Today Apple announced its first steps to carbon removal initiative called “Restore Fund” which makes investments in forestry projects to remove carbon from the atmosphere.
Apple’s $200 million funds, which was launched in collaboration with Conservation International and Goldman Sachs, seek to extract at least 1 million metric tons of carbon dioxide from the atmosphere per year, equal to the volume of fuel consumed by over 200,000 passenger cars.
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.
Apple’s aim is to become carbon neutral across the entire supply chain by 2030. Although Apple plans to remove 75 percent of its emissions from its supply chain and goods by 2030, the fund will aid in the removal of carbon from the atmosphere to fix the remaining 25 percent of Apple’s emissions.
Despite continuing deforestation, tropical forests are estimated to contain more carbon than mankind has released over the past 30 years from burning coal, oil, and natural gas. The collaboration aims to maximize the value of this natural solution by scaling it in a way that is appealing to businesses.
“To ensure that the carbon stored in forests is being accurately quantified, and permanently locked out of the atmosphere, the Restore Fund will use robust international standards developed by recognized organizations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention. And it will prioritize 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 projects meet strict environmental and social standards. Goldman Sachs is managing the fund. The three parties will identify new projects later this year.
Innovation is core to Apple’s approach to climate solutions, and Goldman Sachs is proud to partner with them and Conservation International,” said Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs.
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.
The Restore Fund continues Apple’s forestry conservation efforts. Apple has used 100% responsibly sourced fibers in its packaging over the past three years and has strengthened the management of over 1 million acres of forest globally. With Conservation International, Apple has also pioneered ground-breaking carbon initiatives that preserve and restore grasslands, wetlands, and forests.
Investing in nature can remove carbon far more effectively — and much sooner — than any other current technology. 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 of 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.
“In 2018, Apple partnered with Conservation International, local government, and conservation organizations in Colombia to protect and restore a 27,000-acre mangrove forest in the country. The aim is to sequester 1 million metric tons of carbon dioxide over the project’s lifetime. These mangroves not only protect the coasts and help support the livelihoods of residents in those communities where they grow, but they also store up to 10 times more carbon than forests on land. This project is the first to use “blue carbon” methodology to rigorously value the entire mangrove system — both above and below the waterline — for its climate mitigation impacts.”
“Apple and Conservation International have also partnered with local conservation organizations in Kenya to restore degraded savannas in the Chyulu Hills region, an area between three national parks in Kenya and just across the border from Kilimanjaro National Park in Tanzania. Scaling up this work across the degraded rangeland and natural savannas across Africa could remove hundreds of millions of tons of carbon from the atmosphere each year, while also benefiting local communities and wildlife.”
“Since 2017, 100 percent of the virgin wood fiber used in Apple’s packaging has come from responsible sources — the same sort of responsibly managed working forests in which the Restore Fund intends to invest. 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 that have the potential to change the future of sustainable packaging. After launching the first iPhone with majority-fiber packaging in 2016, Apple’s newest iPhone 12 lineup now arrives at customers in packaging that comprises 93 percent fiber-based materials. This includes the fiber-based screen cover that protects the display and for the first time replaced the standard plastic film.”
Apple has also taken direct steps to support the responsible wood fiber manufacturing. Since 2015, Apple has strengthened the management of over 1 million acres of working forests in the United States and China through collaborations with The Conservation Fund and World Wildlife Fund.