Apple launches $200m forestry restoration fund
Technology giant Apple has partnered with Conservation International and Goldman Sachs to create an investment fund focused on carbon-sequestering forestry restoration programmes that will remove at least one million metric tonnes of carbon dioxide from the atmosphere each year.
Apple unveiled its Restore Fund on Thursday (15 April). The $200m fund has been created in partnership with Conservation International, acting as a co-investor, and Goldman Sachs which is managing the fund.
The Restore Fund aims to remove at least one million metric tonnes of carbon dioxide from the atmosphere each year, equivalent to the fuel used by more than 200,000 cars. Apple wants to ensure that forestry projects will create financial returns for investors.
“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 will align to international standards recognised by the likes of Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention to ensure forestry projects deliver the intended results.
The Fund will also help Apple build towards its sustainability commitments, which has seen the firm protect more than one million acres of forests across China, the US, Colombia and Kenya.
Last year, Apple announced major plans to become net-zero emissions across its business, supply chains and products by 2030, pledging to reduce emissions by 75% and develop carbon removal solutions for the remaining 25%. The funding was mentioned as part of this commitment.
Apple is already operating as carbon-neutral across its business operations and facilities and is powered by 100% renewable electricity.
Apple has confirmed plans to modify the bonuses its executives receive depending on how much progress the business makes towards key environmental and social targets. The company confirmed that annual bonus payments for executives will be increased or decreased by up to 10% depending on KPIs relating to Apple’s ESG programme.
The company has also committed to sustainable sourcing practices. Since 2017, 100% of the virgin wood fibre use in Apple packaging has been sourced sustainably, while the iPhone 12 packaging now consists of 93% fibre-based materials as the company attempts to move away from plastics use where possible.
Commenting on the new fund, Goldman Sachs’ global head of sustainability and inclusive growth Dina Powell said: “Innovation is core to Apple’s approach to climate solutions, and Goldman Sachs is proud to partner with them and Conservation International.
“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 rigour and high standards. We believe launching this fund can catalyse significant additional investment capital for climate impact.”
edie’s biodiversity and business webinar
Speakers from Kering, Unilever and the Woodland Trust have been confirmed to discuss the role of biodiversity in shaping and assisting sustainability strategies on a webinar taking place on Wednesday 21 April.
This one-hour webinar will explore what that action looks like, with fresh insights and specific takeaways to help your organisation on its biodiversity journey. The webinar session will include three expert presentations and a live audience Q&A.
The webinar will take place at 11am (BST) on Wednesday 21 April and will be available to watch on-demand for those who register at a cost of £25.