Apple launches a $300 million fund to power 1 million homes.
Apple has announced a new investment fund to boost clean energy in China by connecting suppliers with “renewable energy sources,”.
By working with ten other suppliers to jointly invest $300 million over the next four year, “the China Clean Energy Fund,” which will “invest in and develop clean energy projects” that total more than 1 gigawatt of renewable energy in the country will be enough to power 1 million homes. A third party, DWS Group will handle the investment and management. By 2020, more than 4 gigawatts of clean energy would have been generated by Apple and its suppliers.
Over the past few years, Apple has already previously dived into renewable energy projects. In 2015, the Supplier Clean Energy Program was launched, causing 23 of Apple’s manufacturing partners to use entirely clean energy. Apple has also claimed to have purchased enough green energy to offset the global power consumption at its facilities worldwide.