Apple and its partners have launched a $200 million “Restore Fund” aimed at removing carbon from the atmosphere.
Apple has been working for years to reduce its carbon footprint, committing last year to have its entire supply chain carbon neutral by 2030. The company, along with Goldman Sachs and Conservation International, is taking it a step further with the Restore Fund initiative.
Restore Fund’s goal is to naturally address climate change by investing in forestry projects that will remove at least 1 million metric tons of carbon dioxide from the atmosphere every year. Apple also wants to prove the endeavor can be a viable financial success, something that will provide incentive for other companies to invest in climate change.
“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.”
The Restore Fund builds on an existing working relationship between Apple and Conservation International. Apple has been using 100% responsibly sourced fibers for its packaging for the last three years. The company has also been working with Conservation International to protect and restore forests, grasslands and wetlands.
“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.”