Apple in partnership with several of its suppliers announced on Thursday a $300 million investment fund in China to connect suppliers with renewable energy sources.
As part of the US 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. The fund will invest in and develop clean energy projects totaling more than one gigawatt of renewable energy in China, the equivalent of powering nearly one million homes.
“Apple’s mission has never wavered. We are here to change the world… it’s why we continuously strive to do more with less—reducing our impact on the Earth we all share, while expanding and redefining the possibilities ahead,” Apple wrote in its 2018 environmental responsibility report.
The first wave of Apple suppliers participating in the fund include Catcher Technology, Compal Electronics, Corning Incorporated, Golden Arrow, Jabil, Luxshare-ICT, Pegatron, Solvay, Sunway Communication and Wistron.
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.
Today’s news follows Apple’s announcement earlier this year that its global facilities are powered by 100 percent clean energy and the launch of its Supplier Clean Energy Program in 2015. Apple and its suppliers will generate more than 4 gigawatts of new clean energy worldwide by 2020 — representing one-third of Apple’s current manufacturing electricity footprint.
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 aluminum suppliers Alcoa Corporation and Rio Tinto Aluminum on a new technology that eliminates direct greenhouse gas emissions from the traditional smelting process, a key step in aluminum production.