On October 27, 2023, Amazon announced the launch of 39 new renewable energy projects across Europe, bringing the total number of its wind and solar initiatives on the continent to over 160. These projects, spread across 13 European countries, aim to provide a total capacity of 5.8 gigawatts (GW) of clean energy once operational, equivalent to the annual electricity consumption of more than 3.2 million European households.
The new initiatives include 15 rooftop solar installations on Amazon buildings and 24 onshore wind and solar farms. Among these is Amazon’s first solar farm in Greece, adding a new country to the list of its renewable energy installation locations. The goal is to reduce reliance on fossil fuels and support the transition to greener power grids.
Lindsay McQuade, Director of Energy for Amazon’s EMEA region, stated that these initiatives will enable Amazon to power its operations entirely with renewable energy by 2025, while supporting local grids with clean power. Since 2014, Amazon has invested approximately €2.4 billion in its European wind and solar farms, contributing over €723 million to the region’s GDP and creating more than 3,900 jobs in 2022, according to a study by Oxford Economics.
Amazon’s increasing commitments to renewable energy not only reinforce its position as a responsible leader in the tech sector but also strengthen its resilience to environmental challenges. For investors, these actions demonstrate Amazon’s long-term commitment to sustainability and carbon footprint reduction, which can be a strategic advantage given the growing demands of consumers and regulators. By investing in projects that support local economies and create jobs, Amazon is well-positioned to meet Europe’s sustainability needs, offering positive prospects for investors.
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