Apple continues its commitment to renewable energy with the announcement of a major new fund for projects in China.
In partnership with several of its suppliers, Apple announced yesterday (12 July) that a $300m fund earmarked for renewable energy projects in China is on the way.
The China Clean Energy Fund aims to connect Apple suppliers in the country with renewable energy sources.
Apple helping suppliers move to clean power
10 suppliers, along with Apple, will invest close to $300m into the fund over the next four years, which will be run by European asset management firm DWS Group. It hopes to “give its participants the advantage of greater purchasing power and the ability to attain more attractive and diverse clean energy solutions”.
A few months ago, Apple said that it was entirely powered by clean energy (when renewable energy certificates are also taken into consideration) and it hopes to “generate more than four gigawatts of new clean energy worldwide” by 2020.
The initial suppliers taking part in the China Clean Energy Fund are:
- Catcher Technology
- Compal Electronics
- Corning Inc
- Golden Arrow
- Sunway Communication
While there are a great deal of clean energy schemes out there, it can be a difficult path to transition to renewables from other traditional energy sources – particularly if it is a smaller company without access to viable renewable sources.
This fund will be particularly beneficial in China, a country where energy demands are growing rapidly. The government there has made efforts to push towards clean energy to invest in future industries and boost the poor air quality that plagues many of its cities.
An environmentally conscious company
In its 2018 environmental responsibility report, Apple said: “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.”
Lisa Jackson, Apple’s vice-president of environment, policy and social initiatives, said: “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.”