Apple has launched a new clean energy fund in China worth 720 million yuan or roughly $99.22 million in a significant move toward environmental sustainability and in line with its goal to power its entire supply chain with 100 percent renewable energy by 2030.
The news comes as CEO Tim Cook is in Beijing, highlighting the strategic value of the Chinese market to Apple’s international operations. The fund is intended to increase clean energy capacity in China, financing projects that will cut carbon emissions and drive sustainable development.
This project is one of Apple’s overall environmental initiatives including past investments in renewable energy initiatives. In 2018, Apple introduced the China Clean Energy Fund, working with 10 suppliers to invest close to $300 million by 2022 to build projects with a total capacity of 1 gigawatt of renewable energy. These initiatives have already resulted in the construction of wind farms in Hunan and Hubei provinces which made a huge contribution to China’s renewable energy profile.
By creating this new fund, Apple reaffirms its corporate environmental leadership. Apple’s continued investments in renewable energy not only contribute to international sustainability objectives but also serve as a model for other multinational corporations doing business in China and worldwide.
With this increasing commitment, the company demonstrates its efforts to lower its carbon footprint and promote green energy solutions globally.
