Apple announced a commitment of up to $200 million for the launch of a new fund aimed at supporting carbon removal projects, with goals to remove 1 million metric tons of carbon dioxide per year, while generating a financial return for investors.
The launch adds a new fund to the Restore Fund, established in 2021 by Apple and partners Conservation International and Goldman Sachs to aimed at encouraging investment to protect and restore ecosystems and scale natural carbon removal solutions, which also included an up to $200 million commitment and 1 million ton carbon removal goal.
Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives, said:
“The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return. 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.”
The new fund will be managed by Climate Asset Management, a joint venture launched in 2020 by HSBC Asset Management and climate change investment and advisory firm Pollination, to invest in a diverse range of projects that will preserve, protect and enhance nature over the long-term, and to offer investors a wide exposure to global natural capital themes in emerging and developed markets.
Climate Asset Management has launched two strategies to date, including Natural Capital and Nature Based Carbon, and the new fund will utilize both of these by targeting agricultural projects that generate income from sustainably managed farming practices, as well as projects which conserve and restore critical ecosystems that remove and store carbon from the atmosphere, with a focus on generating verified and certified carbon removal credits.
Christof Kutscher, Executive Chair and CEO of Climate Asset Management said:
“I’m genuinely proud about Climate Asset Management’s collaboration with Apple in taking an innovative approach to deliver carbon removal as a step forward towards carbon neutrality.”
Apple stated that the new fund forms part of its roadmap to achieve carbon neutrality across its entire business, manufacturing supply chain, and product life cycle by 2030, a goal set by the company in 2020, and envisioned through the reduction of 75% of all emissions, with the remainder addressed with high-quality carbon removal.