Apple Launches the first 200 Million “Restore Fund” Dedicated to Forestation Projects
Launched in partnership with Conservation International and Goldman Sachs, Apple‘s $ 200 million fund will aim to remove at least one million tons of carbon dioxide from the atmosphere each year, equivalent to the amount of fuel used by more than 200,000 cars, demonstrating at the same time a viable financial model that can help increase investment in forest restoration.
“Nature – said Lisa Jackson, Apple’s VP for the environment, and for social policies and initiatives – provides some of the best tools to remove carbon from the atmosphere. Forests, wetlands and grasslands remove carbon from the atmosphere and store it permanently in their soils, roots and branches. By creating a fund that generates both a financial return and a real and measurable carbon impact, we aim to drive wider change in the future by encouraging investment in carbon removal around the world. Our hope is that others will share our goals and contribute their resources to support and protect critical ecosystems ”.
This commitment is part of Apple’s broader goal of becoming carbon neutral across its value chain by 2030. According to some scientific research, trees absorb carbon as they grow, and researchers estimate that tropical forests contain more carbon than humanity has been emitting for the past 30 years by burning coal, oil and natural gas, despite ongoing deforestation.
To ensure that carbon stored in forests is accurately quantified and permanently locked out of the atmosphere, the Restore Fund will use robust international standards developed by recognized organizations. And it will prioritize investments in working forests that improve biodiversity through the creation of buffer zones and nature reserves.
Investing in nature – said M. Sanjayan, CEO of Conservation International – can remove carbon much more effectively than any other current technology. As the world faces the global threat of climate change, we need innovative new approaches that can drastically reduce emissions. We are excited to build our long-standing partnership with Apple and believe that the innovative approach with the Restore Fund will make a huge difference and benefit communities around the world with new jobs and revenues that support everything from ‘health care education’.
In 2018, Apple partnered with Conservation International, the local government and conservation organizations in Colombia to protect and restore a 27,000-acre mangrove forest, which will sequester 1 million metric tons of CO2 over the life of the project. These mangroves not only protect coasts and contribute to the sustenance of the communities in which they grow, but they also store up to 10 times more carbon than forests on land.
Apple and Conservation International have also partnered with local conservation organizations in Kenya to restore degraded savannas in the Chyulu Hills region, an area between three national parks in Kenya and just across the border with Kilimanjaro National Park in Tanzania. Expanding this effort across degraded savannah and natural savannahs across Africa could remove hundreds of millions of tons of carbon from the atmosphere each year, benefiting local communities and wildlife as well.
Apple users can also participate in supporting these efforts. For every purchase made with Apple Pay between now and Earth Day (April 22), Apple will make a donation to Conservation International to support its efforts to preserve and protect the environment.