Apple has launched the 2nd China Clean Energy Fund, starting with RMB 720 million
It will support renewable energy projects in China, including those in the early stages of development
The fund will replicate the approach of phase I, under which it has built more than 1 GW of wind and solar facilities
US-headquartered global technology giant Apple has launched a new investment fund in China, committing up to RMB 720 million ($99 million) to add close to 550,000 MWh of wind and solar capacity to the country’s grid annually.
This is phase 2 of the company’s China Clean Energy Fund, under which it aims to transition its supply chain to 100% renewable energy by 2030. It will replicate the approach of phase 1 of the fund, which was initially launched in 2018. Through this platform, Apple encourages its suppliers to invest in renewable energy projects and transition to 100% renewable energy in their production related to Apple products.
The 1st China Clean Energy Fund exceeded its stated goal, building more than 1 GW of new wind and solar projects in 14 provinces across the country. According to the technology major, about 2/3rd of the company’s production in China is powered by renewable energy as more than 100 of its suppliers have contributed to this progress.
The 2nd fund will support new renewable energy projects, including those in early stages of development.
For Apple, this aligns with its target to achieve carbon neutrality across its supply chain by the end of this decade.
“Our suppliers in China are driving world-class advances in smart and green manufacturing,” said Apple’s COO, Jeff Williams. “With the launch of the second China Clean Energy Fund, we’re proud to deepen our collaboration with suppliers across China to drive innovation, opportunity and progress for our shared planet.”
Apple had earlier announced plans to facilitate the construction of large-scale solar and wind energy projects in Europe to source 100% clean energy for all of its operations (see Apple Pushes Supply Chain To Decarbonize By 2030).