Investment builds on the company’s forestry and responsible
packaging innovations to deliver new financial and climate
returns
Apple® today announced a first-of-its-kind carbon removal
initiative — called the Restore Fund — that will make investments
in forestry projects to remove carbon from the atmosphere while
generating a financial return for investors. Launched with
Conservation International and Goldman Sachs, Apple’s $200 million
fund aims to remove at least 1 million metric tons of carbon
dioxide annually from the atmosphere, equivalent to the amount of
fuel used by over 200,000 passenger vehicles, while demonstrating a
viable financial model that can help scale up investment in forest
restoration.
“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,” said Lisa Jackson, Apple’s vice president of
Environment, Policy, and Social Initiatives. “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 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.
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. The three parties
will identify new projects later this year.
“Innovation is core to Apple’s approach to climate solutions,
and Goldman Sachs is proud to partner with them and Conservation
International,” said Dina Powell, Global Head of Sustainability and
Inclusive Growth at Goldman Sachs. “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 rigor and high standards. We believe
launching this fund can catalyze significant additional investment
capital for climate impact.”
Apple’s Forestry Efforts
The Restore Fund builds on Apple’s legacy of work in forestry
conservation. For three years running, Apple has used 100 percent
responsibly 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,
wetlands, and forests.
“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,” said Dr. M.
Sanjayan, CEO of Conservation International. “We are excited to
build on our long-standing partnership with Apple and believe the
groundbreaking approach with the Restore Fund will make a huge
difference and benefit communities around the world with new jobs
and revenue that support everything from education to
healthcare.”
In 2018, Apple partnered with Conservation International, local
government, and conservation organizations in Colombia to protect
and restore a 27,000-acre mangrove forest in the country. The aim
is to sequester 1 million metric tons of carbon dioxide over the
project’s lifetime. These mangroves not only protect the coasts and
help support the livelihoods of residents in those communities
where they grow, but they also store up to 10 times more carbon
than forests on land. This project is the first to use “blue
carbon” methodology to rigorously value the entire mangrove system
— both above and below the waterline — for its climate mitigation
impacts.
Apple and Conservation International have also partnered with
local conservation organizations in Kenya to restore degraded
savannas in the Chyulu Hills region, an area between three national
parks in Kenya and just across the border from Kilimanjaro National
Park in Tanzania. Scaling up this work across the degraded
rangeland and natural savannas across Africa could remove hundreds
of millions of tons of carbon from the atmosphere each year, while
also benefiting local communities and wildlife.
Apple’s customers can also take part in supporting these
efforts. For each Apple Pay® purchase from now through Earth Day,
Apple will make a donation to Conservation International to support
its efforts to preserve and protect the environment.
Working Forests and Responsible Packaging
Since 2017, 100 percent of the virgin wood fiber used in Apple’s
packaging has come from responsible sources — the same sort of
responsibly managed working forests in which the Restore Fund
intends to invest. This represents the company’s first closed-loop
material as part of its goal to one day make products using only
recycled or renewable materials.
Progress to this goal has involved steady innovations that have
the potential to change the future of sustainable packaging. After
launching the first iPhone® with majority-fiber packaging in 2016,
Apple’s newest iPhone 12 lineup now arrives to customers in
packaging that comprises 93 percent fiber-based materials. This
includes the fiber-based screen cover that protects the display and
for the first time replaced the standard plastic film.
Apple has also taken direct steps to support the responsible
production of wood fiber. Through partnerships with The
Conservation Fund and World Wildlife Fund, Apple has improved the
management of more than 1 million acres of working forests in the
United States and China since 2015.
Apple revolutionized personal technology with the introduction
of the Macintosh in 1984. Today, Apple leads the world in
innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV.
Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and
tvOS — provide seamless experiences across all Apple devices and
empower people with breakthrough services including the App Store,
Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000
employees are dedicated to making the best products on earth, and
to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom
(www.apple.com/newsroom), or call Apple’s Media Helpline at (408)
974-2042.
© 2021 Apple Inc. All rights reserved. Apple, the Apple logo,
Apple Pay, and iPhone are trademarks of Apple. Other company and
product names may be trademarks of their respective owners.
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Keri Fulton Apple keri_fulton@apple.com 240-595-2691
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