Apple Launches $300 Million Fund for Investing in Clean Energy Projects in China
Apple has launched a $300 million clean energy fund in China. The tech giant will work with ten of its suppliers to develop clean energy sources for them.
The move comes as tensions mount between China and the US as trade negations continue. Apple launched the China Clean Energy Fund yesterday in the latest of a series of moves designed to solidify its relationship with China.
Investments will help partners be powered with green energy
Apple says it will work with partners to invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in the country. Those investments will be used to help 10 of Apple’s participating partners use clean energy in their operations.
The suppliers include Taiwan-based Pegatron Corp. and Wistron Corp., which assemble iPhones. “At Apple, we are proud to join with companies that are stepping up to address the climate challenge,” said Lisa Jackson, Apple’s vice-president of Environment, Policy and Social Initiatives.
“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.” Apple says the deal will give their partners better purchasing power.
A third party, the DWS GROUP, which specializes in sustainable investments and will also invest in the fund, will manage the project. Apple is making good on its green promises.
Apple makes good on green promises
Early this year the company announced that its Apple owned facilities are powered by 100 percent clean energy.
“We’re committed to leaving the world better than we found it. After years of hard work we’re proud to have reached this significant milestone,” said Tim Cook, Apple’s CEO said at the time of the announcement.
“We’re going to keep pushing the boundaries of what is possible with the materials in our products, the way we recycle them, our facilities and our work with suppliers to establish new creative and forward-looking sources of renewable energy because we know the future depends on it.”
In addition to powering their suppliers with clean energy, Apple is working with them on ways to change processes to reduce greenhouse gases.
Aluminum suppliers take a step to eliminate greenhouse gases
The company was proud to announce that it recently made breakthroughs with aluminum suppliers Alcoa Corporation and Rio Tinto Aluminum to eliminate direct greenhouse gas emissions from the traditional smelting process by implementing new technological process. Apple is dedicated to making sure China is a pliant partner in its large operations in the country.
Last year Apple Chief Executive Officer Tim Cook spoke at a large government conference, around the same time Apple announced its intention to invest in research-and-development centers in Shanghai and Suzhou.