Jeff Bezos’s $10 billion Earth Fund has ceased backing the Science Based Targets initiative (SBTi), a prominent climate standard setter, following growing scrutiny over the fund’s influence on the organization. The decision, first reported by Financial Times, marks a significant shift in Bezos’s climate strategy, and is seen as part of a broader effort to align with former US President Donald Trump. According to sources familiar with the decision, the Earth Fund’s withdrawal of support for the SBTi, which sets guidelines for companies like Apple and H&M to achieve credible “net-zero” status, came after concerns raised by SBTi staff about the fund’s influence.
This move follows reports from Financial Times detailing how both the Earth Fund and advisers to former US climate envoy John Kerry had pushed for the organization to allow companies more flexibility in using controversial carbon credits. Despite prior statements denying direct involvement in SBTi’s stance on carbon offsets, the Earth Fund’s decision to halt funding after December 2024 is seen as a response to Bezos’s desire to avoid alienating Trump, who has previously dismissed climate change as a hoax.
Bezos, like other major tech figures, has been working to strengthen his ties with the Trump administration, amid growing pressure on Big Tech companies concerning antitrust issues, corporate deals, and artificial intelligence. Sources indicated that Bezos’s relationship with the Trump camp has shifted, as the tech industry aims to secure regulatory advantages and relief.
In addition to Bezos’s decision, the SBTi also appears to be distancing itself from the influence of the Earth Fund. The climate body has been actively seeking to diversify its funding sources, according to individuals familiar with the matter. The Bezos Earth Fund had been a significant supporter of SBTi, contributing $18 million in 2021.
This break comes at a time when Andrew Steer, president of the Earth Fund, announced his resignation after nearly four years in the role. Steer praised Bezos and his partner, Lauren Sánchez, for their “consistent source of ideas, insight, and support” throughout his tenure. Steer had previously discussed the need to professionalize climate bodies and bridge the gap between environmental organizations and capitalist solutions, including the use of carbon markets.
Despite the shift in funding dynamics, the Earth Fund remains committed to its mission, while the SBTi has reiterated that its donors do not influence its processes in developing climate standards.
