Last week, Apple provided an in-depth update on its progress towards going completely carbon neutral in its supply chain by 2030. Now, the company has announced a new partnership with Climate Asset management to expand its “innovative Restore Fund for carbon removal.”
In a press release, Apple revealed that this expansion will double its “total commitment to advancing high-quality, nature-based carbon removal projects.” The Restore Fund was first introduced in 2021 with “an up to $200 million commitment with Conservation International and Goldman Sachs.”
In today’s announcement, Apple said that will invest up to an additional $200 million in the fund. It will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination.
The new fund will support high-impact carbon removal projects for Apple’s supply chain and a “new portfolio of carbon removal projects.
Apple created the Restore Fund to encourage global investment to protect and restore critical ecosystems and scale natural carbon removal solutions. This approach also helps address residual emissions businesses cannot yet avoid or reduce with existing technology.
As part of the expansion, Apple will invest up to an additional $200 million in the new fund, which Climate Asset Management — a joint venture of HSBC Asset Management and Pollination — will manage. The new portfolio also aims to remove 1 million metric tons of carbon dioxide per year at its peak while generating a financial return for investors. For Apple suppliers that become partners in the fund, it will also offer a new way for them to incorporate high-impact carbon removal projects as they decarbonize.
Apple’s goals through its initial investments with Conservation International and Goldman Sachs include restoring 150,000 acres of “sustainably certified working forests” and protecting an additional 100,000 acres of native forests, grasslands, and wetlands.
“Together, these projects are forecast to remove 1 million metric tons of carbon dioxide from the atmosphere per year by 2025,” Apple explains. “Carbon removal is critical to addressing climate change and achieving global climate goals, as leading scientific bodies like the IPCC have emphasized.”
Finally, Apple announced that it is “deploying innovative remote sensing technologies” to help it better monitor and measure the results of Restore Fund projects. It is also “exploring the use of the LiDAR Scanner on iPhone to enhance monitoring capabilities on the ground.”
You can find the full press release from Apple on its website.
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