APPLE has launched a first-of-its-kind $200m (€166m) carbon removal initiative that aims to accelerate national solutions to climate change.
The Restore Fund will see investments in forestry projects to remove carbon from the atmosphere while also generating a financial return for investors.
Launched with Conservation International and Goldman Sachs, the $200 million fund will aim to remove at least one million metric tonnes of carbon dioxide annually from the atmosphere, which is the equivalent to the amount of fuel used by over 200,000 passenger vehicles.
The effort is part of Apple’s broader goal to become carbon neutral across its entire value chain by 2030.
While the company will directly eliminate 75% of emissions for its supply chain and products by 2030, the Fund will help address the remaining 25% of Apple’s emissions by removing carbon from the atmosphere.
Some of Apple’s sustainability credentials can be seen at the Hollyhill Campus which is run on an entirely carbon-neutral basis, operating on certified green energy throughout.
The Cork site has seen multi-million euro investment in the past eight years to ensure the facilities reflect the company’s standards to help meet Apple’s sustainability goals.
The Hollyhill campus has an excess of 200 solar panels while Rainwater is harvested from the roof to supply restrooms across the building. The company has also built relationships with local food suppliers in Cork in addition to supporting local environmental causes such as Cork Nature Network.
Speaking on the fund, Apple’s vice-president of Environment, Policy, and Social Initiatives, Lisa Jackson said that nature provides some of the best tools to remove carbon from the atmosphere.
“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.”