One for the planet: Apple launches a $200 million restore fund to combat climate change
Apple has announced a new carbon removal initiative, called the Restore Fund, that is going to make investments in forestry projects to help remove carbon from the atmosphere while also generating financial returns for the investors. Launched in collaboration with Conservation International and Goldman Sachs, Apple's $200 million fund aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere. To do the math, 1 million metric tons of carbon dioxide is equivalent to the amount of fuel used by over 200,000 passenger vehicles.
“Nature provides some of the best tools to remove carbon from the atmosphere. Forests, wetlands, and grasslands draw carbon from the atmosphere and store it away permanently in their soils, roots, and branches,” said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives.
“Through creating a fund that generates both a financial return as well as real, and measurable carbon impacts, we aim to drive broader change in the future — encouraging investment in carbon removal around the globe. Our hope is that others share our goals and contribute their resources to support and protect critical ecosystems,” Jackson added.
This new fund is a part of Apple's broader goal to become carbon neutral across its entire value chain by 2030. While the company plans to directly eliminate 75% of emissions for its supply chain and products by 2030, this restore fund will help address the remaining 25% by removing carbon from the atmosphere. Just to take you back to some life science lessons, trees absorb carbon, and researchers have estimated that tropical forests hold more carbon than humanity has emitted over the past 30 years from burning coal, oil, and natural gas, despite ongoing deforestation.
To ensure that the carbon stored in forests is accurately quantified, and permanently locked out of the atmosphere, the fund will use international standards developed by recognised organisations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention, and will prioritise investments in working forests that improve biodiversity through the creation of buffer zones and natural set-asides.
Conservation International is a co-investor in the fund and is ensuring that this projects meet strict environmental and social standards, and Goldman Sachs is managing the fund. The three parties, Apple, Goldman Sachs and Conservation International, will identify new projects later this year.
Additionally, Apple recently announced that 110 of its manufacturing partners are moving to 100% renewable energy for the production of the Apple devices. Apple's customers can also take part in supporting these efforts - feach Apple Pay purchase made from now through Earth Day (April 22), Apple will make a donation to Conservation International to support its efforts to preserve and protect the environment.