Apple has launched a new environmental scheme to invest in forestry projects to remove carbon from the atmosphere.
The 200 million dollar (£145 million) Restore Fund will aim to remove at least a million metric tonnes of carbon dioxide annually from the Earth’s atmosphere – equivalent to the fuel used by 200,000 passenger vehicles.
The technology giant is working with Conservation International and Goldman Sachs on the project, which it says aims to accelerate natural solutions to climate change while also scaling up investment in forest restoration.
Apple said the scheme will form part of its efforts to become carbon neutral across its entire business by 2030.
“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.”
Conservation International will oversee the project and ensure it meets strict environmental and social standards.
“Investing in nature can remove carbon far more effectively — and much sooner — than any other current technology. As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions,” said chief executive Dr M Sanjayan.
“We are excited to build on our long-standing partnership with Apple and believe the groundbreaking approach with the Restore Fund will make a huge difference and benefit communities around the world with new jobs and revenue that support everything from education to healthcare.”