- $200 Million Restore Fund to Accelerate Natural Solutions to Climate Change
- aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere
Cupertino giant Apple on Thursday, April 15, announced a first-of-its-kind carbon removal initiative called 'Restore Fund'. Under this new initiative investments will be made in forestry projects to remove carbon from the atmosphere. The new initiative is part of Apple's broader goal of becoming carbon neutral across its entire value chain by 2030.
Launched with Conservation International and Goldman Sachs, this $200 million fund aims to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere, which Apple claims is equivalent to the amount of fuel used by over 200,000 passenger vehicles.
"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," says Dr. M. Sanjayan, CEO of Conservation International.
While Apple plans to directly eliminate 75 per cent of emissions for its supply chain and products by 2030, this new fund will help address the remaining 25 per cent of Apple's emissions by removing carbon from the atmosphere.
Apple says that 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 new partnership aims to unlock the potential of this natural solution by scaling it in a way that makes it attractive to businesses. Conservation International is a co-investor in the fund and will ensure that projects meet strict environmental and social standards. Goldman Sachs is managing the fund. The three parties will identify new projects later this year.
"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," says Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives.
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 recognised organisations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention. It will also prioritise investments in working forests that improve biodiversity through the creation of buffer zones and natural set-asides.