Apple has set up a $ 200 million fund to invest in forestry projects to help remove carbon from the atmosphere while generating financial returns for its investors, the company said Thursday. The Restore Fund will invest in forest properties that are managed to increase carbon removal and produce wood. The goal is to remove 1 million tons of carbon dioxide from the atmosphere every year.
Apple said last year it wants to eliminate its contributions 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 help the Restore Fund tackle the other 25. percent of its emissions. Apple’s partners in the Restore Fund are the non-profit Conservation International and the Goldman Sachs group that will manage the fund.
“By establishing a fund that generates financial returns as well as real and measurable carbon impact, we want to drive broader change in the future by encouraging investment in carbon removal around the world,” said Lisa Jackson, vice president Apple’s environment, policies and social initiatives, it said in a statement. “We hope others share our goals and contribute their resources to support and protect critical ecosystems.”
Apple said it will work with organizations such as the Forest Stewardship Council and Verra to help determine which projects it will invest in. The company did not say what the fund’s intended return would be, but said it would “unlock the potential of these natural solutions by scaling it up in a way that makes it attractive to companies.”
There is some controversy over the strategy of using forests to offset greenhouse gas emissions. The World Economic Forum launched an initiative last year to plant a trillion trees to reduce emissions. But his effort cited a study that highly overrated the impact such an effort would have on the environment, researchers later discovered.