Highlights:
- Apple announces first-ever $200 million carbon removal initiative.
- Fund for climate change is launched with Conservation International and Goldman Sachs.
- $200 million fund aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere
- Apple claims it is equivalent to the amount of fuel used by over 200,000 passenger vehicles.
Introduction:
Apple and Conservation International have partnered with local conservation organizations in Kenya to restore degraded savannas in the Chyulu Hills region. If scaled up across Africa, savanna restoration could remove hundreds of millions of tons of carbon from the atmosphere each year
Investment builds on the company’s forestry and responsible packaging innovations to deliver new financial and climate returns
Apple announces carbon removal initiative calling it restore fund.
Apple today announced a first-of-its-kind carbon removal initiative — called the Restore Fund — that will make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors.
Launched 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. And that is 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.
This effort is part of Apple’s broader goal to become carbon neutral across its entire value chain by 2030. The company will directly eliminate 75 percent of emissions for its supply chain and products by 2030. The fund will help address the remaining 25 percent of Apple’s emissions. They will establish this by removing carbon from the atmosphere.
Trees absorb carbon as they grow, with researchers estimating 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. The partnership aims to unlock the potential of this natural solution by scaling it in a way that makes it attractive to businesses.
Restore Fund will use robust international standards.
They will ensure that the carbon stored in forests is being accurately quantified. Moreover, it will permanently lock that out of the atmosphere. The Restore Fund will use robust international standards developed by recognized organizations. These organizations include 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.
