Apple on Thursday unveiled a $200 million fund to back responsible forestry efforts around the world. The Restore Fund, launched with Conservation International and Apple Card partner Goldman Sachs, aims to remove at least 1 million metric tons of carbon dioxide from the atmosphere every year.
That would be equivalent to removing more than 200,000 passenger vehicles from the road.
“Nature provides some of the best tools to remove carbon from the atmosphere,” said Lisa Jackson, Apple’s vice president of environment, policy and social initiatives, in a statement Thursday. “Forests, wetlands, and grasslands draw carbon from the atmosphere and store it away permanently in their soils, roots, and branches. 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.”
Here’s how it will fit into Apple’s overall green initiatives, according to Thursday’s press release:
This effort is part of Apple’s broader goal to become carbon neutral across its entire value chain by 2030. While 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 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.
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.
As with Apple’s advanced manufacturing fund, you can expect more project announcements in the future.
Part of Apple’s sustainability goals
This is all part of Apple’s bigger sustainability goal of becoming completely carbon neutral by 2030. It also taps into ongoing sustainability initiatives by Apple, including its use — for three years running — of getting 100% of the “fibers in its packaging” from responsible sources.
Restore Fund announcement comes in the lead up to Earth Day, which takes place on April 22. (Apple also teamed up with Conservation International for a special Apple Pay promotion.) Under CEO Tim Cook’s leadership, Apple embraces sustainability in a way that it never did previously.