April 20, 2021

By Lynda Kiernan, Global AgInvesting Media

Apple, in partnership with Conservation International, announced the launch of The Restore Fund – a $200 million vehicle to invest in timber producing commercial forestry projects with the goal of removing carbon from the atmosphere while gaining returns for investors. 

Managed by Goldman Sachs, the fund aligns with Apple’s overarching goal of becoming carbon neutral across its entire value chain by 2030. As such, through this fund, Apple intends to remove at least 1 million metric tons of carbon dioxide, or the equivalent of the amount of fuel used by more than 200,000 passenger cars, from the atmosphere per year, while also fostering a viable financial model with the power to drive a scaling up of forestry investment.

“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.

“Forests, wetlands, and grasslands draw carbon from the atmosphere and store it away permanently in their soils, roots, and branches. 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,” she continued.

“Our hope is that others share our goals and contribute their resources to support and protect critical ecosystems.”

Apple intends to directly eliminate 75 percent of emissions from its supply chain and products by 2030, while this fund will serve to mitigate the remaining 25 percent of the company’s emissions through carbon sequestration.

To accurately quantify and certify that this action is indeed being accomplished, The Restore Fund will apply international standards developed by recognized organization such as Verra, The Intergovernmental Panel on Climate Change, and the UN Climate Convention, and will prioritize investments in working forests that improve biodiversity via buffer zones and natural set-asides.

Likewise, Conservation International is a co-investor in the fund, and will be responsible for ensuring that chosen projects meet strict environmental and social standards.

Continuing Efforts

Apple and Conservation International have had a long-standing partnership, working together toward greater sustainability and environmental benefits on a global scale.

In 2018 the pair partnered with local governments and conservation organizations in Colombia to protect and restore a 27,000-acre mangrove forest (mangroves store 10 times more carbon than even forest on land) with the goal of sequestering 1 million metric tons of carbon dioxide over the lifetime of the project. This project was the first to use “blue carbon” methodology to value the entire mangrove system, both above and below the waterline, for its climate mitigation impact, the companies outlined in a recent statement. 

The pair have also worked together in Kenya, partnering with local conservation organizations there to restore degraded savannas in the Chyulu Hills regions between the country’s three national parks. This work in restoring degraded rangeland and natural savannas has the potential to remove hundreds of millions of tons of carbon from the atmosphere per year.

In-house, 100 percent of the virgin wood fiber used in Apple’s packaging has been responsibly sourced from the same type of managed working forests that the Restore Fund is targeting for investment. And the company’s packaging for its iPhone 12 line is comprised of 93 percent fiber-based materials.

“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,” said Dr. M. Sanjayan, CEO, Conservation International.

“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.”

– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.