Apple Inc announced on Tuesday that it has doubled its financial commitment to the Restore Fund, a project established two years ago to invest in carbon removal initiatives. The iPhone maker will invest an additional $200 million (roughly Rs. 16,408,600), bringing its total commitment to $400 million (roughly Rs. 32,817,200).
The increased investment is expected to help the fund launch new projects and achieve its previously stated goal of removing about 1 million metric tons of carbon dioxide per year. Apple is working toward carbon neutrality across its entire supply chain and the life cycle of every product by 2030.
Launched in partnership with Goldman Sachs Group Inc and nonprofit Conservation International, the Restore Fund has invested in forest properties in Brazil and Paraguay over the past two years. The expanded fund will be managed by Climate Asset Management, a joint venture between HSBC Asset Management and Pollination.
“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.
Apple and Climate Asset Management plan to achieve this financial return by investing in “nature-forward agricultural projects that generate income from sustainably managed farming practices.” They will also invest in projects that conserve and restore critical ecosystems that remove and store carbon from the atmosphere.
To evaluate and monitor the impact of the projects backed by the Restore Fund, Apple is “deploying innovative remote sensing technologies to construct habitat and forest carbon maps of the project areas.”
Apple’s corporate operations have already achieved carbon neutrality, but CEO Tim Cook has repeatedly urged the company’s supply chain to commit to the same “immense” challenge.
