Apple launches $200m carbon removal initiative
Vendor will invest in forestry projects in bid to address the remaining 25 per cent of emissions it can't eliminate directly
Apple has launched a $200m carbon removal initiative as part of its goal to become carbon neutral across its entire value chain by 2030.
The ‘Restore Fund' is a ‘first of its kind' scheme that will make investments in forestry projects to remove carbon from the atmosphere.
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Launched with Conservation International and Goldman Sachs, the $200m fund aims to remove at least one million metric tons of carbon dioxide annually from the atmosphere (equivalent to the amount of fuel used by over 200,000 passenger vehicles).
Last July, Apple CEO Tim Cook warned "the planet can't wait" as the vendor unveiled its goal of becoming carbon neutral across its entire value chain by the end of the decade.
While it hopes to directly eliminate 75 per cent of emissions for its supply chain and products by 2030, the new fund is designed to address the remaining 25 per cent.
Researchers estimate that tropical forests hold more carbon than humanity has emitted over the past 30 years from burning coal, oil and natural gas, Apple pointed out.
The Restore Fund will use "robust international standards" to ensure the carbon stored in forests is accurately quantified and permanently locked out of the atmosphere, Apple stressed.
"Nature provides some of the best tools to remove carbon from the atmosphere. Forests, wetlands, and grasslands draw carbon from the atmosphere and store it away permanently in their soils, roots, and branches," said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives.
"Through creating a fund that generates both a financial return as well as real, and measurable carbon impacts, we aim to drive broader change in the future — encouraging investment in carbon removal around the globe. Our hope is that others share our goals and contribute their resources to support and protect critical ecosystems."
The news was hailed on LinkedIn by Roger Whittle, CEO of UK Apple partner Jigsaw24.+-----------------------------------------------------------------------------+ | iframe |