Media Contacts: Annalisa Tarizzo, firstname.lastname@example.org, 781-349-2789
Boston, April 27, 2022 – Apple officially launched its long-awaited Self-Service Repair program Wednesday, five months after announcing the program at the prompting of a Green Century shareholder proposal. U.S.-based consumers can now access repair manuals and purchase more than 200 parts and tools for fixing iPhone 12, 13, and SE 3 models.
The announcement of the program was a reversal in course for Apple, which has historically opposed the Right to Repair. While there are promising aspects, particularly the free availability of repair manuals, investors have remaining concerns about how the program will be run and how Apple is still maintaining tight control over the repair of its products.
Unlike similar initiatives announced by Google and Samsung, Apple is requiring consumers to pair replacement parts to the serial number of the device being repaired. This will continue to make it difficult for independent repair shops to perform iPhone repairs and will pose challenges to refurbishers who want to repair phones after Apple stops officially supporting the model. As noted by repair organization iFixit, this “essentially puts an expiration date on iPhones.”
Annalisa Tarizzo, shareholder advocate with Green Century Capital Management,° released the following statement:
“The launch of Apple’s repair program today is a promising step forward for the company and should provide some comfort to investors that Apple is working to mitigate the regulatory risks posed by potential Right to Repair regulations from the Federal Trade Commission and state legislatures.
“However, this program does not sufficiently address our concerns related to the reputational and environmental risks posed by the electronic waste and greenhouse gas emissions associated with premature device disposal. Apple should take steps to eliminate the ‘parts pairing’ element of the program to ensure company devices can reach their full lifespan potential.”
About Green Century Capital Management
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. Green Century Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
*As of March 31, 2022, Apple Inc. comprised 5.70%, 0.00%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Green Century Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.greencentury.com, email email@example.com, or call 1-800-934-7336. Please read the Prospectus carefully before investing.
A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.
This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 5/22