Apple is planning to launch a Chinese investment fund to increase the use of renewable energy in its supply chain.
The China Clean Energy Fund, announced today, will see 10 initial suppliers and Apple jointly invest nearly $300m (£225m) over the next four years to develop clean energy projects in China.
The projects are forecast to produce more than 1GW of renewable energy, equivalent to powering nearly a million homes.
The fund aims to give its participants “greater purchasing power” and the ability to attain “more attractive and diverse clean energy solutions”, according to Apple.
DWS Group, a third party specialising in sustainable investments will manage the fund, as well as acting as an extra investor.
“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,” she added.
The initial suppliers investing in the fund are:
- Catcher Technology
- Compal Electronics
- Corning Incorporated
- Golden Arrow
- Sunway Communication
The news follows a series of announcements earlier this year from Apple about its green energy credentials, including its global facilities becoming entirely powered by clean energy, as well as its aluminium suppliers reaching a breakthrough in reducing greenhouse gas emissions.
The company projects that, along with its suppliers, it will generate more than 4GW of new clean energy globally by 2020.