Apple Announces Restore Fund, a $200M Forestry Project to Remove Carbon From...

Apple Announces Restore Fund, a $200M Forestry Project to Remove Carbon From The Atmosphere

49
0
SHARE






Apple forestry project  
(
Pexels/Rudolf Jakkel
)

Apple announced a first-of-its-kind carbon removal initiative called the Restore Fund. The program will make investments in forestry projects to help remove carbon from the atmosphere while generating a financial return for investors.

Apple’s Restore Fund

The Restore Fund was launched with Conservation International and Goldman Sachs, Apple’s $200 million fund aims to remove at least 1 million metric tons of carbon dioxide every year from the atmosphere. 

The 1 million metric tons of carbon dioxide is equivalent to the amount of fuel that is used by more than 200,000 passenger vehicles. 

Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives, said that nature provides some of the best tools to remove carbon from the atmosphere.

Also Read: Apple is Reportedly Working on Augmented Reality 5G Glasses; Employees to Return to Physical Offices Soon

Wetlands, forests, and grasslands draw carbon from the atmosphere and store it away permanently in their roots, soils, and branches.

Jackson added that by creating a fund that generates both a financial return and a real, measurable carbon impact, they aim to drive broader change in the future.

What Apple hopes for is that others can share their goals and contribute their resources to support and protect critical ecosystems and to help encourage investment in carbon removal around the world.

This effort is part of Apple’s broader goal to become carbon neutral across its whole value chain by 2030, according to MacRumors.

While Apple will directly eliminate 75% of emissions for its supply chain and products by 2030, the fund will help address the remaining 25% 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 3 decades from oil, burning coal, and natural gas, despite the ongoing deforestation around the world.

The partnership aims to unlock the potential of this natural solution by scaling it in a way that makes it attractive to businesses, according to Apple. 

To make sure 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 that are developed by recognized organizations like Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention.

The Restore Fund 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. All three parties will identify new projects later this year.

Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs said that innovation is core to Apple’s approach to climate solutions, which is why Goldman Sachs partnered with them and Conservation International.

Powell added that they 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 rigor and high standards.

Apple’s forestry efforts

The Restore Fund builds on Apple’s legacy of work in forestry conservation, according to 9to5Apple.

For 3 years, Apple has used 100% responsibility sourced fibers in its packaging and improved the management of more than 1 million acres of forests globally to date.

Apple has also pioneered groundbreaking carbon projects with Conservation International that protect and restore grasslands, forests, and wetlands.

Related Article: Apple Secretly Builds Own Search Engine Amid Google Antitrust Woes

This article is owned by Tech Times

Written by Sieeka Khan



ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.


LEAVE A REPLY