Apple said it will set up a new clean energy fund in China worth 720 million yuan (about $99.22 million), reports China Daily.
Apple said in a statement that the move is part of its China Clean Energy Fund and is aimed at expanding its clean energy capacity in China, and is part of the company’s efforts to transition its supply chain to 100% renewable energy by 2030.
With Apple’s anchor investment, the fund aims to add about 550,000 megawatt-hours of new wind and solar capacity annually to China’s grid, a figure expected to grow as additional investors join, Apple said.
“Our suppliers in China are driving world-class advancements in smart and green manufacturing,” said Jeff Williams, Apple’s chief operations officer. “With the launch of our second China Clean Energy Fund, we are proud to deepen our collaboration with suppliers across China to advance innovation, opportunity, and progress for the planet we share.”
Apple launched launched the China Clean Energy Fund in 2018. The goal is to connect suppliers 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, Apple said at the time that it and 10 initial suppliers would jointly invest nearly $300 million over the next four years into the China Clean Energy Fund.
The initial China Clean Energy Fund exceeded its goal of over 1 gigawatt of new wind and solar projects in China across 14 provinces. The first-of-its-kind investment fund helped expand access to renewable energy for suppliers of all sizes, and enabled the development of new projects across the country. The newly launched fund — China Clean Energy Fund II — will replicate this approach to support new renewable projects, including those in the early stages of their development, according to China Daily.
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