Apple launches $100m clean energy fund in China
As it works toward transitioning its entire supply chain to 100% climate neutrality, Apple has announced a new $100 million investment fund to expand China’s capacity to produce clean energy.
Under the scheme, Apple will invest up to 720 million yuan to launch the second phase of the China Clean Energy Fund. The aim of that fund is to add about 550,000 megawatt-hours of wind and solar power generation capacity to China’s power grid every year.
The success of the first China Clean Energy Fund launched by Apple and its suppliers in 2018 provides a blueprint for the fund.
What Apple said
“Our suppliers in China are promoting world-class progress in the fields of intelligent manufacturing and green manufacturing,” said Jeff Williams, Apple Chief Operating Officer. “With the launch of the second phase of the China Clean Energy Fund, we are honored to deepen with suppliers across China. Cooperate to promote innovation and bring opportunities and progress to our common earth.
The first China Clean Energy Fund exceeded its set target by building more than 1 gigawatt of wind and solar projects in 14 provinces of China. This helped make renewable energy available to Apple suppliers of all sizes. The new fund hopes to expand on the work.
In addition to helping China’s power grid become cleaner, the new fund will also help promote the progress of Apple 2030. Apple’s ambitious goal is to achieve carbon neutrality in the entire carbon footprint in the next five years, including the entire supply chain and the entire life cycle of the product.
Toward carbon neutrality
As part of this goal, Apple works closely with suppliers to help them transition to 100% renewable energy in production related to Apple products. Today, about two-thirds of Apple’s production in China is driven by renewable energy, and more than 100 suppliers have contributed to this progress.
Apple’s efforts to work with suppliers in China and around the world to transition to 100% renewable energy are the main driving forces behind Apple’s significant progress in climate. Since 2015, Apple has reduced its overall greenhouse gas emissions by more than 55% and continues to reduce emissions across its business.
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