Sustainable Finance

GM Doubles Climate Equity Fund, Aims Electric Vehicles Transition & Sustainable Technology

Published on: 15 February 2022
by KnowESG
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A Brief Summary

General Motors (GM) recently announced the expansion of its philanthropic commitment to equitable climate action by doubling its climate equity fund. The company aims to close the equity gap by transitioning to electric vehicles and sustainable technology with a new $25 million commitment to its climate equity fund.

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Gm launched a philanthropic fund in June 2021 to encourage its efforts to transition toward an all-electric future. Mary Barra, the CEO, said that the company would prioritize sustainability and its vision of a zero-emissions future.

Since the announcement of the Climate Equity Fund a few months ago, GM has extended support towards 21 nonprofit organizations that are driving towards implementing inclusive solutions for net-zero emissions and a carbon-neutral future.

The company announced a slew of sustainable-focused activities last year, including targets to achieve carbon neutrality by 2040 and eliminate tailpipe emissions from new light-duty vehicles by 2035. At the beginning of this year, the company made its largest-ever investment announcement by committing to $7 billion for its electric truck fleet and battery production capacity in Michigan.

GM stated that its all-electric initiative would help customers, workforce and communities to a great extent fighting climate change, otherwise reeling under the effects of climate change.

Kristen Siemen, GM Chief Sustainability Officer, 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.”