Apple today welcomed key manufacturing partners Taiwan Semiconductor Manufacturing Company (TSMC) and Murata Manufacturing as new investors in the Restore Fund. The fund is designed to expand global investments in high-quality, nature-based carbon removal while protecting critical ecosystems. Global semiconductor foundry TSMC plans to invest up to $50 million in a fund managed by Climate Asset Management, a joint venture between HSBC Asset Management and Pollination. Japan-based iPhone supplier Murata plans to invest up to $30 million in the same fund. These new investments build on Apple's previous commitment of up to $200 million for Phase 2 of the Restoration Fund, bringing total committed capital to $280 million.
“When companies invest in nature, they also invest in healthier communities, a more resilient global economy, and a critical tool in the fight against climate change,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives. .” “The Restoration Fund is removing carbon from the atmosphere while providing real benefits to communities and ecosystems in South America,” she said. And we’re thrilled to see our suppliers joining us by investing in nature, in addition to their urgent work to decarbonize their businesses.”
High-quality investment in nature
To select a portfolio of projects in the first phase, the Resilience Fund carefully evaluated potential managers and investments to ensure they met strong environmental, social and governance criteria and rigorous criteria for quality, scalability and impact. Most potential investments are screened through an intensive due diligence process. This is detailed in a recent white paper on Apple's carbon removal strategy.
All projects selected for the Restoration Fund undergo regular assessments to monitor forest change and growth over time, address fire and other potential hazards, and determine forest carbon stocks. As part of this analysis, Apple and partners including Space Intelligence and Upstream Tech used innovative tools such as iPhone's LiDAR, satellite data, bioacoustic monitoring, and machine learning to assess land well-being and project progress.
The projects in the first phase of the Restoration Fund all share the goal of creating new, responsibly managed working forests to help meet growing global demand for timber and reduce pressure on natural forests. The project is managed by:
- Arvaro tortureis building a portfolio of forestry projects across Latin America, including Apple's first Restoration Fund project in Paraguay, to develop sustainably managed eucalyptus plantations while enhancing livelihood opportunities for local communities and protecting the natural ecosystems of project areas. I'm doing it.
- BTG Factual Timberland Investment GroupIt is working to: Half of the project area will be used to restore and protect natural ecosystems, while the other half will be planted with commercial species such as eucalyptus.
- symbiosisis developing native seedlings to create native tropical hardwood working forests while protecting native forests in Brazil's Atlantic Forest.
These managers ensure that all projects meet the Restoration Fund's rigorous standards.
TSMC and Murata are among more than 300 suppliers participating in Apple's Supplier Clean Energy Program, committing to 100% renewable electricity for all Apple production by 2030. In 2022, Apple is calling on its suppliers to go further and decarbonize all Apple products. Relevant work will be completed by the end of this decade. This includes addressing unavoidable residual emissions through high-quality carbon removal.
The fund, in which TSMC and Murata invest together with Apple, will jointly leverage regenerative agriculture projects and ecosystem conservation and restoration projects to generate both carbon and financial benefits. Project selection is currently in progress.
The Recovery Fund is a critical component of Apple 2030, Apple's ambitious goal to achieve carbon neutrality across its entire value chain by the end of 2030. Apple is focused on reducing carbon emissions by 75% below 2015 levels through direct emissions reductions and will address residual emissions through high-quality carbon removal. The Company retires credits only from carbon projects where verified removal has already occurred and uses credits only to address residual emissions that are difficult to prevent or reduce with currently available solutions.