Apple has created a $ 200 million fund to invest in forest projects to help remove carbon from the atmosphere, as well as generating financial returns for its investors, the company said on Thursday. The Recovery Fund will invest in forest facilities that have managed to increase carbon emissions and produce wood. The goal is to remove 1 million metric tons of carbon dioxide from the atmosphere each year.
Last year, Apple said it wants to eliminate its contribution to climate change and become carbon neutral by 2030. The company says it will directly eliminate 75 percent of emissions from its supply chain and products by 2030, and the Recovery fund will help address the other 25 percent of its emissions. Apple's partners in the Recovery Fund are the non-profit organization Conservation International and the Goldman Sachs Group, which will manage the fund.
"By creating a fund that generates both financial returns and real and measurable carbon impacts, we aim to drive broader change in the future - encouraging investment in carbon removal around the world," Lisa Jackson, Apple's vice president of environment, policy, and social initiatives, said in a statement. "We hope that 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 identify projects it will invest in. The company did not say what the fund's revenue target would be, but said it would " unlock the potential of this natural solution by scaling it in a way that makes it attractive to businesses."
There is some debate around the strategy of using forests as a way to offset greenhouse gas emissions. Last year, the World Economic Forum launched an initiative to plant a trillion trees to reduce emissions. But his efforts led to a study that significantly overestimated the impact such efforts would have on the environment, the researchers later found.