Apple is investing additional $200 million in carbon removal fund

Apple today made a major announcement regarding the expansion of its Restore Fund, which was created two years ago with the aim of promoting the development of high-quality, nature-based carbon removal projects.

Apple said on Tuesday it is investing up to an additional $200 million in the Restore Fund, doubling its initial $200 million commitment. The fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination.

The Restore Fund is designed to pay for high-quality nature-based carbon removal projects to protect and restore “critical ecosystems.” Apple also wants to help scale viable carbon removal solutions for businesses that are unable to avoid or reduce their carbon emissions through existing technology.

The additional investment will help the fund launch new projects and double its previously stated goal to remove about 1 million metric tons of carbon dioxide per year, the company said.

The iPhone maker has pledged to double its initial commitment, which was launched in partnership with Conservation International and Goldman Sachs in 2021 with an initial investment of up to $200 million. The Restore Fund will now be bolstered by an additional fund and fresh investment from Apple, resulting in a new portfolio of carbon removal projects.

The new portfolio has a dual objective of generating a financial return for investors while also eliminating up to 1 million metric tons of carbon dioxide annually at its peak. Additionally, Apple’s suppliers who collaborate with the fund can utilize it as a means of integrating impactful carbon removal initiatives into their decarbonization process, Apple said in a news release.

“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. “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.”

The goal of the Restore Fund is also to promote worldwide investments in preserving and revitalizing essential ecosystems while expanding natural carbon removal solutions. This strategy is particularly significant in addressing the remaining emissions that companies cannot reduce or avoid using current technology. The fund is also part of Apple’s efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030.

Apple’s partnership with Conservation International and Goldman Sachs has resulted in three initial investments in Brazil and Paraguay. The primary objective of these investments is to restore 150,000 acres of sustainably certified working forests and safeguard an additional 100,000 acres of native forests, grasslands, and wetlands.

Collectively, these initiatives are projected to eliminate 1 million metric tons of carbon dioxide from the atmosphere annually by 2025. The removal of carbon is crucial in mitigating climate change and fulfilling global climate objectives, as highlighted by authoritative scientific bodies such as the IPCC.