Apple creates fund for 'working forests' as part of carbon-removal efforts

The Apple facility on Cork's northside.

Tech giant Apple has launched a new $200m (€167m) fund to invest in forestry projects as part of the company's efforts to reduce carbon from the atmosphere while generating a financial return for investors. 

The Restore Fund was launched with Conservation International and Goldman Sachs and will aim to remove at least one million metric tonnes of carbon dioxide annually from the atmosphere. 

It will make direct investments in working forests around the world, including Europe with identified projects to be announced later this year.

The fund will specifically invest in forestry projects that focus on restoring woodlands and protecting local habitats, so that carbon levels drawn from the atmosphere by that area of woodland is accurately measured and maintained.

Dina Powell, Head of Sustainability at Goldman Sachs said: "We all agree that the urgency of climate transition requires private capital to work alongside new and established efforts aimed at sustainably removing carbon from the atmosphere with rigour and high standards. We believe launching this Fund can catalyse significant additional investment capital for climate impact."

The Restore Fund is part of Apple’s broader goal to become carbon neutral by 2030. While the company will directly eliminate 75% of emissions for its supply chain and products by 2030, this Fund will help address the remaining 25% of Apple’s emissions by removing carbon from the atmosphere.

The project is similar to other initiatives by multinationals and large corporations to reduce emissions or offset the carbon impact of manufacturing. 

Apple's largest facility outside the US is located in Cork across two campuses with the company set to expand further in the city over the coming months.

The device-maker said its Hollyhill campus is now run on an entirely carbon-neutral basis with multimillion investments taking place over the past eight years to upgrade buildings. There are more than 200 solar panels installed at Hollyhill. Rainwater is harvested from the roof to supply restrooms across the building while Hollyhill also achieved Zero Waste to Landfill accreditation with its onsite reuse and reclamation.

Apple said it is also committed to reach carbon neutrality by 2030, meaning each iPhone, iPad or other devices will have a net-zero climate impact in under ten years time. The company said more than 110 of its manufacturing partners around the world are moving to 100 per cent renewable energy for their Apple production.

Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives said: “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."