Apple invests another $200 million in carbon removal technology, wants to use iPhone LiDAR scanner to analyze results

Last week, Apple has provided an in-depth update on its progress towards becoming completely carbon neutral in its supply chain by 2030. Now the company has announcement a new partnership with Climate Asset Management to expand its “Innovative Carbon Removal Restoration Fund”.

In a press release, Apple revealed that the expansion will double its “total commitment to advancing high-quality, nature-based carbon removal projects.” The Restore Fund was first introduced in 2021 with “a commitment of up to $200 million with Conservation International and Goldman Sachs.”

In today’s announcement, Apple said it would invest up to an additional $200 million in the fund. It will be managed by Climate Asset Management, a joint venture between HSBC Asset Management and Pollination.

The new fund will support high-impact carbon removal projects for Apple’s supply chain and a “new portfolio of carbon removal projects.”

Apple created the Restore Fund to encourage global investments to protect and restore critical ecosystems and scale natural carbon removal solutions. This approach also helps address residual emissions that companies cannot yet avoid or reduce with existing technology.

As part of the expansion, Apple will invest up to an additional $200 million in the new fund, which Climate Asset Management — a joint venture of HSBC Asset Management and Pollination — will manage. The new portfolio also aims to eliminate 1 million metric tons of carbon dioxide per year at its peak while generating a financial return for investors. For Apple suppliers who become partners in the fund, it will also offer them a new way to integrate high-impact carbon removal projects as they decarbonize.

Apple’s goals through its initial investments with Conservation International and Goldman Sachs include restoring 150,000 acres of “Certified Sustainable Working Forests” and protecting an additional 100,000 acres of native forests, grasslands and wetlands.

“Together, these projects are expected to remove 1 million metric tons of carbon dioxide from the atmosphere annually by 2025,” says Apple. “Carbon removal is essential to combat climate change and achieve global climate goals, as highlighted by leading scientific bodies like the IPCC.”

Finally, Apple announced that it was “deploying innovative remote sensing technologies” to help it better monitor and measure the results of Restore Fund projects. It also “explores the use of the LiDAR scanner on the iPhone to improve field surveillance capabilities.”

You can find the full press release at Apple on its website.

Follow Chance: Twitter, instagramAnd Mastodon

FTC: We use revenue-generating automatic affiliate links. More.

Leave a Comment