Apple announced on Thursday that it has set up a $ 200 million fund to invest in forestry projects to help reduce the amount of carbon in the atmosphere and generate financial returns for its investors. Apple Restore Fund, the Renewal Fund, will invest in forest properties that succeed in increasing carbon removal and producing wood. The goal is to remove 1 million tons of carbon dioxide from the atmosphere every year.
Apple had stated last year that it wants to eliminate its contribution to climate change and become climate neutral by 2030. 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 drive 25 percent of other emissions. percentage of emissions. Apples Partners in the Restore Fund include the non-profit Conservation International and the Goldman Sachs group, which will manage the fund.
“By creating a fund that generates financial returns as well as real and measurable carbon impacts, we are striving for greater change in the future – by encouraging investment in carbon removal globally,” said Lisa Jackson, Apples vice president of environment, policy and social initiatives. said. “We hope others will share our goals and contribute resources to support and protect critical ecosystems.”
There is some debate about the strategy of using forests as a way to offset greenhouse gas emissions. The World Economic Forum launched an initiative last year to plant a trillion trees to reduce emissions. However, the researchers later revealed that this effort was the result of a study that greatly exaggerated the environmental impact of such an effort.