GHG Emissions, Finance - February 15, 2022
GM Doubles Commitment to Climate Equity Fund
General Motors will dedicate a total of $50 million to its Climate Equity Fund for equitable climate action in order to help close equity gaps in the transition to EVs and other sustainable technology.
The company announced it will add $25 million to its initial commitment to invest $35 billion globally in EV and AV programs, research, technology, manufacturing, and charging infrastructure.
“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,” said Kristen Siemen, GM chief sustainability officer in a statement. “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.”
The Climate Equity Fund was created eight months ago. To date, GM has supported 21 nonprofit organizations that are helping to implement inclusive solutions for a zero emissions, carbon-neutral future. These solutions are aligned with GM's three climate equity social outcomes and prioritize impact at the community level, including clean energy jobs by supporting the current and future workforce through education, training and hands-on experience, sustainable transportation by increasing EV accessibility and adoption and community climate action by conducting community-level action that helps residents mitigate, build resilience toward and adapt to the effects of climate change.
In 2021, GM announced 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.