Apple commits additional $200 million to carbon removal Restore Fund
Apple is doubling down on its commitment to carbon removal projects with an expansion of its Restore Fund.
As announced by Apple earlier today, the company is investing an additional $200 million in the Restore Fund which focuses on nature-based carbon removal. As for why Apple settled on that amount specifically, it circles back to when Apple first launched the Restore Fund in 2021 with a $200 million commitment with Conservation International and Goldman Sachs.
According to Apple, the new investment paired with a new portfolio of carbon removal projects will further aid in protecting and restoring critical ecosystems, scale natural carbon removal solutions, and address residual emissions that business cannot yet avoid or reduce with existing technology.
The additional $200 million towards the Restore Fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination. In terms of new portfolio projects, these include one that aims to “remove 1 million metric tons of carbon dioxide per year at its peak while generating a financial return for investors.”
“The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return,” said Lisa Jackson, Apple’s VP of Environment, Policy, and Social Initiatives. “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.”
Efforts like those seen today from Apple pair with the company’s call on suppliers last year to become carbon neutral across all Apple-related operations by 2030. Earlier this month as well, Apple announced that over 250 manufacturing partners have committed to power their Apple production with 100 percent renewable energy by 2030.
Now that you’re caught up on Apple’s additional $200 investment into the Restore Fund, and its efforts to reduce carbon emissions, be sure to brush up on some of our previous Apple coverage, including the passing of long-time Apple Communications VP Katie Cotton, and how Apple recently acquired the AI-powered video compression startup WaveOne.
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