Apple announced that it is doubling down on its efforts to combat climate change with a $200 million expansion of its Restore Fund. The initiative, first launched in 2021, aims to finance high-quality nature-based carbon removal projects that protect and restore critical ecosystems.
Managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination, the fund will invest in a range of nature-forward agricultural projects that generate income from sustainably managed farming practices, as well as projects that conserve and restore critical ecosystems that remove and store carbon from the atmosphere. Apple says that all Restore Fund investments will be subject to “rigorous social and environmental standards”.
The iPhone maker’s ultimate goal is to achieve carbon neutrality across its entire value chain by 2030, and it has already achieved carbon neutrality for its corporate operations. More than 250 of its manufacturing partners have committed to the same goal, as the company encourages its suppliers to become carbon neutral by 2030.
Apple’s earlier investments in the Restore Fund were made in partnership with Conservation International and Goldman Sachs. With that contribution, Apple is working to restore 150,000 acres of sustainably certified working forests and protect another 100,000 acres of native forests, grasslands, and wetlands. These projects are forecast to remove one million metric tons of carbon dioxide from the atmosphere per year by 2025.
In this latest expansion, Apple is investing up to an additional $200 million in the Restore Fund, doubling its initial commitment. The company hopes to remove one million metric tons of carbon dioxide per year while generating a financial return for investors. Apple suppliers that become part of the fund will be able to take advantage of new high-impact carbon removal projects.
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“The path to a carbon-neutral economy requires deep decarbonization paired with responsible carbon removal, and innovation like this can help accelerate the pace of progress”, said Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives. “The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return”.
As part of its efforts to reduce its carbon footprint, Apple is also investing in renewable energy, using recycled materials in its products, and designing its devices to be more energy-efficient. With this latest expansion of the Restore Fund, the company is taking another significant step towards achieving its ambitious climate goals.