iPhone maker Apple on Thursday announced a carbon removal initiative - Restore Fund - that will 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 USD 200 million fund aims to remove at least one million metric tons of carbon dioxide annually from the atmosphere, equivalent to the amount of fuel used by over two lakh passenger vehicles while demonstrating a viable financial model that can help scale up investment in forest restoration, a statement said.
"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," Apple vice president of Environment, Policy, and Social Initiatives Lisa Jackson said.
Through creating a fund that generates both a financial return as well as real, and measurable carbon impacts, the aim is to drive broader change in the future - encouraging investment in carbon removal around the globe, Jackson added.
"Our hope is that others share our goals and contribute their resources to support and protect critical ecosystems," Jackson said.
This effort is part of Apple's broader goal to become carbon neutral across its entire value chain by 2030. While the company will directly eliminate 75 per cent of emissions for its supply chain and products by 2030, the fund will help address the remaining 25 per cent of Apple's emissions by removing carbon from the atmosphere, the statement said.
Yuto and CCL, suppliers in India, are supporting Apple's efforts to use renewable and sustainably managed materials in its packaging.
Conservation International is a co-investor in the fund and is ensuring that projects meet strict environmental and social standards. Goldman Sachs is managing the fund. The three parties will identify new projects later this year.