Major companies pledge $140B to help combat climate change
The American Business Act on Climate Pledge is a new initiative by the White House, and 13 major U.S. companies are rallying behind the plan.
The list includes the holy trinity of tech companies, Apple, Google and Microsoft; both major soda companies, Coca-Cola and PepsiCo; and the world's largest company by revenue, Wal-Mart.
According to the White House, the overall goal of the plan is to "increase energy efficiency, boost low-carbon investing, and make solar energy more accessible."
In more specific terms, more than $140 billion will be invested in new low carbon ventures and these companies will produce more than 1,600 megawatts of new renewable energy.
All of the companies involved have made different pledges and picked their own timelines for getting the job done. Apple, for example, says it plans to bring an estimated 280 megawatts of clean power generation online by the end of 2016.
On the other hand, metals company Alcoa is giving itself until 2025 to reduce its greenhouse gas emissions by 50 percent in the U.S.
This comes ahead of the landmark United Nations conference on climate change at the end of this year in Paris. Many believe President Obama is working to position the U.S. as a leader on the issue by committing to a 28 percent reduction in carbon emissions by 2025.
TIME points out as great as this initiative could be, "The list of companies notably lacks an oil company, and it remains to be seen whether one will join."
According to the White House, another round of similar pledges is expected to be announced later this fall.