Ambitious plan includes electrifying the global
parcel pickup and delivery fleet and establishing the Yale Center
for Natural Carbon Capture to advance sequestration solutions
FedEx Corp. (NYSE: FDX), home of the world’s largest cargo
airline, announced today an ambitious goal to achieve
carbon-neutral operations globally by 2040.
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FedEx Corp. (NYSE: FDX), home of the
world’s largest cargo airline, announced today an ambitious goal to
achieve carbon-neutral operations globally by 2040. To help reach
this goal, FedEx is designating more than $2 billion of initial
investment in three key areas: vehicle electrification, sustainable
energy, and carbon sequestration. (Photo: Business Wire)
To help reach this goal, FedEx is designating more than $2
billion of initial investment in three key areas: vehicle
electrification, sustainable energy, and carbon sequestration.
This includes a pledge of $100 million to Yale University to
help establish the Yale Center for Natural Carbon Capture,
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.
“We have a responsibility to take bold action in addressing
climate challenges,” said Frederick W. Smith, Chairman and CEO,
FedEx Corp. “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.”
Key steps toward reaching the carbon neutral goal include:
- 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. FedEx will 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.
- Facilities. 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. FedEx funding will help to
establish the Yale Center for Natural Carbon Capture to support
applied research into natural carbon sequestration solutions.
The path toward sustainability requires new strategies for
removing and storing Earth’s excess carbon. The Yale Center for
Natural Carbon Capture will catalyze interdisciplinary research
across the natural sciences and engineering in an effort to
accelerate this work.
Center researchers will develop methods that build on natural
carbon storage systems, including biological ecosystems and the
geological carbon cycle, improving, where possible, how quickly
carbon can be absorbed, how much can be contained, and how long it
can be stored. Through these efforts, Yale scientists aim to create
a portfolio of carbon removal strategies that have impacts on a
global scale.
Building upon initial successes in the aviation sector, the
center will broaden its scope to address additional global sources
of emissions – publishing and sharing its findings so that
businesses, industries, and governments can benefit from work that
will accelerate the adoption and implementation of natural carbon
capture strategies around the world.
“Addressing climate change is a complex challenge that demands
urgent action, and natural carbon capture strategies will be one
key part of that action,” said Dr. Ingrid C. “Indy” Burke, the Carl
W. Knobloch, Jr. Dean of the Yale School of the Environment.
“Through the creation of the Yale Center for Natural Carbon
Capture, we aim to develop measurable carbon capture strategies to
help offset carbon emissions globally.”
The FedEx commitment builds on a history of sustainable
practices. Since 2009, the company’s efforts have contributed to an
approximately 40% reduction in CO2 emissions intensity across the
enterprise while package volume increased 99% during that period.
Recently, FedEx was ranked first in its industry on JUST Capital’s
2021 list of “America’s Most Just Companies” in the environment
category and first in the travel, transport and logistics sector of
Newsweek’s “America’s Most Responsible Companies 2021.”
“While we’ve made great strides in reducing our environmental
impact, we have to do more. 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,” said
Mitch Jackson, Chief Sustainability Officer, FedEx Corp. “At FedEx,
we are committed to connecting people and possibilities
resourcefully and responsibly. The steps we are taking today will
contribute a positive impact for generations to come.”
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses
worldwide with a broad portfolio of transportation, e-commerce and
business services. With annual revenue of $75 billion, the company
offers integrated business solutions through operating companies
competing collectively, operating collaboratively and innovating
digitally under the respected FedEx brand. Consistently ranked
among the world's most admired and trusted employers, FedEx
inspires its nearly 600,000 team members to remain focused on
safety, the highest ethical and professional standards and the
needs of their customers and communities. To learn more about
ongoing sustainability efforts at FedEx, visit
sustainability.fedex.com.
Forward-looking statements
Certain statements in this press release may be considered
forward-looking statements, such as statements relating to our goal
to achieve carbon-neutral operations globally by 2040, our
strategies to achieve our carbon neutrality goal, and underlying
assumptions. Forward-looking statements include those preceded by,
followed by or that include the words “will,” “may,” “could,”
“would,” “should,” “believes,” “expects,” “anticipates,” “plans,”
“estimates,” “targets,” “projects,” “intends,” “commits,” or
similar expressions. Such forward-looking statements are subject to
risks, uncertainties and other factors which could cause actual
results, including project plans and timing, future reductions in
emissions and emissions intensity, carbon capture results, and the
impact of operational and technology efforts, to differ materially
from historical experience or from future results expressed or
implied by such forward-looking statements.
Potential risks and uncertainties include, but are not limited
to: our ability to execute our strategies and achieve our goals
within the projected costs and the expected timeframes; the
availability of zero emission electric vehicles, alternative fuels,
fuel efficient aircraft, and other materials and components;
unforeseen production, design, operational, and technological
difficulties; the outcome of research efforts and future technology
developments, including the ability to scale projects and
technologies on a commercially competitive basis including carbon
sequestration and/or other related processes; compliance with, and
changes or additions to, global and regional regulations, taxes,
charges, mandates, or requirements relating to greenhouse gas
emissions, carbon costs, or climate-related goals; labor-related
regulations and requirements that restrict or prohibit our ability
to impose requirements on third parties who provide contracted
transportation for our transportation networks; adapting products
to customer preferences and customer acceptance of sustainable
supply chain solutions; the actions of competitors and competitive
pressures; the pace of regional and global recovery from the
COVID-19 pandemic; and other factors which can be found in FedEx’s
filings with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which it is
made. We do not undertake or assume any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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FedEx Media Relations Joseph Miner mediarelations@fedex.com
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