As part of Apple’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 nearly $300 million over the next four years into the China Clean Energy Fund.
The fund will invest in and develop clean energy projects totalling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly 1 million homes. This a new first-of-its-kind investment fund in China to connect suppliers with renewable energy sources.
Transitioning to clean energy can be complex. This is especially true for smaller companies that may not have access to viable clean energy sources. By virtue of its size and scale, the China Clean Energy Fund will give its participants the advantage of greater purchasing power and the ability to attain more attractive and diverse clean energy solutions.
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.
Apple 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.