In a bid to help close equity gaps in the transition to electric vehicles and other sustainable technology, General Motors on Monday announced that it will expand on its commitment to equitable climate action by doubling its Climate Equity Fund, dedicating a total of $50 million.
According to the company’s statement, this is in addition to its commitment to invest $35 billion globally in EV and AV programmes, research, technology, manufacturing and charging infrastructure.
The news comes as General Motors builds awareness and excitement for EVs as a critical part of tackling climate change.
Kristen Siemen, Chief Sustainability Officer, GM, said, “As the effects of climate change take hold across the globe, it has never been more urgent to ensure inclusion and equity guide our sustainable solutions. Doubling our Climate Equity Fund will help meet this urgency with deepened engagement at the community level, where we believe our support will have the greatest impact in accelerating the transition to an inclusive zero-emissions future.”
Since creating the Climate Equity Fund eight months ago, the vehicle maker has supported 21 nonprofit organisations that are helping to implement inclusive solutions for a zero-emissions, carbon-neutral future. These solutions align with GM’s three climate equity social outcomes, such as clean energy jobs, sustainable transportation and community climate action, and prioritising impact at the community level.
It may be recalled that in early 2021, GM announced that it plans to become carbon neutral in its global products and operations by 2040 and is working toward a transition to 100% zero tailpipe emissions for new light-duty vehicles by 2035. The company plans to introduce more than 30 electric vehicle models globally by 2025.