Apple amplifies its Restore Fund, focusing on carbon capture technology advancement
Apple has announced an ambitious expansion of its Restore Fund, aiming to combat climate change and achieve carbon neutrality for its entire supply chain and product life cycle by 2030.
The tech giant has doubled its commitment to the Restore Fund, with a total of up to $400 million. The new fund will offer a new way for Apple suppliers to incorporate high-impact carbon removal projects as they decarbonize.
Climate Asset Management, supported by HSBC, will be a new partner in the expansion of Apple's Restore Fund. Climate Asset Management is planning to raise up to US$800 million for its second climate fund, including participation in the Restore Fund.
The Restore Fund focuses on nature-based carbon removal projects, such as the restoration of sustainably certified working forests and the protection of native forests, grasslands, and wetlands. Apple's initial investments, located in Brazil and Paraguay, aim to restore 150,000 acres of sustainably certified working forests and protect an additional 100,000 acres of native forests, grasslands, and wetlands.
These projects are forecast to remove 1 million metric tons of carbon dioxide from the atmosphere per year by 2025, with the new portfolio aiming to remove 1 million metric tons of carbon dioxide per year at its peak.
Apple's commitment to renewable energy extends beyond its own production. Over 250 manufacturing partners have committed to power their Apple production with 100 percent renewable energy by 2030.
To ensure the success of these projects, Apple is deploying innovative remote sensing technologies, including Space Intelligence's Carbon and Habitat Mapper, Upstream Tech's Lens platform, and high-resolution satellite imagery from Maxar. Apple is further exploring the use of the LiDAR Scanner on iPhone to enhance monitoring capabilities on the ground.
The Restore Fund investments are subject to rigorous social and environmental standards. Apple has called on its suppliers to become carbon neutral across all Apple-related operations by 2030.
The Restore Fund, first launched in 2021, has been expanded by Apple to meet its ambitious climate goals. Detailed maps will help ensure that projects meet Apple's high standards prior to investment and will quantify and verify the projects' carbon removal impact over time.
For more information about the Restore Fund, please contact Apple's press contacts at media.help@ourwebsite. Images related to the article can be downloaded from the article's source.
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