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Apple Inc [AAPL:US] has announced that it has increased its financial commitment to the Restore Fund, which was established two years ago to invest in projects that remove carbon from the atmosphere, as reported by Reuters on April 11. The company has decided to invest an additional USD200m in the fund, which was created with an initial commitment of USD200m in 2021. This investment is expected to help the fund to start new projects and double its previously stated goal of removing 1 million metric tons of carbon dioxide per year. Apple is striving to become carbon neutral throughout its entire supply chain and product life cycle by 2030.
The Restore Fund, which was launched in partnership with Goldman Sachs Group Inc [GS:US] and Conservation International, has invested in forest properties in Brazil and Paraguay in the last two years. The fund will now be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination. Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives, said that the Restore Fund is an innovative investment approach that generates measurable benefits for the planet while aiming to generate a financial return. It should be noted that the new investment doubles Apple’s carbon removal goal to 2 million metric tons, as clarified in the third paragraph of the story.
Sources:
https://www.apple.com/newsroom/2023/04/apple-expands-innovative-restore-fund-for-carbon-removal/
