Friday, April 12, 2024
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Today, tech giant Apple announced a significant enlargement of its Restore Fund, effectively doubling its commitment towards endorsing superior, nature-based carbon removal initiatives. Initially launched in 2021, Apple collaborated with Conservation International and Goldman Sachs to establish the Restore Fund with a $200 million commitment. Now, the fund is set to grow with an extra $200 million injection from Apple and the addition of a new portfolio of carbon removal projects. The purpose of the Restore Fund is to promote global investments aimed at safeguarding and rejuvenating essential ecosystems, while also accelerating natural carbon removal solutions.

The expanded fund, set to be managed by Climate Asset Management—a joint venture of HSBC Asset Management and Pollination—aims to remove 1 million metric tons of carbon dioxide annually at its peak, in addition to generating a financial return for its investors. The fund presents a novel opportunity for Apple’s suppliers, giving them a path to incorporate impactful carbon removal projects as they transition towards a lower carbon footprint.

Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives, praised the Restore Fund, characterizing it as an “innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return.”

Apple and Climate Asset Management are adopting a broader approach to prospective projects by pooling two distinct types of investments: those focused on agriculture that generate income from sustainable farming practices and projects dedicated to the conservation and restoration of critical ecosystems capable of removing and storing atmospheric carbon. The unique fund structure aims to deliver both financial and climate benefits to investors, advancing a novel model for carbon removal that fully acknowledges the worldwide potential for nature-based solutions.

Apple, which has already achieved carbon neutrality for its corporate operations, has challenged its suppliers to achieve carbon neutrality across all Apple-related operations by 2030. This initiative includes all direct and electricity-related emissions, also known as Scope 1 and Scope 2 emissions. High-quality carbon removal will help achieve this goal by counterbalancing any direct emissions that cannot be circumvented or reduced. To meet this goal, suppliers are first encouraged to reduce emissions through renewable energy transition, enhancing energy efficiency, and mitigating direct emissions.

Apple has also disclosed that more than 250 of its manufacturing partners have committed to powering their Apple production processes entirely with renewable energy by 2030. Initial investments located in Brazil and Paraguay, in partnership with Conservation International and Goldman Sachs, are projected to restore 150,000 acres of sustainably certified working forests and protect an additional 100,000 acres of native forests, grasslands, and wetlands.

Apple’s comprehensive roadmap to achieve carbon neutrality across its entire supply chain and product life cycle by 2030 is inclusive of the Restore Fund. Apple aims to curtail 75 percent of all emissions by 2030, while balancing the remaining emissions with high-quality carbon removal.

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