Apple Expands Carbon Removal ‘Restore Fund’

Apple has recently expanded its Restore Fund, a program aimed at fighting climate change through carbon removal projects. The company originally launched the fund in 2021 with a commitment of up to $200 million, in partnership with Conservation International and Goldman Sachs. The program has now been expanded with an additional $200 million commitment, managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination.

The new portfolio aims to remove 1 million metric tons of carbon dioxide per year at its peak, while also generating a financial return for investors. It offers a unique investment approach by using two different types of investments. The first type involves nature-forward agricultural projects that generate income from sustainably managed farming practices. The second type involves projects that conserve and restore critical ecosystems that remove and store carbon from the atmosphere. This blended fund structure aims to achieve both financial and climate benefits for investors, while advancing a new model for carbon removal that more fully addresses the global potential for nature-based solutions.

For Apple suppliers that become partners in the fund, it offers a new way for them to incorporate high-impact carbon removal projects as they decarbonize. This latest effort is another step towards Apple’s goal to become carbon neutral for its entire supply chain and the life cycle of every product by 2030.

Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives, described the Restore Fund as an innovative investment approach that generates real, measurable benefits for the planet while aiming to generate a financial return. She emphasized that 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.

All Restore Fund investments are subject to rigorous social and environmental standards. Apple recognizes the importance of taking responsibility for its impact on the environment and has set ambitious goals to reduce its carbon footprint. The company believes that this fund will help advance its efforts towards a sustainable future and serve as a model for other companies to follow.