Apple, which unveiled plans to become carbon neutral across its entire business by 2030, renewed its pledge towards environment by announcing a first-of-its-kind carbon removal initiative in the form of a $200 million Restore Fund.
The Fund, launched together with bank Goldman Sachs and green NGO Conservation International, will make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors.
The Restore Fund aims to remove, equivalent to the amount of fuel used by over 200,000 passenger vehicles, while demonstrating a viable financial model that can help scale up investment in forest restoration
The company plans to directly eliminate 75 per cent of the emissions across its supply chain and projects by 2030. The Restore Fund would also help to address the remaining 25 per cent of supply chain emissions by removing at least one million metric tonnes of carbon dioxide each year.
The three partners plan to identify the first new projects supported through the fund later this year, but Apple said it would prioritise investments in working forests that improve biodiversity through the creation of “buffer zones and natural set asides”.
“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, vice president of environment, policy, and social initiatives, Apple.
“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.”
Apple has been working with Conservation International for several years, including on a project to protect and restore a 27,000-acre mangrove forest in Colombia, as well as protecting the coastline. The two organisations have also previously worked together on efforts to restore Kenya’s degraded savannas, which they claim could help remove hundreds of millions of tonnes of CO2 each year.
A co-investor in the fund, Conservation International will be responsible for ensuring the chosen projects meet all environmental and social standards developed by organisations such as the UN Climate Convention.
“As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions,”said Dr M Sanjayan, CEO, Conservation International.
“We are excited to build on our long-standing partnership with Apple and believe the groundbreaking approach with the Restore Fund will make a huge difference and benefit communities around the world with new jobs and revenue that support everything from education to healthcare.”
Since 2017, 100% of the virgin wood fiber used in Apple’s packaging has come from responsible sources. This represents the company’s first closed-loop material as part of its goal to one day make products using only recycled or renewable materials.
Progress to this goal has involved steady innovations in sustainable packaging. Apple’s newest iPhone 12 lineup now arrives to customers in packaging that comprises 93% fiber-based materials. This includes the fiber-based screen cover that protects the display, replacing the standard plastic film for the first time.
