Apple said it will invest up to $200 million (€167 million) in a sustainable forestry effort that will invest directly in working forests around the world with the aim of removing 1 million metric tonnes of carbon from the the atmosphere annually.
The Restore Fund will invest in projects that focus on restoring woodlands and protecting habitats. It will work with US non profit Conservation International and Goldman Sachs, identifying suitable projects that will not only have an environmental impact but also generate a financial return for investors.
"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."
The fund, which will include investments in forests in Europe, will also help the company to boost its environmental credentials. Apple is targeting carbon neutrality by 2030, reducing emissions in the manufacture of its devices, extending the life of its devices, changing packaging to more sustainable options and using an increasing amount of recycled materials in its devices.
The company is aiming to eliminate 75 per cent of its emissions from its supply chain and products. The Restore Fund is aimed at addressing the remaining 25 per cent of Apple’s emissions by removing carbon from the atmosphere.
Apple has previously worked with Conservation International on the protection and restoration of a mangrove ecosystem in Colombia and savanna in Kenya.