United States – Apple has expanded its Restore Fund, doubling its total commitment to advancing high-quality, nature-based carbon removal projects.
The Restore Fund, first launched in 2021 with a $200 million commitment with Conservation International and Goldman Sachs, encourages global investment to protect and restore critical ecosystems and scale natural carbon removal solutions. The fund aims to remove 1 million metric tons of carbon dioxide per year at its peak while generating a financial return for investors.
Investments types
As part of the expansion, Apple will invest up to an additional $200 million in the new fund, which Climate Asset Management will manage. This joint venture of HSBC Asset Management and Pollination will broaden the fund’s 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.
“High-quality carbon removals will help achieve our goal of becoming carbon neutral for our entire supply chain and life cycle of every product by 2030,” 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.”
Innovative technologies
The Restore Fund’s projects are critical to addressing climate change and achieving global climate goals, as leading scientific bodies like the IPCC have emphasized. To ensure the projects meet rigorous social and environmental standards and accurately monitor and measure their impact, Apple is deploying innovative remote sensing technologies, including Carbon and Habitat Mapper, Lens platform, and high-resolution satellite imagery from Maxar. These detailed maps will verify the projects’ carbon removal impact over time. Apple is also exploring the use of the LiDAR Scanner on iPhone to enhance monitoring capabilities on the ground.
Carbon neutral
Already carbon neutral for its corporate operations, Apple called on its suppliers to become carbon neutral across all Apple-related operations by 2030, including all of their direct and electricity-related emissions. Earlier this month, Apple announced over 250 manufacturing partners have committed to power their Apple production with 100 percent renewable energy by 2030.
Despite Apple’s strong commitment to sustainability, challenges remain. Some critics point to the company’s reliance on mining for the raw materials needed to produce its devices and the potential for the Restore Fund’s investments to displace indigenous communities. Apple acknowledges these challenges and is working to reduce its environmental impact in all areas of its operations, including developing new recycling techniques and improving working conditions in its supply chain.
