Carbon removal To address the emissions we can’t yet avoid, we’re are investing in carbon removal projects. In addition to removing carbon, nature-based carbon removal projects also offer important ecological and social benefits, such as preserving biodiversity and enhancing the resilience of ecosystems, while often providing economic development opportunities for local communities. We partnered with Conservation International and Goldman Sachs to launch the innovative Restore Fund, which seeks to blend responsible forestry practices with carbon removal: We’re working with forestry managers to create sustainably managed forests that optimize for both carbon and wood production, creating revenue from timber, and generating high- quality carbon credits. Apple will invest up to $200 million in projects that aim to remove carbon from the atmosphere and store it, all while meeting clear social and environmental impact criteria and offering a financial return. In its pilot phase, the Restore Fund has a goal of removing at least 1 million metric tons of carbon dioxide per year. For more information on our efforts to combat climate change and reach our 2030 carbon neutral goal, read our 2022 Environmental Progress Report . Climate scenario analysis In 2020, we conducted a climate scenario analysis to help us better understand the potential physical and transition effects of climate change. To align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, we considered a range of future scenarios, including a scenario below 2°C. And we assessed geographies around the world to capture both corporate and supplier activities. The analysis highlighted how our renewable energy program and carbon neutrality goals could contribute to our corporate resiliency. It also provided environmental data that we considered in developing business strategies, including considerations around supply chain diversification, as well as safeguarding our global assets. We’re committed to managing regulatory, reputational, and market risks related to climate change. For more information on these climate-related risks and Apple’s governance of these risks, read our 2021 CDP submission (PDF) . As the Restore Fund projects come online, we’ve partnered with Conservation International to develop and invest in nature-based carbon removal projects. This includes a project to protect and restore 27,000 acres of mangrove forests in Colombia. As the projects in the Restore Fund come online, we’re also working to address difficult- to-avoid emissions in the short term. In fiscal year 2021, 167,000 metric tons of carbon credits were retired from the Chyulu Hills project in Kenya to maintain carbon neutrality for our corporate emissions in fiscal year 2021. And we purchased carbon credits from two additional projects to offset a total of 500,000 metric tons of direct emissions across our value chain: a REDD+ coastal conservation project in Guatemala and a reforestation project in Guizhou Province of China . These projects are all certified to the VCS and CCB standards. Appendix Governance Communities Suppliers Customers Our People Environment Introduction Apple’s 2022 ESG Report 17