GHG Emissions, Industrial, Finance - April 16, 2021
Apple Targets Carbon Removal Through Reforestation with New Fund
Apple launched April 15 a $200 million fund targeting investments in carbon removal forestry projects with the intention to remove at least 1 million metric tons of CO2 from the atmosphere annually.
The Restore Fund was created alongside Goldman Sachs and Conservation International to demonstrate how financial investment can be used to increase forest restoration. The initiative will contribute towards Apple’s goal to become carbon neutral across its entire value chain by 2030.
“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,” Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives, said in a statement. “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.”
The Restore Fund will use standards from organizations like Verra, the Intergovernmental Panel on Climate change and the UN Climate Convention to ensure the carbon removal is accurately being assessed. Apple intends for the project to address its remaining 25% of emissions after directly eliminating 75% of the emissions from its supply chain and products by 2030.
Apple and Conservation International have worked together on projects since a 2018 initiative to remove 1 million metric tons of CO2 by restoring 27,000 acres of Colombia’s forest.
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