Apple Inc. and Goldman Sachs launched a $200 million fund Thursday aimed at removing carbon from the atmosphere through investing in forestry projects, while "generating a financial return for investors."
The "Restore Fund" will focus on trying to remove at least 1 million metric tons of carbon dioxide each year from the atmosphere by investing in forestry projects. This amount of carbon dioxide is equivalent to the fuel used by more than 200,000 passenger vehicles.
The projects, which will be announced later this year, will "ensure that the carbon stored in forests is being accurately quantified, and permanently locked out of the atmosphere," according to Apple.
Nature offers some of the "best tools" to help remove carbon by drawing it straight from the atmosphere and permanently storing it in soils, roots and branches, according to Apple vice president of environment, policy, and social initiatives, Lisa Jackson.
In fact, it's been estimated that tropical forests hold more carbon than humanity has emitted over the past 30 years from burning coal, oil, and natural gas despite deforestation efforts, Apple said.
The latest announcement will help Apple accomplish its broader goal, announced in July, to become 100% carbon neutral across its entire business by 2030.
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Apple will directly eliminate 75% of emissions for its supply chain and products by 2030. The fund, however, will be used to address the remaining 25% of the company's emissions.
Conservation International will co-invest in the fund to make sure projects "meet strict environmental and social standards." Meanwhile, Goldman Sachs will manage the fund.
"We all agree that the urgency of climate transition requires private capital to work alongside new and established efforts aimed at sustainably removing carbon from the atmosphere with rigor and high standards," said Dina Powell, Goldman Sachs' global head of sustainability and inclusive growth.
In launching the fund, Powell said Goldman will be able to "catalyze significant additional investment capital for climate impact."
The announcement comes on the same day as JPMorgan Chase announced its own $2.5 trillion commitment over the course of the next decade to further develop solutions that address climate change and contribute to sustainable development.
"Climate change and inequality are two of the critical issues of our time, and these new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities," JPMorgan Chase CEO Jamie Dimon said.