Apple Inc said on Tuesday it doubled its financial commitment to a fund it had established two years ago to invest in projects that remove carbon from the atmosphere.
The iPhone-maker said it will invest up to an additional $200 million (roughly Rs. 16,408,600) in its Restore Fund, which was created in 2021 with an initial $200 million (roughly Rs. 16,408,600) commitment.
The additional investment is expected to help the fund start new projects and double its previously stated goal to remove about 1 million metric tons of carbon dioxide per year, the company said.
Apple is making efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030.
The fund, launched with Goldman Sachs Group Inc and nonprofit Conservation International, has invested in forest properties in Brazil and Paraguay in the last two years.
The expanded fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination, Apple added.
"The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return," said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives.
© Thomson Reuters 2023
Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts. Affiliate links may be automatically generated - see our ethics statement for details.
For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2024 hub.