Apple in collaboration with the Conservation International and Goldman Sachs has announced a new green initiative to remove carbon dioxide from the atmosphere. The “Restore Fund” worth $200 million will remove at least 1 million metric tons of CO2 annually from the atmosphere that is equivalent to the amount of fuel used by 2000,000 vehicles.
The initiative will also come up with a viable financial model that can help scale up investment for the restoration of forests. Apple is also receiving a push from suppliers to use renewable and sustainable material for packaging its electronics products.
Apple in its green initiatives so far, claims that it has used 100 per cent responsibly sourced fibre in its packaging and as per the company it has already improved the management of more than a million acres of forest land globally.
Lisa Jackson, Apple’s vice president of Environment Policy said that with the “Restore Fund” Apple thrives to create a fund that generates measurable carbon impact and generated financial return and drive a broader change in future and encourage investment in carbon removal from the world. Calling nature the best tool to remove carbon from the atmosphere she urged other companies to contribute their resources to protect the critical ecosystem.
Apple aspires to become carbon neutral across its entire value chain by 2030 by directly eliminating 75 per cent of the emissions from its supply chain and products by the requisite time. With the Restore fund, Apple wants to meet its remaining 25 per cent target by removing carbon dioxide from the atmosphere.