Apple on Thursday announced a $200 million fund to invest in timber-producing commercial forestry projects, with the goal of removing carbon from the atmosphere while also generating profit. The Restore Fund, launched in partnership with Conservation International and Goldman Sachs, expected to have its first projects targeted later this year.
“Nature provides some of the best tools to remove carbon from the atmosphere,” Apple vice president of environment, policy, and social initiatives Lisa Jackson said in a statement. “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.” Forests draw in carbon from the air, storing it away and stopping the gas from contributing to climate change.
The fund aims to remove one million metric tons of carbon dioxide annually from the atmosphere, equal to the amount spewed by more than 200,000 passenger vehicles. Apple said last year it would become carbon neutral by 2030 for all its operations, including manufacturing. The California-based iPhone maker said its goal was to have no climate impact for all its devices sold.
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“Investing in nature can remove carbon far more effectively and much sooner than any other current technology,” Conservation International chef executive M. Sanjayan said in a joint release. “As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions,” he added.