HomeInvesting NewsAmzn Stock Dips, Announces 71 New Global Renewable Energy Projects

Amzn Stock Dips, Announces 71 New Global Renewable Energy Projects

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AMZN stock price at $121.99 a slump by 09:35 AM EDT on Wednesday.

With an additional 2.7 gigawatts (GW) of clean energy capacity spread over 71 new renewable energy projects, Amazon (NASDAQ:AMZN) is growing its renewable energy portfolio globally.

This includes the business’s first solar farm in South America, a solar farm in Brazil, as well as its first solar farms in India and Poland.

The quantity of clean energy produced by the global renewable energy portfolio will be 50,000-gigawatt hours (GWh), or roughly 4.6 million residences in the United States.

The company now has 379 renewable energy projects in all, spread throughout 21 nations, including 154 wind and solar farms and 225 rooftop solar projects, totaling 18.5 GW of renewable energy capacity. By the end of 2021, the corporation has used 85% renewable energy throughout its operations.

Amazon: Time To Go In Big?

As the largest corporate consumer of renewable energy worldwide, Amazon currently has 379 renewable energy projects spread across 21 nations, including 154 wind and solar farms and 225 rooftop solar projects, totaling 18.5 GW of renewable energy capacity. The corporation had 85% renewable energy use across its entire business by the end of 2021.

Aiming to achieve net-zero carbon emissions by 2040—ten years before the Paris Agreement—Amazon co-founded The Climate Pledge in 2019. More than 375 companies have now signed the pledge, including Best Buy, IBM, Microsoft, PepsiCo, Siemens, Unilever, Verizon, and Visa. Additionally, Amazon has begun deploying 100,000 electric delivery vans across the United States, which is the largest order for such vehicles in history. Through The Climate Pledge Fund, the corporation is also contributing $2 billion to the creation of decarbonizing services and solutions.

AMZN stock price analysis

Amazon (NASDAQ:AMZN), one of the top large-cap growth tech companies, and rivals Nvidia (NASDAQ:NVDA) and Salesforce.com (NYSE:CRM) all had their shares drop on Tuesday, each down almost 3% in intraday trade, before recovering to losses of 1% to 2% as of 3:50 PM EDT.

The worst-hit companies this year have been technology growth firms that trade at relatively high multiples while the Federal Reserve raises interest rates in an effort to contain inflation.

Featured Image – Megapixl © Andreistanescu

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