Apple To Venture Another $200 Million In Carbon Removal Fund

CIOTechOutlook Team | Wednesday, 12 April 2023, 04:03 IST

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Apple Inc. said that it has quadrupled its financial contribution to the fund it had set up two years prior to invest in initiatives to reduce atmospheric carbon.
 
The Restoration Fund, which the iPhone manufacturer established in 2021 with a $200 million commitment, will receive up to an extra $200 million in investment, according to the company.
 
The additional funding is anticipated to help the fund launch new initiatives and double its prior target of removing approximately 1 million metric tonnes of carbon dioxide annually, the business said.
 
By 2030, Apple hopes to achieve carbon neutrality throughout its entire supply chain and product lifecycle.
 
The fund, which was established with the assistance of the non-profit Conservation International and Goldman Sachs Group Inc., has invested in forest holdings in Brazil and Paraguay during the past two years.
 
According to Apple, Climate Asset Management, a partnership between HSBC Asset Management and Pollination, will be in charge of managing the expanded fund.
 
"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.
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