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Illustration: Sarah Grillo/Axios

Package giant FedEx said on Wednesday it hopes to become carbon-neutral across operations by 2040 and pledged $2 billion of "initial investments" toward the goal.

Why it matters: Flying and driving heavy stuff all over the place — FedEx says it's the world's largest cargo airline — has a substantial carbon footprint.

  • Amazon, which overlaps with FedEx in some ways, announced a target of net-zero by 2040 in 2019.

How it works: FedEx said one focus will be electric vehicles.

  • It hopes to have its parcel pickup and delivery fleet fully electrified by 2040, with interim goals like making 50% of new vehicle purchases electric by 2025.
  • Elsewhere, it's emphasizing less polluting aviation fuels, more efficient planes, making its thousands of buildings more efficient and buying more renewable power.

The intrigue: FedEx is also looking to expand the use of natural carbon sequestration systems.

  • It's giving Yale University $100 million to launch the Yale Center for Natural Carbon Capture that the school unveiled this morning.
  • The center aims to "develop interventions that enhance the Earth’s abilities to store carbon and other methods that model natural processes," the announcement states.

How it works: Natural carbon sequestration means a lot of things. The announcement notes areas like...

  • Increasing CO2 update via practices like protecting growing new forests, more efficient photosynthesis, soil and farm management techniques, boosting earth's natural CO2 absorption in rock formations, and more.

Go deeper

Updated 25 mins ago - World

Over 70 dead in worst bombardments between Israel and Hamas for years

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the fasting month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Israeli forces said they had killed a senior Hamas commander in May 12 airstrikes. Gaza's health ministry said children died in the strikes. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 67 Palestinians and seven Israelis have been killed in fighting between Israel's military and Hamas since Monday, per Reuters.

The big picture: The worst aerial exchanges of fire between Israel and Hamas since 2014 continued into early Thursday. It comes days after escalating violence in Jerusalem that injured hundreds of Palestinians and several Israeli police officers during protests over the planned evictions of Palestinian families from their homes.

Biden admin grants Colonial waiver to ease fuel shortages

Fuel tanks at Colonial Pipeline Baltimore Delivery in Baltimore, Maryland on Monday. Photo: Jim Watson/AFP via Getty Images

The Biden administration approved a temporary waiver of shipping requirements late Wednesday to help Colonial Pipeline transport fuel, as service resumes across the U.S. following a ransomware attack that that took it offline last week.

Why it matters: The century-old Jones Act requires ships to be built in the U.S. and crewed by American workers, but the waiver means foreign companies can transport gasoline and diesel to areas where there are fuel shortages.

Updated 4 hours ago - Politics & Policy

Don McGahn agrees to closed-door interview with House panel on Russia report

Former White House counsel Don McGahn during a discussion at the NYU Global Academic Center in Washington, D.C., in 2019. Photo by Alex Wong/Getty Images

Former White House counsel Don McGahn agreed Wednesday to speak with the House Judiciary Committee about former President Trump's alleged attempts to obstruct the Russia investigation — with certain conditions, per a court filing.

Why it matters: The agreement ends a two-year standoff after McGahn, a key player in former special counsel Robert Mueller's investigation, repeatedly refused to agree to a subpoena for testimony — resulting in the matter being taken to court.