Apple launches USD-300m fund in China to help suppliers go renewable
Apple retail store. Source: Apple Inc
Apple Inc (NASDAQ:AAPL) and 10 initial suppliers will invest almost USD 300 million (EUR 258m) over the next four years in a first-of-its-kind fund in China designed to link suppliers with renewable energy sources.
The fund will invest in and develop more than 1 GW of renewable energy projects in China, the US electronics group said on Thursday.
Noting that it may be hard for smaller companies to access viable clean energy sources, Apple said that the China Clean Energy Fund will provide its participants with greater purchasing power and bring more attractive and diverse clean energy solutions within their reach.
Lisa Jackson, Apple's vice president of environment, policy and social Initiatives, expressed hopes that the model "can be replicated globally to help businesses of all sizes make a significant positive impact on our planet."
The initial suppliers taking part in the initiative are Catcher Technology, Compal Electronics, Corning Incorporated, Golden Arrow, Jabil, Luxshare-ICT, Pegatron, Solvay, Sunway Communication and Wistron.
DWS Group will manage the fund and also invest in it.
As announced earlier this year, Apple's global facilities are already powered by 100% clean energy. So far 23 manufacturing partners with operations in more than 10 countries have committed to powering their Apple production with 100% clean energy. Apple said that together with its suppliers it will generate more than 4 GW of new clean energy worldwide by 2020. This will account for one-third of the company's current manufacturing electricity footprint.