Apple is launching a new initiative that will make investments in forestry projects to remove carbon from the atmosphere.
According to a new press release from the Cupertino company, Apple has announced a carbon removal initiative — called the “Restore Fund” — designed to make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors.
Launched with Conservation International and Goldman Sachs, Apple’s $200 million USD fund aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere, equivalent to the amount of fuel used by over 200,000 passenger vehicles, while demonstrating a viable financial model that can help scale up investment in forest restoration.
“Nature provides some of the best tools to remove carbon from the atmosphere. Forests, wetlands, and grasslands draw carbon from the atmosphere and store it away permanently in their soils, roots, and branches,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives.
“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.”
Co-investor Conservation International will ensure projects meet environmental standards laid out by the likes of the UN and the Intergovernmental Panel on Climate Change, while Goldman Sachs will manage the fund.
The three parties will identify new projects later this year. The fund will prioritize investments in working forests that improve biodiversity through the creation of buffer zones and natural set-asides.
“Investing in nature can remove carbon far more effectively — and much sooner — than any other current technology,” said the CEO of Conservation International, M. Sanjayan. “As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions.”
This announcement comes as part ofto become carbon neutral by 2030.