Apple pledged to double its financial commitment by an additional $200 million for the removal of carbon from the atmosphere by supporting various projects two years after an initial investment.
The company’s Restore Fund was first announced in 2021 with a $200 million commitment that included participation from non-profit group Conservation International and investment bank Goldman Sachs.
The new portfolio will be managed by Climate Asset Management, which is a joint venture of HSBC Asset Management and Pollination.
Apple stated in a press release the new funding was targeting the removal of 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,” stated Lisa Jackson, VP of environment, policy, and social initiatives for Apple. “The path to a carbon neutral economy requires deep decarbonisation paired with responsible carbon removal, and innovation like this can help accelerate the pace of progress.”
The Restore Fund is one element of the company’s scheme to become carbon neutral across its entire supply chain and through the lifecycle of every product by 2030. It plans to reduce 75 per cent of all emissions by that date and balance the remaining emissions with carbon removal.