Today, Apple announced a new investment of 720 million Chinese yuan (around $99.2 million USD) to fund an expansion of clean energy sources in China. This is a step towards Apple’s goal to use 100% renewable energy in its supply chain by 2030.
This investment, which marks the second China Clean Energy Fund, will add 550,000 megawatt-hours of renewable wind and solar energy to China’s grid each year, according to Apple. That number could grow over time with additional investors. Apple COO Jeff Williams said the following in the press release (English translated):
“Our suppliers in China are driving world-class advances in smart and green manufacturing,” said Jeff Williams, Apple’s chief operating officer. “With the launch of the second China Clean Energy Fund, we’re proud to deepen our collaboration with suppliers across China to drive innovation, opportunity and progress for our shared planet.”
The first China Clean Energy Fund launched in 2018, and built more than a gigawatt-hour of new wind and solar projects across China. This investment was an industry-first, and the second clean energy fund aims to replicate that approach.
This new investment will go a long way towards helping Apple reach its goal of utilizing 100% renewable energy in its supply chain by 2030. The company says around two-thirds of its production in China is powered by renewable energy today.
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