Amazon founder Jeff Bezos announced that he would be launching the eponymous “Bezos Earth Fund” and pledging $10 billion—or about 8 percent of his worth—to fund individuals and groups working to fight against climate change. “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,” Bezos wrote in an Instagram post Monday. “This global initiative will fund scientists, activists, NGOs—any effort that offers a real possibility to help preserve and protect the natural world.” Bezos said the fund would start issuing grants this summer.

The New York Times reported that the fund would not be connected to Amazon, and would provide donations—rather than investments from which Bezos could profit. According to the newspaper, Bezos would still retain his title as the world's richest man even if he forked over the whole $10 billion right now. Bezos also committed his company to reducing its carbon footprint late last year, after Amazon emitted about 44.4 million metric tons of carbon dioxide in 2018.