Apple announced that it will launch a $300 million clean energy fund in China, working with its suppliers to invest in renewable energy projects.
The investment from the US-based iPhone maker will be made along with 10 top suppliers including Pegatron and Wistron over a four-year period.
Apple said the clean energy fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly 1 million homes.
DWS Group, which specializes in sustainable investments, will manage the China Clean Energy Fund and will also invest in the fund, Apple said.
The initial suppliers
Apple earlier said 100 percent clean energy is powering global facilities. Since the launch of its Supplier Clean Energy Program in 2015, 23 manufacturing partners, operating in more than 10 different countries, have committed to powering all of their Apple production with 100 percent clean energy.
Apple and its suppliers will generate more than 4 gigawatts of new clean energy worldwide by 2020 — representing one-third of Apple’s current manufacturing electricity footprint.
The U.S. firm makes most of its products in China, which are shipped around the world, including to the United States. China is also one of Apple’s most important end markets, although it has faced a rising challenge from local smartphone rivals.
Apple has been making a broader push in renewable power. Earlier this year it said that its global facilities were now fully powered by clean energy.