Apple has created a $ 200 million fund designed to remove carbon emissions from the air and support the sustainable forestry it uses to package iPhones and beyond. However, the fund will still generate financial returns for its investors.
Called the Recovery Fund, the effort was run by Goldman Sachs
who runs the investment and nonprofit Conservation International aims to remove 1 million tons of carbon dioxide from the atmosphere each year. This equates to more than 200,000 passenger cars annually, Apple
said this week.
The project also aims to show other for-profit businesses that their investment in environmental activities can improve profits.
“Nature offers some of the best tools for removing carbon from the atmosphere. Forests, wetlands and grasslands absorb carbon from the atmosphere and permanently store them in their soil, roots and branches, ”said Lisa Jackson, Apple’s Vice President for Environment, Social Policy and Initiative. know in a release.
Jackson then told CNN: “If you really want businesses to get involved, if you want the business to really turn around and do this on a large scale… then it has to be a return on the bottom line. That investment ”.
Apple is among more than 300 businesses and investors this week calls on the Biden administration to set an ambitious climate change goal that would cut U.S. greenhouse gas emissions by at least 50% from 2005 levels by 2030. That goal would nearly double the previous US commitment to reducing emissions and Tighter times will require drastic changes in the energy and transportation sectors and elsewhere across the United States so the economy.
To be sure, Apple isn’t the only big company that puts climate change efforts a priority. Amazon founder Jeff Bezos, who recently resigned as CEO, last month said he would spend the $ 10 billion he pledged to the Bezos Earth Foundation as early as 2030MarketWatch’s Leslie Albrecht says a relatively fast timeline for such a massive charity effort.
Apple says that since 2018, its retail stores, data centers, and corporate offices are all running on 100% clean energy, due to lower market prices, becoming more and more competitive with natural gas. .
and other sources. Jackson says, continuing to regenerate is helping the company save money on energy.
The Restoration Fund will make a profit by investing in the development and conservation of a sustainable “working forest” that removes carbon from the atmosphere as trees grow. The working forest also produces trees for construction material, paper and other uses. For example, Apple’s packaging since 2017 has been made entirely of virgin wood fibers from “responsibly managed forests” and the fund will allow Apple to invest more in wood fiber for packaging. mine.
Apple has set a broader goal of becoming carbon neutral across its entire value chain by 2030. The company will eliminate 75% of its supply chain emissions directly, as emissions. The tougher Range 3 emissions are often out of the company’s control and in its products by 2030. The Foundation will help “tackle” the remaining 25% of Apple’s emissions by removing carbon. In fiscal 2018, Apple’s carbon emissions were 25.2 million tons.
To ensure that carbon stored in forests is being accurately quantified and permanently locked out of the atmosphere, the Recovery Fund will use strong international standards developed by public organizations. as Verra, the United Nations Intergovernmental Panel on Climate Change and Convention, said Apple.
Apple also said that the buffer zones between natural habitats and humans will be important for promoting biodiversity. Biodiversity degradation exposes animals and humans Part of it is caused by the COVID-19 virus. Biodiversity is a point of primary concern as policymakers and environmentalists talk about “building a better return” from the pandemic.
As of now, Apple’s shares have risen less than 1%. Dow Jones industrial average
increased 11.4% over the same period. Apple shares have risen 89% in the past year.