Apple Inc. will invest an additional $200 million in a fund specializing in high-quality, nature-based carbon removal projects, it said April 11.
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The technology company launched the Restore Fund in 2021, with an initial $200 million investment, to protect and restore critical ecosystems globally and scale natural carbon removal solutions.
The new commitment of $200 million, which aims to remove 1 million mt of carbon dioxide per year at its peak, will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination.
The initial $200 million investment in 2021 was launched with Goldman Sachs and Conservation International, and aimed to remove 1 million mt CO2e/year from the atmosphere by 2025.
"Located in Brazil and Paraguay, Apple's three initial investments with Conservation International and Goldman Sachs aim to restore 150,000 acres of sustainably certified working forests and protect an additional 100,000 acres of native forests, grasslands, and wetlands," the statement said.
Apple has committed to be 100% carbon neutral for its supply chain and products by 2030. This involves reducing emissions by 75% by 2030, and it will balance the remaining 25% emissions by backing high-quality nature-based solutions.
"The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return," said Lisa Jackson, Apple's vice president of Environment, Policy, and Social Initiatives. "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."
Carbon removal refers to climate mitigation strategies that remove CO2 emissions from the atmosphere, as opposed to strategies to avoid such emissions.
These projects are often categorized as nature-based, exploiting the carbon-absorbing properties of plants or oceans, or technology-based, using tools like direct air capture to vacuum CO2 from the atmosphere.
Platts CRC -- an assessment that reflects the most competitive nature-based carbon credit prices -- was $13.95/mtCO2e on April 11, according to S&P Global Commodity Insights data. Platts CRC reflects removals-based carbon credit projects and comprises individual assessments of Natural Carbon Capture and Tech Carbon Capture.
Removals credits are generated by projects that actively capture and sequester emissions. Like avoidance credits, these can be created by either nature-based or technology-based projects, but they are most commonly generated by reforestation, afforestation and soil sequestration projects.