Apple Inc. said that it has doubled its financial contribution to the fund it had set up two years prior to invest in initiatives to reduce atmospheric carbon.

The Restoration Fund, which the iPhone manufacturer established in 2021 with a $200 million commitment, will receive up to an extra $200 million in investment, according to the company.

The additional funding is anticipated to assist the fund in launching new initiatives and advancing its previously stated objective to remove around 1 million metric tons of carbon dioxide annually, the business said.

By 2030, Apple hopes to achieve carbon neutrality throughout its entire supply chain and product lifecycle.

Apple created the Restore Fund to promote international investment in crucial ecosystem protection, restoration, and scaling up natural carbon removal technologies. This strategy aids in addressing leftover emissions that companies cannot currently eliminate or minimize using current technologies.

Apple, which is already carbon neutral for its corporate operations, requested last year that all of its suppliers, including all of their direct and electricity-related emissions, commonly known as Scope 1 and Scope 2, become carbon neutral for all Apple-related operations by 2030. This objective will be met through high-quality carbon removals, which will compensate for any direct emissions that cannot be avoided or reduced. The first step in reducing emissions is for suppliers to switch to renewable energy, boost energy efficiency, and stop direct emissions. Apple revealed earlier this month that over 250 manufacturing partners have committed to running all of their Apple production on renewable energy by 2030.

The fund, which was formed with the assistance of the non-profit Conservation International and Goldman Sachs Group Inc., has invested in forest holdings in Brazil and Paraguay during the past two years.

According to Apple, Climate Asset Management, a partnership between HSBC Asset Management and Pollination, will be in charge of managing the expanded fund.

"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.