Apple today announced a “first-of-its-kind carbon removal initiative” that will make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors.
The initiative named the “Restore Fund” has been launched with Conservation International and Goldman Sachs. The $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% 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.
Apple and Conservation International have partnered with local conservation organizations in Kenya to restore degraded savannas in the Chyulu Hills region.