Apple Inc. has pledged to double up its investments, committing another $200 million, for carbon removal initiatives, particularly the removal of carbon from the atmosphere, the company’s official news website said yesterday. It seeks to do this by supporting different projects two years after it made an initial investment for a funding known as the Restore Fund.
Apple’s vice president of environment, policy and social initiatives, Lisa Jackson, issued an official statement about it, saying, “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.”
It was in 2021 when Apple Inc.’s Restore Fund was first announced, together with a $200 million commitment that included participation from investment bank Goldman Sachs and non-profit group Conservation International.
Climate Asset Management, an HSBC Asset Management and Pollination joint venture, will manage this new portfolio.
According to Apple’s press release, this brand-new funding will aim to remove 1 million metric tons of carbon dioxide annually at its peak as it generates 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,” the company added.
And to monitor and measure the impact of its Restore Fund projects in the most accurate way possible, Apple Inc. is deploying remote sensing technologies. These innovations include Maxar’s high-resolution satellite imagery, Space Intelligence’s Carbon and Habitat Mapper, and Upstream Tech’s Lens platform. These will be responsible for building the project areas’ habitat and forest carbon maps.
Moreover, these detailed maps will also help guarantee that these environmental projects meet the company’s high standards before the investment occurs. They will quantify and verify the projects’ carbon removal impact through time. Plus, to enhance monitoring capabilities on the ground, Apple is also further exploring using the LiDAR Scanner on the iPhone.
The Restore Fund is one of the initiatives at Apple that aim at the company becoming carbon neutral across its entire supply chain and through its products’ life cycles by 2030. It seeks to reduce 75 percent of all emissions by that year and balance the rest through carbon removal.
