( Since 2017, 100% of the virgin wood fiber used in Apple’s packaging has come from responsible sources; Credit: Apple)[/caption] Apple has launched a carbon removal initiative that the company says will make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors. The $200 million Apple investment fund, launched with Conservation International and Goldman Sachs, aims to remove at least a million metric tons of carbon dioxide annually from the atmosphere, while “demonstrating a viable financial model that can help scale up investment in forest restoration,” the company says.
By creating a fund that generates both a financial return and real, measurable carbon impacts, the company will encourage investment in carbon removal around the world. “Our hope is that others hare our goals and contribute their resources to support and protect critical ecosystems,” Apple says.
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% of emissions for its supply chain and products by 2030, the fund will help address the remaining 25% of its emissions by removing carbon from the atmosphere.
The partnership 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.
Goldman Sachs says that climate change requires private capital to work alongside both new and established efforts aimed at sustainably removing carbon from the atmosphere. “We believe launching this fund can catalyze significant additional investment capital for climate impact,” says Dina Powell, global head of sustainability and inclusive growth at Goldman Sachs.
The Restore Fund builds on Apple’s legacy of work in forestry conservation. For the past three years, Apple has used 100% responsibly sourced fibers in its packaging and improved the management of more than a million acres of forests, the company says. It has also worked on 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,” says Dr. M. Sanjayan, CEO of Conservation International.
Apple said last year that it will become carbon neutral across its entire business, manufacturing supply chain, and product life cycle by 2030. The company is already carbon neutral today for its global corporate operations. This new commitment means that by 2030, every Apple device sold will have net zero climate impact.
