Apple has announced a major expansion of its Restore Fund, which aims to support the development of high-quality, nature-based carbon removal projects. The initiative was first launched in 2021 with an initial commitment of up to USD 200 million from Apple, Goldman Sachs and Conservation International.
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Restore Fund set to Grow
The Restore Fund has now been expanded, with an additional fund, including new investment from Apple and a new portfolio of carbon removal projects, according to the statement released. The goal of the fund is to encourage global investment to protect and restore critical ecosystems while scaling natural carbon removal solutions to address residual emissions businesses cannot yet avoid or reduce with existing technology.
Apple to invest more in Restore Fund
As part of the expansion, Apple will invest up to an additional USD 200 million in the new fund, which will be managed by Climate Asset Management - a joint venture of HSBC Asset Management and Pollination. The new portfolio of projects 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, the initiative will offer a new way for them to incorporate high-impact carbon removal projects as they decarbonize.
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Two distinct types of investments
Apple and Climate Asset Management are taking a broadened approach with prospective projects, pooling two distinct types of investments: nature-forward agricultural projects that generate income from sustainably managed farming practices and projects that conserve and restore critical ecosystems that remove and store carbon from the atmosphere.
Carbon Neutral since 2020
Apple has been carbon neutral for its corporate operations since 2020, and last year, the company called on its suppliers to become carbon neutral across all Apple-related operations by 2030, including all of their direct and electricity-related emissions. High-quality carbon removals will help achieve this goal by offsetting any direct emissions that cannot be avoided or reduced. Suppliers are first expected to reduce emissions by transitioning to renewable energy, improving energy efficiency, and abating direct emissions.
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Apple's Previous Investments and their impact
Apple's three initial investments with Conservation International and Goldman Sachs, located in Brazil and Paraguay, aim to restore 150,000 acres of sustainably certified working forests and protect 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.
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Apple Deploying Innovative technologies for project assessment and monitoring
To ensure that the Restore Fund projects meet high standards prior to investment and to verify their carbon removal impact over time, Apple is deploying innovative remote sensing technologies, including Space Intelligence's Carbon and Habitat Mapper, Upstream Tech's Lens platform, and high-resolution satellite imagery from Maxar, to construct habitat and forest carbon maps of the project areas. Apple is also exploring the use of the LiDAR Scanner on iPhone to enhance monitoring capabilities on the ground.
The Restore Fund is part of Apple's comprehensive roadmap to becoming carbon neutral for its entire supply chain and the life cycle of every product by 2030. The company plans to reduce 75% of all emissions by 2030 and balance the remaining emissions with high-quality carbon removal.
