Apple Announces $300 Mln New Clean Energy Fund In China

Image Apple

As part of the USA tech giant'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 over the next four years into the China Clean Energy Fund.

On Friday, the iPad and iPhone maker - which has just revealed a refresh of its MacBook lineup - said that $300 million will be invested in the next four years between Apple and 10 initial suppliers.

The fund, called the China Clean Energy Fund, will be managed by DWS Group, Deutsche Bank's asset management arm.

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A photovoltaic facility in Sichuan province, China contributes to Apple's 100 percent clean energy profile.

Apple first launched a clean energy program in 2015. At the time, CEO Tim Cook said the company was "committed to leaving the world better than we found it". They are specialists in sustainable investments and are also among the ten additional partners set to invest in the fund.

The idea is that the fund can invest in new power generators so that the companies that make parts for Apple - its suppliers - have better access to renewable energy sources. That will help ensure that there are clean energy options throughout Apple's - and other businesses - entire supply chain in the country.

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According to the Paris-based International Energy Agency, China is the "undisputed leader of renewable electricity capacity expansion" with the country accounting for nearly half of the new solar photovoltaic capacity growth worldwide in 2016.

Yuan Ying, climate and energy campaign manager at Greenpeace East Asia, said that Apple had shown leadership in promoting renewable energy sources in China, but could still do more. Once operational, these projects will help Apple and its supply chain eliminate about 4.9 million metric tons of carbon dioxide emissions annually.

Yuan added that Apple could take further steps to reduce environmental waste in China through measures like lengthening the lifespan of its products.

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