Apple announces $300 million fund for China's clean energy

Apple has announced a first-of-its-kind $300 million investment fund China's clean energy that includes solar panels.

Apple disclosed on Thursday about its new investment fund in China for connecting suppliers with renewable energy sources as a part of its commitment to address climate change. The firm confirmed to joint investment around $300 million with 10 initial suppliers over the next four years in fund called ‘China Clean Energy Fund’.

The iPhone maker said that the fund will invest in and develop clean energy projects of a total of over one gigawatt of renewable energy in the country, which is approximately equal to powering almost 1 million homes.

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“At Apple, we are proud to join with companies that are stepping up to address the climate challenge. We’re thrilled so many of our suppliers are participating in the fund and hope this model can be replicated globally to help businesses of all sizes make a significant positive impact on our planet,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives.

Apple earlier stated that this year it wants its suppliers to run off of 100% clean energy. A part of the reason for the fund is to help the smaller companies that work for Apple find clean energy and does not have access to viable clean energy sources themselves.

The fund itself will be run by European asset management company ‘DWS Group’. With this fund, the China Clean Energy Fund will ‘give its participants the advantage of greater purchasing power and the ability to attain more attractive and diverse clean energy solutions’.