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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.
