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Updated April 16th, 2021 at 20:47 IST

Apple launches one of a kind $200 million forest fund to remove carbon from atmosphere

Apple Inc on April 15 announced a one-of-a-kind $200 million ‘Restore Fund’ to make investments in the forestry projects and contributing to removing carbon.

Reported by: Aanchal Nigam
Apple
Image credits: AP/Unsplash | Image:self
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Apple Inc on April 15 announced a one-of-a-kind $200 million ‘Restore Fund’ to make investments in the forestry projects and contributing to removing carbon from the atmosphere along with generating financial returns for the company’s investors. The American multinational technology company has launched the fund in partnership with Conservation International and Goldman Sachs and according to the official statement, it is expected to have the first projects later this year. 

Apple said, “Launched with Conservation International and Goldman Sachs, Apple’s $200 million fund aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere, equivalent to the amount of fuel used by over 200,000 passenger vehicles, while demonstrating a viable financial model that can help scale up investment in forest restoration.”

Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives said in a statement on Thursday that nature has some of the “best tools” to remove the greenhouse gas, Carbon from the environment including forests, wetlands, and grasslands. These ‘tools’ store carbon in the soils, roots and branches and takes the gas ‘permanently away’ from the atmosphere. 

“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.

“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,” she added.

‘Investing in nature’

In the joint press release, Dr. M. Sanjayan, CEO of Conservation International noted that ‘investing in nature’ can remove the carbon “more effectively” from the environment especially when climate crisis has escalated in recent years. He said, “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.”

“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,” he added.

Image credits: AP/Unsplash

 

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Published April 16th, 2021 at 20:47 IST

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