Apple, Inc. (NASDAQ: AAPL) announced on Thursday a USD 300 Million fund to invest in renewable energy projects in China. The China Clean Energy Fund seeks to produce at least a gigawatt of energy, enough to power about a Million homes, through the next four years with green energy.
The Company has been scoping out renewable energy sources since its first initiative a decade ago. Apple commissioned a Bay Area solar contractor to build a solar energy facility for its North Carolina data center that resulted in three local solar farms and a bio-gas fuel cell farm, according to a Fast Company report. It introduced Daisy, an iPhone recycling robot on Earth Day and announced that its facilities across 43 countries are powered by 100% clean energy in April. The Company has also more recently worked with U.S. and Canadian aluminum suppliers to trim greenhouse emissions.
Apple is continuing its mission with the China Clean Energy Fund, as it wrote in a 2018 environmental responsibility report, to “change the world… reducing our impact on the Earth we all share, while expanding and redefining the possibilities ahead.”
The Chinese government looked to clean up air quality in China’s cities with investments in industries of the future according to David Sandalow, a fellow at Columbia University’s Center for Global Energy Policy. China has traditionally relied on coal but has shifted its focus toward renewable energy in recent years, taking away part of coal’s market share with a strong push from China’s government, Sandalow said. China has installed more solar panels than the rest of the world combined last year while also leading the world in wind and hydro-power.
Apple’s investment into the China Clean Energy Fund will give participants greater purchasing power to focus toward clean energy, with its first wave of suppliers including Catcher Technology, Compal Electronics, Corning Incorporated, Golden Arrow, Jabil, Luxshare-ICT, Pegatron, Solvay, Sunway Communication and Wistron. The China Clean Energy Fund will be managed by a subsidiary of Deutsche Bank, the DWS Group.