Apple and partners have announced a carbon removal initiative – the Restore Fund – that will invest in forestry projects to remove carbon from the atmosphere while generating a financial return for investors.
Launched in partnership with Conservation International and Goldman Sachs, Apple’s $200 million fund aims to remove at least 1 million metrics tonnes of CO2 from the atmosphere, whilst demonstrating a financially viable model that can help scale up investment in forest restoration.
Lisa Jackson, Vice President of Environment, Policy and Social Initiatives, Apple, said:“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.”
This effort is contributes to Apple’s broader goal of becoming carbon neutral across its entire value chain by 2030. The company will reduce 75% of its emissions through its supply chain and products by 2030, with the remaining 25% of emissions will be addressed by removing carbon from the atmosphere through the use of this fund.
Jackson, added: “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.”
Researcher estimate 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. This partnership aims to unlock the potential of this natural solution by scaling it in a way that makes it attractive to businesses.
The Restore Fund will use robust international standards developed by recognised organisations such as Verra, the IPCC and the UN Climate Convention, to ensure that the carbon stored in forests is being accurately quantifies and permanently locked out of the atmosphere. Conservation International is a co-investor in the fund, who is also ensuring the project meets strict environmental and social standards.
Goldman Sachs in managing the fund. Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs, said: “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 rigour and high standards. We believe launching this fund can catalyse significant additional investment capital for climate impact.”
The Restore Fund builds on Apple’s history of working in forestry conservation, and of its partnerships with Conservational International. For the past three years, Apple has used 100% responsibly sources fibres in its packaging, and has improved the management of over 1 million acres of forests globally to date.