DETROIT — General Motors is doubling its investment to its Climate Equity Fund — part of a strategy to create equitable climate action — to $50 million.
The fund is designed to help close equity gaps in the transition to electric vehicles. GM has said it will invest $35 billion in electric and autonomous vehicle development and launch 30 EVs globally through 2030. The automaker also plans to have more than 1 million units of EV capacity in North America through 2025. To achieve that goal, GM leaders have said that building EVs across various segments and price points and expanding access to EV charging will be crucial.
GM plans to launch a Chevrolet Equinox EV starting at $30,000 next year, followed by a lower-priced Chevy EV. In April, GM said it would partner with seven major charging companies to help customers locate and pay for EV charging through its vehicle mobile apps.
The automaker established the Climate Equity Fund eight months ago. Since then, GM has supported 21 nonprofit organizations that are implementing solutions for a zero-emissions future, the automaker said in a statement Monday.
GM has outlined three climate equity social outcomes that guide the fund’s contributions: support of clean energy jobs, access to sustainable transportation and climate action at the community level.
“As the effects of climate change take hold across the globe, it has never been more urgent to ensure inclusion and equity guide our sustainable solutions,” Kristen Siemen, GM chief sustainability officer, said in a statement. “Doubling our Climate Equity Fund will help meet this urgency with deepened engagement at the community level, where we believe our support will have the greatest impact in accelerating the transition to an inclusive zero-emissions future.”