In recent news, Apple has created a $200 million dollar fund to invest in environmental projects to eliminate carbon and to ensure that the company becomes carbon neutral by 2030. Dubbed as ‘The Restore Fund’, the program will invest in forestation which will reduce the effects of carbon and produce timber.
Apple had mentioned this last year that they aim to bring about climate change by eliminating 75 percent of emissions from its supply chain and products by 2030. The remaining 25 percent will be overseen through the Restore Fund. This fund is supported by the nonprofit Conservation International and the Goldman Sachs Group which will manage the fund.
According to Lisa Jackson, Vice President of environment, policy, and social initiatives at Apple:
“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.”
Moreover, the Cupertino-based company has mentioned that it will work alongside organizations such as the Forest Stewardship Council and Verra to help determine the projects in which it will invest. It is expected that other tech giants will most likely opt for the same route to ensure sustainability from the environmental perspective.