Apple has announced what it says is a "first-of-its-kind investment" fund in China to connect companies in its supply chain with renewable energy sources.
As part of Apple’s commitment to address climate change and increase the use of renewable energy within its supply chain, 10 initial suppliers and Apple will jointly invest nearly $300 million over the next four years into the China Clean Energy Fund.
The fund will invest in and develop clean energy projects totalling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly 1 million homes.
”At Apple, we are proud to join with companies that are stepping up to address the climate challenge,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives. “We’re thrilled so many of our suppliers are participating in the fund and hope this model can be replicated globally to help businesses of all sizes make a significant positive impact on our planet.”
Since launching the clean energy programme in 2015, 23 manufacturing partners have committed to 100% renewable energy for Apple production.
Apple said that by virtue of its size and scale, the China Clean Energy Fund will give its participants the advantage of greater purchasing power and the ability to attain more attractive and diverse clean energy solutions.
The China Clean Energy Fund will be managed through a third party, DWS Group, which specialises in sustainable investments and will also invest in the fund.
Apple is investing in over 485 megawatts of clean energy projects across six provinces in China, to address upstream emissions in our supply chain.
Apple is also working with its suppliers to find new ways to reduce greenhouse gas emissions.
The company recently announced it reached a breakthrough with aluminium suppliers Alcoa Corporation and Rio Tinto Aluminium on a new technology that eliminates direct greenhouse gas emissions from the traditional smelting process, a key step in aluminium production.
The initial suppliers participating in the China Clean Energy Fund include: