apple inc AAPL said Tuesday it is expanding its Restore Fund and doubling its commitment to advance high-quality, nature-based carbon removal projects.

What happened: The Tim cook-led company said in a statement that the Restore Fund will now be additionally funded with a new investment and will have a new portfolio of “carbon removal projects”.

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Apple will invest up to an additional $200 million in the new fund, which will be managed by Climate Asset Management — a joint venture between HSBC Wealth Management And Pollination.

“The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet while aiming to deliver a financial return,” he said Lisa JacksonApple’s Vice President of Environment, Policy and Social Initiatives.

Apple’s three initial investments are in Brazil And Paraguay and aim to restore 150,000 acres of sustainably certified working forests and protect an additional 100,000 acres of native forests, grasslands and wetlands.

Why it matters: “The new portfolio also aims to remove a peak of 1 million tons of carbon dioxide per year while generating a financial return for investors,” Apple said.

Apple and Climate Asset Management are taking a “broadened” approach to potential projects, according to the company, combining two types of investments — near-natural agricultural projects and projects focused on preserving critical ecosystems.

Apple said it was already carbon neutral for its operations and last year urged its suppliers to become carbon neutral across the board business-related activities until 2030.

The original $200 million recovery fund was founded in April 2021 and focused on sustainable investments.

Price promotion: On Tuesday, Apple shares closed 0.8% lower at $160.80 in the regular session, gaining 0.1% according to after-hours trading Benzinga Pro data.

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