1. Comment
March 25, 2022updated 27 Apr 2022 2:27pm

Apple ranked poorly on climate pledges but making progress

Apple performed badly, receiving a ‘B- grade’, with Meta failing miserably with a ‘D grade’ in a new report from a leading non-profit foundation aiming to promote corporate responsibility called ‘As You Sow’ has ranked the world’s biggest companies by market cap by their climate pledges. It has done this by using ranking scales that align with the Paris Agreement climate goals. Microsoft and Pepsi came out on top, being the only two companies given an ‘A grade’.

Pledges, although important, are meaningless unless accomplished and only time will tell if they are. A more important indicator is what action companies are taking now, and at the moment, Apple seems to be leading the charge.

Green initiatives

Since 2016 Apple has issued three Green Bonds, which have funded over 50 projects showcasing how investments can reduce emissions globally. Apple has raised $4.7 billion through Green Bonds, which has led to some key discoveries in climate initiatives.

The company has announced that they are going to start making iPhones out of an aluminium, which is totally ‘carbon free’. It will be introduced in the iPhone SE initially and is the first time this special material will be made on an industrial scale. The aluminium is produced by a company called ELYSIS using their carbon-free smelting technology, which produces oxygen instead of greenhouse gases. Apple has also revealed various recycling programs in the past, like ‘Daisy’, a robot from its Materials Recovery Lab. Daisy breaks down old phones in a way that makes the materials easier to reuse.

Apple leading in MSCI rating and company filings analysis

Apple is also ahead of other big tech companies in their MSCI index. MSCI is a leading ESG and climate indexing company and gives Apple an A rating compared to Alphabet, which receives a BBB rating. According to MSCI, the company’s score is credited to its leading opportunities in clean tech and its ethical sourcing of raw materials.

According to GlobalData’s company filings database, Apple is also leading in mentions of the environment in the last five years.

Apple expanding their services

Apple announced in September 2021 that users in some US states—including Arizona, Connecticut, Georgia, Iowa, Kentucky, Maryland, Oklahoma, and Utah—would be able to add their driving license and state IDs to their Apple Wallets.

More recently, in March 2022, the company announced that it had acquired a UK-based fintech start-up called Credit Kudos. This suggests that Apple are trying to expand their lending services as Credit Kudos specialize in credit scoring. As Apple tries to branch into more and more aspects of our lives, it is essential that they continue their effort to become a green company.