Apple launches $200m fund for forestry, responsible packaging innovations
Apple has mandated Goldman Sachs to manage the Restore Fund, a $200m sustainable forestry fund, to remove carbon from the atmosphere, while generating a financial return for investors, particularly in forests where Apple sources the paper needed for packaging its products.
The fund, built in partnership with American non-profit, Conservation International as co-investor, is expected to remove at least 1 million metric tons of carbon dioxide annually from the atmosphere, while demonstrating a viable financial model to help boost investments in forest restoration.
This new financial tool is a part of Apple’s overall strategy to achieve carbon neutrality by 2030. The tech giant will directly eliminate 75% of emissions for its supply chain and products by this deadline and the fund will address the remaining 25%, by removing carbon from the atmosphere.
The Restore Fund will prioritise investments in functional forests that enhance biodiversity by creating buffer zones and nature reserves. Apple and Conservation International have partnered with local conservation organisations in Kenya to restore degraded savannahs in the Chyulu Hills region. A more specific list of projects to be funded will be announced later this year.
To ensure that carbon stored in forests is accurately quantified and permanently removed from the atmosphere, the fund will use robust international standards developed by recognised organisations such as Verra, the Intergovernmental Panel on Climate Change (IPCC) and the UN Climate Convention.