On Thursday, Apple announced that it has created a $200 million fund to invest in forestry projects to help remove carbon from the atmosphere while also generating financial returns for its investors.
The Restore Fund will invest in forest properties that are managed to increase carbon removal and produce timber. The goal is to remove 1 million metric tons of carbon dioxide annually from the atmosphere.
The company says it will directly eliminate 75 percent of emissions from its supply chain and products by 2030, and the Restore Fund will help address the other 25 percent of its emissions. Apple’s partners in the Restore Fund include the nonprofit Conservation International and the Goldman Sachs group which will manage the fund.
In a statement Lisa Jackson, Apple’s vice president of environment, policy, and social initiatives said: “Through creating a fund that generates both a financial return as well as real, and measurable carbon impacts, we aim to drive broader change in the future — encouraging investment in carbon removal around the globe. Our hope is that others share our goals and contribute their resources to support and protect critical ecosystems.”
Apple also said that it will work with organizations such as the Forest Stewardship Council and Verra to help determine the projects in which it will invest.