FedEx Corp. announced on Wednesday that it is aiming to become carbon-neutral by 2040. A move that undoubtedly shows the companies commitment to an electric future.
The company announced it will invest more than $2 billion in vehicle electrification, sustainable energy, and carbon sequestration.
According to the company, it plans to electrify its entire pickup and delivery (PUD)Â fleet gradually by 2040. Gradually is the key word in this statement as the FedEx PUD fleet has over 200,000 vehicles.
To kick things off, going forward, half of FedEx Express global PUD vehicles purchased will be electric by 2025. FedEx is aiming for 100% by 2030, while aiming to be 100% zero-emission as the rest of the conventional fleet ages.
According to the announcement, the key steps toward reaching the carbon neutral goal are as follows:
–Vehicle Electrification. By 2040, the entire FedEx parcel pickup and delivery (PUD) fleet will be zero-emission electric vehicles. This will be accomplished through phased programs to replace existing vehicles. For example, by 2025, 50% of FedEx Express global PUD vehicle purchases will be electric, rising to 100% of all purchases by 2030.
–Sustainable Customer Solutions. FedEx will work with customers to offer end-to-end sustainability for their supply chains through carbon-neutral shipping offerings and sustainable packaging solutions.
–Sustainable Fuels. Continue to invest in alternative fuels to reduce aircraft and vehicle emissions.
–Fuel Conservation and Aircraft Modernization. FedEx will build on its successful FedEx Fuel Sense initiatives designed to reduce fuel consumption in its aircraft. Since 2012, the FedEx Fuel Sense and Aircraft Modernization programs have saved a combined 1.43 billion gallons of jet fuel and avoided over 13.5 million metric tons of carbon dioxide (CO2) emissions.
-FedEx will continue efforts to make its more than 5,000 facilities worldwide more sustainable through continued investments in efficient facilities, renewable energy, and other energy management programs.
–Natural Carbon Sequestration. Funding will help to establish the Yale Center for Natural Carbon Capture to support applied research into natural carbon sequestration solutions.