Apple announced a carbon removal program called the Restore Fund, which will invest in forest protection projects to remove carbon from the atmosphere. This $200 million fund was jointly initiated by Apple, Conservation International and Goldman Sachs, and aims to remove at least 1 million tons of carbon dioxide from the atmosphere each year, which is equivalent to more than 200,000 passenger cars. At the same time, it also shows a feasible financial model that can help expand the scale of forest restoration investment.
Lisa Jackson, Apple’s vice president of environmental, policy and social affairs, said, “By establishing a fund that can generate financial returns and have a real and measurable carbon impact, we aim to promote more far-reaching changes in the future and encourage global Invest in carbon removal within the country. We hope that others will join us and contribute their resources to support and protect the vital ecosystem.”
This move is part of Apple’s goal of achieving carbon neutrality across the entire value chain by 2030. The company will directly reduce 75% of carbon emissions in the supply chain and products by 2030, and the remaining 25% of carbon emissions will be solved by this fund by removing carbon from the atmosphere. Trees absorb carbon as they grow. Researchers estimate that although deforestation continues, tropical forests absorb more carbon than humans have emitted from burning coal, oil, and natural gas in the past 30 years. This cooperation aims to expand the scale by attracting more companies to participate, so as to give full play to the potential of this natural solution.
In order to ensure accurate quantification of the carbon stored in forests and to prevent it from entering the atmosphere again, the Restore Fund will use international standards developed by well-known organizations such as Verra, the Intergovernmental Panel on Climate Change and the United Nations Framework Convention on Climate Change. standard. The fund will give priority to productive forests, which can improve biodiversity by establishing buffer zones and natural reserve areas.
As a cooperative investor of the fund, Conservation International will ensure that the project meets strict environmental and social standards. The fund will be managed by Goldman Sachs. The three parties will finalize the new project later this year.
Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs, said, “We all agree that given the urgent climate change situation, private capital needs to be added to existing and newly launched response measures, and to adopt sustainable and high-standard We believe that the launch of this fund can promote a large number of other investment capital to join the ranks of climate change.”
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