Apple announced a new carbon removal initiative in partnership with Conservation International and Goldman Sachs. The $ 200 million fund – called Restore funds – aims to remove at least 1 million tonnes of carbon dioxide from the atmosphere annually, the equivalent of the fuel consumption of over 200,000 passenger cars, while providing a viable financial model that can help increase investment in forest restoration. Apple’s partners – also from India – are also part of the initiative. Partners could include those who help with packaging, manufacturing, and other parts of the company’s supply chain.
Apple claims to have used 100 percent responsible fiber in its packaging for three years. According to the company, this has improved the management of more than 1 million acres of forest around the world.
“Nature offers some of the best tools for removing carbon from the atmosphere. Forests, wetlands and meadows pull carbon from the atmosphere and store it permanently in their soils, roots and branches, “said Lisa Jackson, vice president of environment, policy and the environment at Apple Social initiatives. “By creating a fund that has both a financial return and real and measurable carbon impacts, we aim to drive broader change in the future and encourage investment in carbon removal around the world. We hope that others will share our goals and use their resources to support and protect critical ecosystems. ”
According to Apple, this effort is part of its broader goal to become carbon neutral across the 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 solve the remaining 25 percent of Apple’s emissions by removing carbon from the atmosphere.