With Earth Day coming up, Apple says it’s doubling its total commitment to “nature-based carbon removal projects” with an additional $200 million investment. In less technical terms, it’s backing projects to plant trees.
And it’s not just trees for trees’ sake. Part of Apple’s Restore Fund goes to agricultural projects that generate income from sustainably managed tree farms.
Remove a million metric tons of carbon dioxide annually while making a profit
The Restore Fund debuted in 2021, with Apple putting $200 million toward backing responsible forestry efforts around the world. Conservation International and Goldman Sachs also contributed.
On Tuesday, the Mac-maker said it’s putting an additional $200 million into the fund. It will be managed by Climate Asset Management — a joint venture of HSBC Asset Management and Pollination.
The goal is to remove 1 million metric tons of carbon dioxide per year while generating a financial return for investors.
“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 VP of environment, policy and social initiatives, in a statement Tuesday. “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.”
Save critical ecosystems, too
The Restore Fund isn’t all about making a profit. It also will pour money into projects that conserve or restore ecosystems that remove and store carbon from the atmosphere.
The first three projects funded with money from 2021 aim to restore 150,000 acres of working forests, and also protect an additional 100,000 acres of native forests, grasslands and wetlands.
The Restore Fund is part of Apple’s plan to become carbon neutral for its entire supply chain and the lifecycle of every product by 2030. It’s made progress in the last year by convincing companies in its supply chain to participate in this goal.