is about more than the bottom line – it’s the right thing to do.” FedEx’s stock, which was still inactive in premarket trading, has dropped 11.3% over the past three months, while the Dow Jones Transportation Average has advanced 7.8% and the Dow Jones Industrial Average has gained 4.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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