Amazon (AMZN -0.17%) has set bold climate goals. It wants to power 100% of its operations with renewable energy by 2030. It also wants to reach net-zero carbon emissions by 2040. 

The company can't reach those goals alone. That's leading it to partner with Brookfield Asset Management (BN 1.31%), a leading alternative asset manager focused on renewable energy, real estate, infrastructure, and business services. The win-win partnership can help Brookfield accelerate its digital transformation while keeping Amazon on track to reach its renewable energy goals five years ahead of schedule.

Bringing Brookfield into the digital age

Brookfield Asset Management has selected Amazon Web Services (AWS) as its preferred cloud provider. The agreement can accelerate the alternative-asset manager's digital transformation into a more data-driven company. 

Brookfield has migrated its legacy systems to AWS. It's also using AWS' analytics, containers, Internet of Thingsmachine learning, and storage capabilities. The partnership will enable Brookfield to modernize its technology infrastructure, optimize its operations, and boost its innovation.

By working with AWS, Brookfield consolidated 40 petabytes of data (equivalent to 20 million filing cabinets filled with information). In bringing all its information together, Brookfield can optimize facility operations, increase production, and improve equipment performance. It is also using Amazon's machine learning and analysis capability to manage complex transactions, improve asset returns, and reduce operating costs. 

The AWS partnership will also help improve employee safety. For example, Brookfield is working with AWS partner Blackline Safety (BLKL.F) to provide real-time employee safety monitoring at three U.S. hydroelectric sites. Workers use Blackline's G7 wearable safety devices, which rely on an Amazon service for data processing. 

Brookfield will also be able to improve the operations of the businesses it owns and manages, which will help enhance their profitability and investment returns. That should benefit investors in Brookfield's funds and its shareholders over the long term.

Accelerating Amazon's climate goals

In addition to the agreement with AWS, Brookfield's subsidiary, Brookfield Renewable (BEPC 2.63%) (BEP 2.22%), will provide 601.6 megawatts of wind and solar energy capacity to Amazon's operations in Europe, North America, and India. It's the equivalent of powering 120,000 homes in the U.S. each year.

That can keep Amazon on track to achieve 100% renewable-powered operations by 2025, five years ahead of its original commitment. It would also keep the company on pace to reach net-zero carbon emissions by 2040.

The company ended last year with 85% of its power coming from renewable sources. It will eventually need to generate 50,000 gigawatt-hours of clean energy to reach its target, which is enough to power 4.6 million average American homes each year. 

Brookfield Renewable is playing a vital role in supporting Amazon's sustainability initiatives. Last year, the company signed a strategic collaboration agreement with Amazon to develop new renewable energy projects supported by power purchase agreements. That deal enabled it to move forward with construction on projects that can help drive Brookfield's growth in the coming years. They are also crucial to helping Amazon meet its renewable energy targets. 

Agreements like those with Amazon and other corporate and utility buyers have Brookfield Renewable on track to grow its earnings at a more than 10% annual rate through at least 2027. That can give the clean energy producer the power to increase its high-yielding dividend at a 5% to 9% yearly pace in the coming years. 

A winning partnership

Amazon's partnership with Brookfield should benefit everyone involved. Amazon is helping accelerate Brookfield's digital transformation while Brookfield Renewable is empowering the tech giant to achieve its renewable energy target more quickly. The partnership should also save these companies money in the long run, enhancing their profitability. That bolsters the bull case for these stocks, which continue to look like attractive long-term investments.