Apple has expanded its Restore Fund, a program the company first unveiled in 2021 to fight climate change via carbon removal projects.

Apple launched the Restore Fund in 2021 with a commitment up to $200 million. The fund was launched with Conservation International and Goldman Sachs. Apple is now expanding the fund, adding an additional $200 million commitment.

As part of the expansion, Apple will invest up to an additional $200 million in the new fund, which Climate Asset Management — a joint venture of HSBC Asset Management and Pollination — will manage. The new portfolio also aims to remove 1 million metric tons of carbon dioxide per year at its peak while generating a financial return for investors. For Apple suppliers that become partners in the fund, it will also offer a new way for them to incorporate high-impact carbon removal projects as they decarbonize.

“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. “The path to a carbon neutral economy requires deep decarbonization paired with responsible carbon removal, and innovation like this can help accelerate the pace of progress.”

Apple says it is taking a unique approach to its funding initiative, using two different types of investments:

Apple and Climate Asset Management are taking a broadened approach with prospective projects, pooling two distinct types of investments: nature-forward agricultural projects that generate income from sustainably managed farming practices and projects that conserve and restore critical ecosystems that remove and store carbon from the atmosphere. This unique blended fund structure aims to achieve both financial and climate benefits for investors while advancing a new model for carbon removal that more fully addresses the global potential for nature-based solutions. All Restore Fund investments are subject to rigorous social and environmental standards.

Apple touts this latest effort as another step in its goal “to become carbon neutral for its entire supply chain and life cycle of every product by 2030.”