Commercial, Energy Efficiency, Energy Storage, Finance - April 13, 2023
Apple Expands Restore Fund for Carbon Removal
Apple will expand its Restore Fund, doubling the company’s total commitment to advancing high-quality, nature-based carbon removal projects.
The Restore Fund will increase with an additional fund, including a new investment from Apple and a new portfolio of carbon removal projects. 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 seeks to remove 1 million metric tons of carbon dioxide per year at its peak, while generating a financial return for investors. Apple suppliers that become partners in the fund, will also have a new way for them to incorporate high-impact carbon removal projects as they decarbonize.
The fund was launched in 2021 with up to $200 million committed from Conservation International and Goldman Sachs.
Apple created the Restore Fund to encourage global investment to protect and restore critical ecosystems and scale natural carbon removal solutions.
“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 Vice President of Environment, Policy, and Social Initiatives, in a statement. “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.”
Located in Brazil and Paraguay, Apple’s three initial investments with Conservation International and Goldman Sachs aim to restore 150,000 acres of sustainably certified working forests and protect an additional 100,000 acres of native forests, grasslands, and wetlands, estimated to eliminate 1 million metric tons of carbon dioxide from the atmosphere per year by 2025.
The Restore Fund is part of the company’s plan to become carbon neutral for its entire supply chain and life cycle of every product by 2030. Apple will reduce 75% of all emissions by 2030 and balance the remaining emissions with high-quality carbon removal.
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