According to Bloomberg, iPhone maker is supposed to be creating the fund to boost the use of renewable energy in its supply chain, primarily spread across regions in China. The company and 10 of its key suppliers and manufacturing partners, including Corning Inc., Pegatron Corp., Wistron Corp. and Luxshare Precision Industry Co., will contribute to the fund over the next four years.
The company statement revealed that the fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly one million homes.
”At Apple, we are proud to join with companies that are stepping up to address the climate challenge,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives. “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.”
The transition to clean energy can be complex, especially for smaller companies that may not have access to viable clean energy sources. By virtue of its size and scale, 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. The China Clean Energy Fund will be managed through a third party, DWS Group, which specializes in sustainable investments and will also invest in the fund, said Apple.
Apple uses renewable energy across 100 percent of its facilities worldwide. Earlier this year, the company also helped aluminum suppliers Alcoa Corp. and Rio Tinto Aluminum kickstart development of a new technology that eliminates greenhouse gas emissions during production, which is expected to be ready by 2024.
Currently, 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.