To ensure that the carbon stored in forests is being accurately quantified, and permanently locked out of the atmosphere, the Restore Fund will use robust international standards developed by recognized organizations such as Verra, the Intergovernmental Panel on Climate Change, and the UN Climate Convention. And it will prioritize investments in working forests that improve biodiversity through the creation of buffer zones and natural set-asides.
Conservation International is a co-investor in the fund and is ensuring that projects meet strict environmental and social standards. Goldman Sachs is managing the fund. The three parties will identify new projects later this year.
“Innovation is core to Apple’s approach to climate solutions, and Goldman Sachs is proud to partner with them and Conservation International,” said Dina Powell, Global Head of Sustainability and Inclusive Growth at Goldman Sachs. “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 rigor and high standards. We believe launching this fund can catalyze significant additional investment capital for climate impact.”
Apple’s Forestry Efforts
The Restore Fund builds on Apple’s legacy of work in forestry conservation. For three years running, Apple has used 100 percent responsibly sourced fibers in its packaging and improved the management of more than 1 million acres of forests globally to date. Apple has also pioneered groundbreaking carbon projects with Conservation International that protect and restore grasslands, wetlands, and forests.
“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.”