More than a dozen top tech companies and U.S. businesses have committed $140 billion to combat climate change, according to the International Business Times (IBT). These 13 companies announced their investment pledges at the White House on July 27, 2015, signaling the launch of the American Business Act on Climate Pledge, according to a White House fact sheet.

Apple, Bank of America, Berkshire Hathaway, Coca-Cola, General Motors, Goldman Sachs, Google, Microsoft, PepsiCo and Walmart invested to shrink their carbon footprints. The climate pledge funds will be used to cut emissions, finance environmentally focused companies, produce 1,600 megawatts of renewable energy and reduce water consumption, according to the IBT. This is enough energy to power about 1.3 million homes.

The American Business Act on Climate Pledge was created in preparation of global climate negotiations to take place in Paris this December. The Obama administration will support a climate-change agreement in Paris that includes a strong push toward a low-carbon, sustainable future. 

This investment is part of the Obama administration’s focus on increasing private companies’ dedication to fighting climate change. This fall, the administration will release a second round of pledges. Once the president’s Climate Action Plan is fully implemented, it will reduce nearly 6 billion tons of carbon pollution through 2030.