Apple announces new $200 million sustainability fund

Vice president of Environment, Policy and Social Initiatives, Lisa Jackson, revealed details behind the company’s new working forests.
4:40 | 04/15/21

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Transcript for Apple announces new $200 million sustainability fund
last summer, apple announced on this program that by the year 2030, every single product they make will be carbon neutral. That means it will have no impact on the climate. That's right. And now here with another big announcement is apple's vice president of environment, policy, and social initiatives, Lisa Jackson. Lisa, thank you for being with us. And I say we get right to it. Give us your big announcement. What is it? Sounds great. So as we get close to Earth day, apple is really proud to announce the establishment of a brand-new fund called the restore fund. The purpose of that fund is to continue in our carbon neutral journey by investing in working forests around the world. $200 million to begin our journey to remove a million tons of carbon from the atmosphere every single year. The reason this fund is so important to us is that we set it up as a business would. It will have a double bottom line. First, we will judge our performance by how much carbon we're able to quantify and remove from the atmosphere. And we also expect a positive financial return. Are you setting a standard here, Lisa, that other companies are going to follow? Yeah, this is first of its kind. We wanted to do, in everything we do, we try to make it clear that business shouldn't be doing this as a form of philanthropy. Clean energy makes sense financially. And we believe investing in working forests that produce wood, that produce pulp for paper, so it's okay to have a forest where you actually harvest trees, but if you do it in a sustainable way, not only do you get those products, you support those livelihoods, but you're also drawing carbon from the atmosphere, and that's what we need if we have any shot of staying below 1.5 degreeand averting the worst impacts of climate change. So, Lisa, can you tell us where these working forests are located, and how do you ensure that environmental sustainability that you were just talking about? Well, you know, it's all about measuring and monitoring. So this fund is actually being done in cooperation with conservation international. They're an international Ngo that has experience. We've worked with them for years on monitoring and measuring and restoring forests and mangroves in Colombia. We're also working with Goldman Sachs, they're the investment partner, so it's the three of us. And you have to measure the impact by understanding the growth cycle of trees. When's the best time to harvest a tree? When is it at its peak carbon removal process? How do you ensure that replanting happens? How do you ensure that the communities around that forest, whether they be indigenous or local communities, are actually you know, aided by this work, that they have jobs, so that you're not simply taking the resource and the value of that resource but forgetting about the people who live there. And finally, Lisa, I want to pivot a bit, because this week it was announced that apple's upcoming film "Emancipation" starring Will Smith is no longer going to shoot in the state of Georgia. Of course following that controversial voting law. Apple also joined a list of over 100 companies in signing a statement denouncing discriminatory voting legislation. Why was it important, not for apple just to make a statement, but to actually act on that? Yeah, well, actions speak louder than words, right, and that's the key to our environmental work, and it's the key to our work on racial equity and justice. After the George Floyd killing, breonna Taylor last year, our CEO announced a racial equity and justice initiative. In the case of Georgia, you know, we're proud to support creators and leaders like will Smith and Antoine Fuqua who said look, we cannot make a movie about emancipation and slavery and freedom at this time in Georgia. In the case of voting rights, those are fundamental civil rights that people fought and in some cases died to secure. And so when we talk about equity and justice, you know, so closely tied to our values, so closely tied even to the environment, we have to walk the All right, well, it's good to see you, Lisa Jackson, again, the apple vice president of environment, policy and social initiatives, it's good to see you back here on the show. You can come back in between announcements, right? You don't have to be -- it doesn't have to be a big announcement every time, Lisa. It would be lovely to see you both again. Thank you so much. All right, thanks so much.

This transcript has been automatically generated and may not be 100% accurate.

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