Apple has announced a new investment fund in China to link renewable energy suppliers, as part of its commitment to address climate change.
Apple will invest around $300m jointly with 10 initial suppliers over four years into the China Clean Energy Fund.
The fund will be used to invest in clean energy projects totaling over 1GW renewable energy, which is equal to providing power to around 1 million households.
Apple vice president of environment, policy and social initiatives Lisa Jackson said: “At Apple, we are proud to join with companies that are stepping up to address the climate challenge.
“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.”
The China Clean Energy Fund will enable its participants to have greater purchasing power and attaining more diverse clean energy solutions.
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By GlobalDataThis fund will be managed by a third party, DWS Group, which specialises in sustainable investments. DWS will also invest in the fund.
Earlier this year, Apple announced that its global facilities are powered by 100% clean energy.
The company also launched Supplier Clean Energy Program in 2015 under which 23 of its manufacturing partners that are operating across over 10 countries have committed to use 100% renewable clean energy.
In total, Apple and its suppliers are targeting to produce over 4GW of clean energy globally by 2020.
