American technology giant, Apple, today announced a $200 million Restore Fund for investments in forestry projects. The company is partnering with American non-profit Conservation International and Goldman Sachs for the project, which Apple claims will remove 1 million metric tons of carbon dioxide from the Earth’s atmosphere, equivalent to the amount of fuel used by over 200,000 passenger vehicles.
“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,” said Lisa Jackson, Vice President of Environment, Policy and Social Initiatives at Apple.
The project, which is a first of its kind initiative, is part of Apple’s overall pledge to reach 100% carbon neutrality by 2030. The company said it will “directly eliminate” 75% of emissions from its supply chain, while the fund accounts for the remaining 25%. Conservation International is a co-investor in the fund.
Apple had also announced, last month, that all of its manufacturing partners have joined the company’s drive to become carbon neutral by 2030. This includes Apple’s manufacturers in India, who will be moving to 100% renewable energy for producing Apple’s products. The company’s partners have 8 gigawatts of planned clean energy, which is set to come online by 2030. CCL Industries Incorporated and Shenzhen YUTO Packaging Technology Co. Ltd., two of Apple’s suppliers in India, also use renewable material for packaging the company’s products.
The iPhone maker isn’t the only one that’s announcing initiatives to cut carbon emissions either. Social media giant, Facebook, announced a partnership with clean energy firm CleanMax today, for a 32MW wind power project in Karnataka. CleanMax will own and operate the project, while Facebook buys the power off the grid. The company also said it has reached its 100% renewable energy and net zero emissions goals for its global operations.