Microsoft is to nearly double its internal carbon price to $15 (£11.5) per metric tonne on all carbon emissions.
The technology giant says its carbon fee mechanism was originally implemented to hold its business divisions financially responsible for reducing their carbon emissions.
It says the new rate will reflect the environmental cost of fossil fuels, help fund its carbon neutrality projects and be used to develop a range of sustainable technologies for the future.
At its headquarters in Washington, the firm has started work to construct 17 new fossil fuel-free buildings and run the entire campus on 100% carbon-free electricity.
It says it is reducing the amount of carbon associated with the buildings’ construction materials by at least 15%, with a goal of reaching 30%.
It has also announced it is on track to power its data centres with 60% renewable energy before the end of the year and unveiled a new target to surpass a 70% level by 2023.
Microsoft added: “We will also add water to our long-standing carbon and energy commitments, launching a new water replenishment strategy where we will replace what our operations consume in water-stressed regions by 2030.”
Microsoft recently signed a new five-year agreement to buy hydropower for its campuses in Washington.