Apple today announced the launch of a $300 million investment fund in China which is designed to connect Apple's suppliers with renewable energy sources.
Apple, along with 10 initial suppliers, is investing $300 million into the China Clean Energy Fund over the course of the next four years. Apple says the fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, which is equivalent to powering close to 1 million homes.
Apple's new fund will be managed by DWS Group, a company that specializes in sustainable investments. DWS also plans to invest in the fund.
"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."
According to Apple, the China Clean Energy Fund will provide participates with the advantage of greater purchasing power and the ability to attain "more attractive and diverse" clean energy solutions.
Participating suppliers include Catcher Technology, Compal Electronics, Corning Incorporated, Golden Arrow, Jabil, Luxshare-ICT, Pegatron, Solway, Sunway Communication, and Wistron.
Apple earlier this year announced that all of its facilities around the world are powered by 100 percent renewable energy, a milestone achievement for the company.
To hit that goal, Apple invested in and constructed renewable energy facilities around the world, including solar arrays, wind farms, biogas fuel cells, micro-hydration generation systems, and other energy storage technologies.
Since the launch of its Supplier Clean Energy Program in 2015, 23 manufacturing partners across 10 countries have committed to powering their Apple production lines with 100 percent clean energy.
