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Amazon on Thursday announced the first companies to receive money from a $2 billion venture capital fund it formed to help combat climate change.

Axios Re:Cap digs into how Amazon hopes the fund will help achieve its goal of being carbon neutral by 2040, and whether the plan is more substance than spin, with Matt Peterson, Amazon's director of new initiatives and corporate development.

Go deeper

Exclusive: Slack goes solo for future-of-work VC fund

Illustration: Aïda Amer/Axios

Slack is earmarking $50 million from its balance sheet to launch a new venture capital fund aimed at broadening Slack-backed investments beyond its own platform.

Why it matters: This is Slack's first solo turn at the VC game after a $25 million fund in collaboration with several of its own investors. With the pandemic confining many workers away from in-person interactions, countless companies are having to navigate a new way to operate—and new workplace apps are in the spotlight like never before.

What Matters 2020

What makes the 2020 election historic for climate change

Photo Illustration: Sarah Grillo/Axios. Photo: J. Countess/Getty Images

Climate change is playing a larger — and more polarizing — role than ever before in a presidential election.

Why it matters: In the past, the topic barely registered with voters and candidates were less polarized. Today, all Democratic candidates are treating it as a crisis, with detailed plans and funding sources to address it, while President Trump ignores the problem and bashes those plans.

Updated 1 hour ago - Economy & Business

Tax season nightmare ahead for understaffed IRS

Illustration: Shoshana Gordon/Axios

The IRS will start accepting 2021 tax returns in less than a week, and the filing delays and administrative headaches to come might eclipse last year — which was “one of the worst filing seasons," according to an independent advocacy agency within the IRS.

Why it matters: For taxpayers, especially with complex or paper filings, this means headaches, delayed refunds, and mistakes.