Apple said it will invest up to an additional $200 million in its Restore Fund, which was created in 2021 with an initial $200 million commitment, to enhance carbon removal.
The iPhone maker’s fresh investment is expected to help the fund start new projects and double its previously stated goal to remove about 1 million metric tons of carbon dioxide per year from the atmosphere.
Apple is making efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030.
The initial fund, launched with Goldman Sachs Group and nonprofit Conservation International, has invested in forest properties in Brazil and Paraguay in the last two years. Apple’s three initial investments aim to restore 150,000 acres of sustainably certified working forests and protect an additional 100,000 acres of native forests, grasslands, and wetlands. These projects are forecast to remove 1 million metric tons of carbon dioxide from the atmosphere per year by 2025.
The expanded fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination. The new portfolio also 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 vice president of Environment, Policy, and Social Initiatives.
The Restore Fund is part of the company’s comprehensive roadmap to become carbon neutral for its entire supply chain and life cycle of every product by 2030. Apple will reduce 75 percent of all emissions by 2030 and balance the remaining emissions with high-quality carbon removal.