Apple is an American multinational tech company based in Cupertino, California; they design, develop, and sell electronics, computer software, and online services. In recent news, Apple and its partners have announced that they will be introducing a carbon removal initiative called The Restore Fund. The aims of the initiative are premised on removing carbon from the atmosphere whilst also allow investors to gain profit.
The Restore Fund was launched in partnership with Conservation International and Goldman Sachs. The initiative has been funded by Apple with $200 million having already been put into it by the company. The aims of the initiative are to set out to remove a minimal figure of 1 million metric tonnes of Co2 from the atmosphere whilst also illustrating a financially viable model that can help weigh up investment in forest restoration.
Apple is also hoping to encourage other corporations to further invest in carbon removal: “through creating a fund that generates both a financial return as well as real, measurable carbon impacts, we aim to drive broader change in the future”.
This effort contributes to the broader goal for Apple which is becoming carbon neutral across its entire value chain by 2030. The company aim to reduce 75% of its emissions through its supply chain and products by 2030. The remaining 25% of emissions will be acknowledged by removing carbon from the atmosphere through the aid of this fund.
To assure that the carbon stored in the forests is being diligently quantified, the Restore Fund will use robust international standards which have been developed and recognised by organisations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention. The priorities of the investments aim to improve forest biodiversity through the production of buffer zones and natural set-asides.
The Restore Fund builds on Apple’s legacy of work in forestry conservation. For three years running, Apple has responsibly sourced fibres in the packaging of its electronic items and have improved the management of over one million acres of forests globally to date. Apple has also established ground-breaking carbon projects with Conservation International that projects and restores grasslands, wetlands, and forests.
Conservation International is a co-investor in the fund and is making sure that projects meet the strict environmental and social standards. Goldman Sachs is managing the fund, and the three aforementioned parties – Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention – are said to be curating new projects to develop later this year.
Progress in Apple’s responsibly sourced fibres can be exhibited through the latest iPhone 12 after launching the first iPhone with a dominant proportion of the packaging being made from fibre-based materials. The phone now arrives at customers in packaging that compromises 93% of fibre-based materials. This is inclusive of the fibre-based screen protector that has since replaced the once plastic-covered film.
Apple has remodelled and revolutionised personal technology to a degree other tech companies are not able to achieve. Apple takes the lead in global innovation with devices such as the iPhone, iPad, Apple Watch, Mac, and Apple TV with all of the aforementioned devices having been installed with seamless iOS software which aids in a seamless experience for all of those involved.
Having acknowledged Apple’s innovation in the world of technology, their investment in reducing Co2 emissions is a further illustration of their global impact. The lengths Apple have gone to contribute to climate change through having fibre-based packaging and replacing plastic packaging is an indication of the environmental change they can incorporate not only within their business but globally.
Ultimately, the threat of climate change is moving quicker than before, and the hope is for other organisations to do their part in encouraging positive and impactful environmental change.
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