Apple launches $200 million dollar Restore Fund
- Apple plans to remove 1 million metric tons of carbon dioxide from the atmosphere, annually, with this fund.
- The Restore Fund will aid towards Apple’s goal of becoming carbon neutral across their business by 2030.
- Since 2017, 100% of the virgin wood fibre in Apple’s packaging has come from responsible sources.
Today, Apple has announced a $200 million fund to help remove 1 million metric tons of carbon dioxide from the atmosphere, annually. 1 million metric tons is the equivalent to the amount of fuel used by 200,000 passenger vehicles. Apple is calling this the ‘Restore Fund’ and the project is a brand new and first-of-its-kind carbon removal initiative. The project will also generate a financial return for investors. The fund was launched with Conservation International and Goldman Sachs.
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 ... 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— said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives.
The Restore Fund will aid towards Apple’s goal of becoming carbon neutral across their business by 2030. Apple must make sure that the carbon stored in forests is being correctly quantified and indefinitely being locked out of the atmosphere. The Restore Fund will use rigorous international standards developed by reputable organisations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention. They will focus on improvements of biodiversity through the creation of buffer zones and natural set-asides.
Apple is proud to be carbon neutral & by 2030 our products and manufacturing will be too. We take a new step today with a $200M fund to invest in working forests, one of nature’s best tools to remove carbon.🌳🌎 https://t.co/HCWyE0vbIF
— Tim Cook (@tim_cook) April 15, 2021
Co-investor Conservation International is ensuring that the project meets very strict environmental and social standards. The company managing the funds will be Goldman Sachs. Apple, Conservation International and Goldman Sachs will identify new projects later in 2021.
Innovation is core to Apple’s approach to climate solutions, and Goldman Sachs is proud to partner with them and Conservation International ... We all agree that the urgency of climate transition requires private capital to work alongside new and established efforts aimed at sustainably removing carbon from the atmosphere with rigor and high standards. We believe launching this fund can catalyze significant additional investment capital for climate impact. — said Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs.
Apple has always focused on the environment and even more so in recent years. Since 2017, 100% of the virgin wood fibre in Apple’s packaging has come from responsible sources. Also, Apple partnered with Conservation International in 2018 as well as local government and conservation organizations in Colombia to protect and restore a 27,000-acre mangrove forest.
In their latest release, the iPhone 12, now comes in packaging that comprises 93% of fibre-based materials. The 93% is partly made up of the fibre-based screen cover that you look forward to peeling away from the screen when you first open your new iPhone. Removing the charging plug from the box has also reduced packaging in an effort to achieve their environmental goals.
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