Earlier this week, Apple announced a major new investment to its carbon removal Restore Fund, in partnership with Climate Asset Management.
The new fund will support agricultural projects that generate income via sustainable farming practices and projects that protect and restore ecosystems while removing and storing CO2.
Apple launched the Restore Fund back in 2021, where together with Conservation International and Goldman Sachs they committed to investing up to $200 million in natural carbon removal projects.
The new fund will add an additional $200 million to the cause, doubling their initial investment scope.
This substantial expansion, funded by Apple and set to be managed by Climate Asset Management, will support a new portfolio of scalable, nature-based removal technologies, with a narrower focus on projects in agriculture and critical ecosystems.
The projects are selected with the aim of achieving 1 million metric tons of carbon dioxide removed from the atmosphere every year, while at the same time generating a return on investment for the sponsoring companies.
The Apple suppliers that decide to become partners in the fund will get a chance to implement impactful decarbonization projects in their work operations.
Apple will use a set of innovative technologies in order to measure and monitor the impact of the Restore Fund projects, such as Space Intelligence’s Carbon and Habitat Mapper, Upstream Tech’s Lens platform and Maxar, all of them used to create habitat and forest carbon maps of the areas covered by the project.
The Restore Fund is part of Apple’s pledge to become completely carbon neutral by 2030 in the sectors of their operations where that goal is obtainable.
They plan to reach that target by reducing their emissions by 75% and neutralizing the rest of the emissions by supporting high-impact removal projects.