FedEx will replace its delivery trucks with electric models until its entire fleet consists of zero—emission vehicles by the year 2040. This move will help it achieve its goal to reach carbon-neutral status in that same year. FedEx says it will be slowly phasing out its existing delivery trucks and also that 50 percent of its global vehicle purchases will be electric by 2025. All of its vehicle purchases will be EVs by 2030 as well. It hopes to retire its gas-powered trucks entirely 10 years after that milestone.
FedEx has set aside a hefty $2 billion in initial investment for this goal. Part of that money will go towards purchasing EVs, but FedEx will also invest in alternative fuels to reduce its aircraft and vehicle emissions. It has promised $100 million to Yale University to launch the institution’s Center for Natural Carbon Capture. The university says that it “will focus on developing collaborative and innovative solutions to pull carbon dioxide from our atmosphere and mitigate the effects of greenhouse gas emissions.”
FedEx will also work with customers to make their supply chains sustainable with carbon–neutral shipping options and sustainable packaging. It will also invest money into making its facilities worldwide more efficient and to give them the capability to run on renewable energy. It is a bold plan.