Tech giant Apple has created a $200 million (€167 million) fund to be invested in the creation of timber forests which will be managed as a way of removing excess carbon from the atmosphere while also generating profits, the company revealed on Thursday.
Forests offer a natural, cheap and sustainable form of carbon capture technology. Credit: Will Swanson / Komaza via Apple
Dubbed the "Restore Fund," the project aims to remove at least 1 million metric tonnes of carbon dioxide annually from the atmosphere, equivalent to the amount of fuel used by over 200,000 passenger vehicles.
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“Nature provides some of the best tools to remove carbon from the atmosphere," said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives adding that forest wetlands and grasslands all draw carbon from the atmosphere as a more natural form of carbon capture technology.
She added: “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.”
Apple has committed to becoming completely carbon-neutral across its supply chain by 2030. The company will directly eliminate 75% of emissions from its supply chain and products within the same time frame, with the fund helping to address the remaining 25%.
Current research suggests tropical forests absorb as much carbon as the entirety of humanity has emitted in the last 30 years. Another study hints, on average, forests will absorb twice the amount of CO2 they emit each year.
This remains true despite the high levels of deforestation, although it is unknown how much longer this trend will continue.
The Restore Fund will use robust international standards developed by recognised organisations such as the UN Climate Convention and the Intergovernmental Panel on Climate Change to ensure the carbon sequestered is permanently sealed away from the atmosphere.
It will also prioritise investments in working forests that improve biodiversity through the creation of buffer zones and natural set-asides.
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“Investing in nature can remove carbon far more effectively — and much sooner — than any other current technology. As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions,” said Dr M. Sanjayan, CEO of Conservation International.
“We are excited to build on our long-standing partnership with Apple and believe the groundbreaking approach with the Restore Fund will make a huge difference and benefit communities around the world with new jobs and revenue that support everything from education to healthcare," he added.
The tech giant has been working on implementing natural ways of sequestering carbon from the atmosphere for a few years.
In 2018, the company partnered with Conservation International, local government, and conservation organisations in Colombia to protect and restore a 27,000-acre mangrove forest in the country.
This is just a fraction of the endgame goal of the Restore Fund.
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The company reports that Apple’s customers can also take part in supporting these efforts.
For each Apple Pay purchase from now through Earth Day, Apple will make a donation to Conservation International to support its efforts to preserve and protect the environment.
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