Amazon founder and CEO Jeff Bezos, who is also currently the world's richest man, announced on Monday that he was committing $10 billion to start a new fund, which will be called the Bezos Earth fund, to combat the effects of climate change.

Jeff Bezos informed the same through a post on Instagram, claiming that the effort will fund scientists, activists and non-governmental organizations. With an estimated net worth of approximately $130 billion, the entrepreneur has decided to contribute 7.7 percent of his wealth for the cause. His post on Instagram read, "Today, I'm thrilled to announce I am launching the Bezos Earth Fund. Climate change is the biggest threat to our planet. I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share."

He further added, "This global initiative will fund scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world. We can save Earth. It's going to take collective action from big companies, small companies, nation states, global organizations, and individuals. I'm committing $10 billion to start and will begin issuing grants this summer. Earth is the one thing we all have in common — let's protect it, together. - Jeff."

Despite supporting Bezos' move, Amazon's employees have expressed concern over the company's support of the oil and gas industry. A statement from the group read, "We applaud Jeff Bezos' philanthropy, but one hand cannot give what the other is taking away. The people of Earth need to know: When is Amazon going to stop helping oil & gas companies ravage Earth with still more oil and gas wells."

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Today, I’m thrilled to announce I am launching the Bezos Earth Fund.⁣⁣⁣ ⁣⁣⁣ Climate change is the biggest threat to our planet. I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share. This global initiative will fund scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world. We can save Earth. It’s going to take collective action from big companies, small companies, nation states, global organizations, and individuals. ⁣⁣⁣ ⁣⁣⁣ I’m committing $10 billion to start and will begin issuing grants this summer. Earth is the one thing we all have in common — let’s protect it, together.⁣⁣⁣ ⁣⁣⁣ - Jeff

A post shared by Jeff Bezos (@jeffbezos) on Feb 17, 2020 at 10:00am PST