Apple has doubled its commitment to nature-based carbon removal projects with a $US200 million allocation to Climate Asset Management (CAM), a joint venture between HSBC Asset Management and Pollination.
CAM has two strategies: a nature-based solutions strategy, and a sustainable agriculture income fund. Apple’s allocation will be split across both. The fund targets corporate investors that need carbon credits to satisfy their net zero or carbon neutrality commitments. Rather than focussing on capital gains, CAM allocates carbon credits that it generates directly to its investors, so they can retire them, or sell them.
Apple’s Restore Fund was launched in 2021 with an initial $200 million commitment, as a partnership with Conservation International and Goldman Sachs. The fund will now receive an additional $200 million, to support a new portfolio of carbon removal projects and continue Apple’s investment in protecting and restoring critical ecosystems and scaling natural carbon removal solutions.
The expanded portfolio aims to remove one million tons of carbon dioxide per year at its peak while generating financial returns for investors. Apple suppliers participating in the fund will have a new way to incorporate high-impact carbon removal projects as they work towards decarbonization.
“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.” says Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives.
Apple is already carbon-neutral for its corporate operations and has called on its suppliers to achieve carbon neutrality for all Apple-related operations by 2030. High-quality carbon removals will help reach this goal by offsetting any direct emissions that cannot be avoided or reduced. The Restore Fund is part of Apple’s comprehensive plan to become carbon-neutral for its entire supply chain and the life cycle of every product by 2030.