Apple Inc., the American multinational technology giant, has reportedly allocated USD 200 million to invest in forestry projects in order to help reduce carbon emissions while also ensuring financial returns for its investors.
The decision aims to eradicate around 1 million metric tons of carbon dioxide per year, sources claimed. Apple’s Restore Fund will reportedly invest in forest properties with the dual purpose of reducing carbon footprint as well as producing timber.
Apple had previously announced that it looks forward to being completely carbon neutral by the year 2030. The company intends to eliminate 75% of the carbon emitted during its production and supply chain processes, and the remaining 25% will be addressed by the Restore Fund.
Vice President of Environment, Policy and Social Initiatives at Apple, Lisa Jackson was quoted saying that by creating a fund that ensures both financial returns and reduced carbon impacts, the company aims to set high standards for the future by encouraging investments for carbon removal throughout the world.
She added that Apple hopes to influence others to share their goals and combine resources to protect and support critical ecosystems.
The company has also announced that it will be working with organizations such as Verra, and the Forest Stewardship Council to help determine investable projects. The fund’s target returns have not been disclosed, although Apple assured that it will unlock the potential of natural solutions by scaling the project in a manner that makes it a lucrative investment option for businesses.
The strategy of using forest plantations as a way of cutting down greenhouse emissions has been controversial so far. Last year, the World Economic Forum had launched an initiative to plant a trillion trees to cut down carbon emissions.
However, this initiative was based on a study that heavily exaggerated the impact of tree plantations on the environment.
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