Apple has announced a major expansion of its Restore Fund, doubling the company’s total commitment to advancing high-quality, nature-based carbon removal projects.
First launched in 2021 with an up to $200 million commitment with Conservation International and Goldman Sachs, the Restore Fund is now set to grow with an additional fund, including new investment from Apple, and a new portfolio of carbon removal projects. Apple created the Restore Fund to encourage global investment to protect and restore critical ecosystems and scale natural carbon removal solutions. This approach also helps address residual emissions businesses cannot yet avoid or reduce with existing technology.
As part of the expansion, Apple will invest up to an additional $200 million in the new fund, which Climate Asset Management — a joint venture of HSBC Asset Management and Pollination — will manage. The new portfolio also aims to remove one 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, it will also offer a new way for them to incorporate high-impact carbon removal projects as they decarbonize, according to Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. You can find more details here.